No Sale No Fee Conveyancing

04/04/2018
No sale no fee is a USP that some conveyancing solicitors provide with their quotes and offers a form of security against the legal fees when a property transaction falls through. With an estimated 1 in 3 home moves not completing, you can see why having no sale no fee solicitors is a must.

If you fail to have this type of protection then you can end up paying for the legal work completed up to the point the transaction falling through and if this happens a few times, the costs can add up.

The challenge however, is understand what does No Sale No Fee mean, what does it cover and are there any costs (also known as disbursements) to pay?

The SAM Conveyancing No Sale No Fee Policy

All of our sale and purchase conveyancing quotes*s are covered with a No Sale No Fee Promise completely unique to SAM Conveyancing. We've negotiated with our panel of solicitors that if your First Transaction falls through, the solicitor will carry over your Initial Deposit to the next property or buyer you find. This means you get your First Transaction for free if the worst should happen.

You pay the Initial Deposit to your solicitor on instruction of your sale or purchase conveyancing. The Initial Deposit is normally £160 INC VAT ranging to £300 INC VAT depending on the price of the property and is non-refundable.

There is no time limit in which the Initial Deposit can be applied to a Second Transaction. We recognise it could take time to find another buyer or find another property you like just as much as the first, so take as long as you like. When you are ready to get going again, simply advise us and your solicitor will apply your Initial Deposit on your Second Transaction.

You can only carry over your Initial Deposit once. If you fail to complete your Second Transaction the Initial Deposit cannot be carried over to a Third Transaction. Your solicitor will charge you for the legal work undertaken on your Second Transaction minus your Initial Deposit.

Our No Sale, No Fee Promise does not cover third party costs/disbursements that you contractually incur during the conveyancing process.

Fixed Fee, No Sale No Fee with a 5 out of 5 rating

 

* Which services are covered under our No Sale No Fee Policy?

The following services are included within our No Sale No Fee Promise:

  • Sale conveyancing (excluding auction sales)
  • Purchase conveyancing (excluding auction purchases)

The following services are not included within our No Sale No Fee Promise:

  • Auction sale and/or purchase conveyancing
  • Section 42 notice and/or lease extension conveyancing
  • Section 13 notice and or collective enfranchisement conveyancing
  • Staircasing
  • Remortgage
  • Transfer of equity

For services not included within our No Sale No Fee Promise, your solicitor will levy a fee for the legal work they undertake on your behalf at an hourly rate which starts at, but may be greater than, £200 per hour EXC VAT. You will be given a quote for the exact hourly rate your solicitor will charge in advance of the work being undertaken.

Disbursements/Third Party Costs

No disbursement/third party cost is covered by the No Sale No Fee Policy as it only covers your solicitor's legal fees.


Example of how the no sale no fee protects you

1You pay an initial £160 deposit to your solicitor to start your conveyancing on your first transaction. The first transaction falls under our No Sale No Fee Promise so if the first transaction falls through then you are not invoiced for any of the legal work undertaken on the first transaction.

2You instruct again on your second transaction and the £160 is transferred to your second transaction. The second transaction falls through and you are charged for the legal work as a percentage of the amount completed of your fixed fee. For example, if your fixed fee was £629 and 30% of the work was completed on your second transaction, then you'd have to pay legal costs of £188 INC VAT less the £160 initial deposit leaving the balance to pay of £28 (subject to payment terms).

3You instruct again on your third transaction and pay another initial deposit of £160 to your solicitor to start your conveyancing on your third transaction. The first transaction falls under our No Sale No Fee Promise so if the third transaction falls through then you are not invoiced for any of the legal work undertaken on the third transaction.

4The process then follows on again from stage 2 above.

No-Sale-No-Fee-Example


Frequently Asked Questions


"Does the No Sale No Fee cover 3rd party costs?"

No. It only covers the solicitor's legal fees. If you incur the liability of property searches, mortgage valuations, building surveys or any other costs/disbursements, then you are still liable to pay for these as per the agreed terms of contract with the supplier.

"Are all No Sale No Fee Promises the same?"

No. Different solicitors may include/exclude certain parts of their policy to allow for certain reasons for you to pull out. You should read the terms of your chosen solicitor to understand their individual No Sale No Fee Promise.

Be careful when doing this as some solicitors do not cover all of their legal fees and some won't allow you to pull out for any reason; if you choose to pull out then you may be liable to pay your solicitor's legal fees. Under our No Sale No Fee Promise, you can pull out for any reason on your first transaction and not incur any of the solicitor's legal fees.

"Does the SAM Conveyancing No Sale No Fee Promise cover Gazumping?"

Yes it does. Under our No Sale No Fee Promise, you can pull out for any reason on your first transaction and not incur any of the solicitor's legal fees - whether it is:

  • A buying chain breaks down.
  • Gazumping - Seller accepts a higher offer from another buyer (read more about Gazumping)
  • Gazundering - Buyer lowers their offer from agreed price pre-exchange.
  • Property undervalued – Mortgage lender values the property less than the offer price (read more about What to do if your property is undervalued)

"How expensive can it be to not have No Sale No Fee protection?"

Solicitors normally work to an hourly rate when delivering legal services which is the reason why you should always look to get a Fixed Fee Quote for your conveyancing. If you don't have legal fee protection then you will be charged for the work completed by your solicitor at the pre-agreed hourly rate.

"Can you use the No Sale No Fee on two transactions at the same time?"

The No Sale No Fee Policy is offered to protect buyers and sellers from if their transaction falls through. If a buyer wants to run two files concurrently and doesn't close down their first purchase, then this is not covered under our No Sale No Fee Policy and an additional £160 deposit is required for the second purchase.

Do you need a No Sale No Fee Quote?

We provide No Sale No Fee protection for all of our sale and purchase conveyancing quotes and you can read our policy details below. To get a Free quote call 0333 344 3234 or click on:

*Fixed Fee – No Sale No Fee – On all Mortgage Lender Panels

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