What are the 'No Completion, No Fee' and 'SearchPlus Protection' guarantees for buyers and sellers?
There's an old saying “there's many a slip between cup and lip” which seems particularly applicable to conveyancing. About a third of all agreed property deals fall through, often very late in the day. When this happens both buyers and sellers often find that their solicitor or other conveyancer will charge them for the work done, even if it was the seller who withdrew. And the fees paid by the buyer for local searches will be wasted.
How does our No Completion, No Fee guarantee work?
With Homeward Legal's 'No completion - No fee' and 'SearchPlus Protection' deals you won't have this worry.
If your purchase or sale falls through you won't have to pay any solicitor's costs for abortive work. And you won't have to pay additional search fees when you buy another property.
Get one of Homeward Legal's great value quotes complete with Fixed Fees and No Completion No Fee guarantee!
What happens if your property purchase or sale falls through?
There are many reasons why property deals fall through. The reasons why a buyer can't complete are often only discovered some way into the purchase - and perhaps after the solicitor has already carried out searches and done a lot of the conveyancing work.
In England and Wales the courts will not enforce an agreement for the sale of a property unless there is a formal written contract signed by both seller and buyer. Consequently both buyer and seller can pull out of a transaction at any time until contracts are exchanged.
Can you get your money back when a house sale or purchase falls through?
You can't recover abortive conveyancing fees from the other party and many conveyancing firms will charge for the work they have done on an abortive case, even if the other party has pulled out. The amount of costs can be substantial especially when a deal collapses just before contracts are exchanged.
And the 'innocent' party cannot recover their solicitor's costs from the person who has decided to pull out because there is no contract between the parties at that point.
If a deal collapses early on before the buyer's solicitors have applied for a local search the search fees may be recoverable. But neither solicitors nor the local council will be able to refund search fees once the search has been put in hand.
Our 'No completion - No fee' and 'SearchPlus Protection' guarantee relieve you of the worry that you might have to pay out for abortive services and searches. Some solicitors may offer guarantees that look similar - but you will have to pay extra for them!
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Why do property deals fall through?
Buyers rarely want to withdraw just because they have changed their minds. But they may have to do so if there is a major problem with the seller's title or if the searches and enquiries throw up an unexpected piece of information.
For example it may be found that the person trying to sell the property does not actually own it, or does not own all the land the buyer was expecting to purchase. Or the local search may reveal that there are plans to build a new road or a large housing development next door to the property which would substantially affect it.
A property survey may also reveal unexpected defects in the property. The mortgage lender might then not be prepared to lend the full amount required by the buyer, or will insert a condition in their offer that various works must be completed before the mortgage money is released.
If a seller is not prepared to reduce the price or make some agreement regarding necessary works then the buyer will not be able to proceed.
Sellers also sometimes pull out - perhaps because they can't find another property to move to, or because they think they can get a higher price from another buyer.
How can you protect yourself when buying or selling property?
You don't want to be stuck with having to pay substantial legal bills when a deal falls through. Nor do you want to pay out again for new searches when you find another property to buy. So it makes sense to have the benefit of Homeward Legal's 'No completion - No fee' and 'SearchPlus' guarantees.
Details of the Homeward Legal guarantees
The No Completion, No Fee guarantee ensures that you will not lose money should your property purchase or sale fall through for any reason. When you instruct a solicitor through Homeward Legal, you make an initial payment, which is deducted from your conveyancing quote. This payment is not lost if your property sale or purchase falls through, as it is for your No-Completion Protection, and neither are any conveyancing fees you have paid to that date. You can just put the conveyancing on hold while you find another property or another buyer for your property and instruct again through Homeward Legal.
The SearchPlus Protection guarantee means that if your purchase falls through for any reason, your second set of searches is free. This is another great way of saving money on your conveyancing.
For both guarantees, you must instruct a solicitor through Homeward Legal for both the first and second sale or purchase.