No Sale no Fee or standard for Conveyancing

rich24uk

We have just had a firm offer (which we have accepted) on our flat and are now in the process of finding a solicitor for Conveyancing. I've come across two (one no sale no fee at £700) and another standard at £500.

Is this £200 extra an insurance as it were in case it all falls apart? Presumably these fixed fees have to be paid up front prior to the work being undertaken? My concern here is that we would pay the £500 and then should the buyer pull out early we would stand to lose all of this? Is that correct?

One other question, the buyer has agreed to put a deposit down on the purchase, at what stage is this done?

Thanks for any advice really not sure which route to take with regard to conveyancing.

Hippychick

I would assume the no sale no fee, fee is higher because this firm is taking a risk, no sale no fee means that if the buyer pulls out before exchange the solicitor will not receive a penny, in my experience the fees are paid on completion they shouldn't ask for this up front.

the standard firm will charge a lower fee however will probably charge you for any work done if it falls through.

It's swings and roundabouts really.