Solicitors are always stressing the importance of ‘guarantees’, but if you don’t know what they are, they may not seem that vital. We’ve put together explanations complete with case studies to explain what the two most popular conveyancing guarantees are and why you really should make sure you get them…
A Fixed Fee Guarantee is a promise that the cost of your conveyancing will stay the same throughout the entire process. At the start you will receive a quote and as long as you entered all the correct information to begin with, such as the value and location, this quote will not change.
If you don’t have a Fixed Fee Guarantee, there is a chance that your solicitor might add extra costs onto your bill without your knowledge. You won’t know how much your final bill is going to be and so will be unable to properly budget for your conveyancing costs.
Despite many of these conveyancing firms seeming cheap when you are quoted, they tend to work out more expensive in the long run.
Vicki was quoted £400 for her conveyancing, much cheaper than any other company she had gotten quotes from. As a first-time buyer, Vicki wasn’t aware that the company she had chosen to instruct did not offer fixed fees, she wasn’t even aware what fixed fees were. Her conveyancing went well and on the day of Completion, her solicitor handed her a bill for £970, a whole £570 more than she was quoted. Her solicitor pointed out that this was perfectly acceptable as he had added on extras like disbursements and lender’s fees. It even said in the terms and conditions of her contract that the firm could add on charges if necessary.
Don’t let this happen to you.
The only way to ensure that your final bill is the same as what you were quoted, is to opt for a conveyancing firm with fixed fees.
When you instruct a solicitors’ firm who offers No Move No Fee Guarantees, you will be protected if your purchase or sale falls through.
Until the point when you exchange contracts, there is nothing to stop the other party from pulling out of the purchase. If another buyer comes along late in the process, causing you to pull out, you’ll already have spent money on conveyancing services, and you’ll have to start all over again on a new property.
A ‘No Move No Fee Guarantee’ just ensures that if this does happen, you’ll get the conveyancing on your next property done for free and you won’t have to pay for the paperwork on both properties.
Carl was in the process of buying a house, he’d had his offer accepted and was excited to be moving soon. A few days before he was due to exchange contracts, the seller informed him that they had accepted a last-minute offer which was higher than Carl’s by £15,000. This was over Carl’s budget so he had to let the property go, and since no exchange of contracts had happened yet, the seller was legally allowed to do this. Luckily for Carl, he had chosen a solicitors’ firm who offered a ‘No Move No Fee Guarantee’, so even though the situation was frustrating, Carl wouldn’t lose the money he had already spent on conveyancing services and his solicitor was guaranteed to do his conveyancing on the next property for free.
If you want to protect your purchase or sale, always opt for Fixed Fees and No Move No Fee conveyancing.
If you’d like to know more about the guarantees we offer, or if you’d like to get an instant fixed fee quote use our easy online conveyancing quote comparison system or give us a call on 0800 038 6644.