UPDATE - Due to the way in which the property market developed a pace, following the publication of this article, as a result of the Government's announcement regarding the Stamp Duty holiday, Holmes & Hills' No Sale, No Fee Promise will not be being applied to conveyancing services until further notice. Where a client was quoted with the No Sale, No Fee Promise applied and this is referenced in the terms of the quotation, this will be honoured.
Figures collated by Rightmove have revealed that 30% of all property transactions fell-through in 2016, highlighting the importance of using a no sale, no fee conveyancing service when you move home, such as that provided by Holmes & Hills Solicitors.
Of the 1.5 million new sales listings for properties that were added to Rightmove in 2016, 30% of all properties that were sold, fell-through. This is the highest percentage of sales falling-through in four years.
Property sales fall-through for a variety of reasons; however some of the most commonly cited reasons that attribute to a house sale falling-through are the length and complexity of the chain. If there are a number of transactions all dependent on each other, then the probability of an issue arising increases. This can then have a domino effect on all the other properties within the chain and can derail the whole chain.
The current economic uncertainty, driven in part by Brexit, the 2017 election results, possible interest rate rises and increasing inflation has impacted the overall level of property sales, meaning that it can be harder for those moving home to find their dream property. This means individuals may be less emotionally tied to their purchase, making the chain weaker and more susceptible to collapsing.. The media has well publicised and reported on the supposed fragile state of the economy which can also lead to buyers and sellers deferring their transactions to a later date.
Ultimately, you have limited control to ensure that your property sale does not fall victim to the 30% of transactions that fall-through, however, there are a number of things that can be done to help progress your sale and minimise your chances of the transaction failing.
Unfortunately should your property transaction fall through, you could be liable for any legal costs incurred as part of that transaction, which can equate to a substantial amount, especially if the transaction goes abortive at a late stage.
However, a No Sale, No Fee Promise offered by Holmes & Hills conveyancing solicitors as standard* ensures that you would not pay any legal fees should your transaction fall-through for whatever reason outside of your control. In these instances all you would be charged for is any disbursements that may have been paid out to third parties such as property searches. The No Sale, No Fee Promise can therefore save you hundreds of pounds should your property transaction fall-through.
To find out more about Holmes & Hills’ No Sale, No Fee Promise contact our office on 01376 320456 (Essex) or 01787 275275 (Suffolk).
* Holmes & Hills’ No Sale, No Fee Promise covers a maximum of one abortive transaction or two related abortive transactions in any given 6 month period, per client. No sale, no fee does not apply to auction sales or purchases; new build transactions where a discounted fee has been agreed with the developer; new build sales; third party disbursements already paid (e.g. searches); additional work agreed (e.g. Declaration of Trust). Holmes & Hills reserves the right to refuse to offer the No Sale, No Fee Promise at the point of receiving an instruction.
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