Accepted an offer.. Solicitors fees help!

L011ip0p

Hi,
We are hoping to move from our first house (so selling is all new to us!)
We are at the stage of accepting an offer on our property but the house we wanted has sold and literally NOTHING else has come up in the last 2 weeks...
So now were worrying we won't move after all, especially as we receive documents to sign up with a solicitor for £618 plus £200 if the sale falls through!  We can't afford to lose that much if we have to pull out    
Going into rental is out the question, its 3 times the price of our mortgage for a tiny hovel...no thanks id rather stay put.

Does anyone have experience of No sale No fee solicitors?
Advice very much needed...thanks

SameOldRoundabout

Can’t you just delay? Your buyers must be aware you haven’t found anywhere. View as much as you can and hope something comes on soon, more and more is as we head into spring! 

davidmcn

I'm not sure any solicitors will take the risk of doing the work for nothing just because you choose not to proceed with the sale.

Soot2006

We sold our house of ten years last summer and it took months and months for the chain to come together.   Our FTB got a little bit jittery, but everyone else - solicitors, agents, etc - said it was totally normal and these things take time. We had our offer for quite a while before we finally a found a house to move to. Obviously there is always a risk that the buyer will find something they prefer in the meantime, but everyone is in the same situation of needing the ducks to align nicely ... Once we had an offer accepted, we still had to wait for the rest of the chain of 5 to fall into place. It was very stressful, but we just felt we had to keep moving forwards and keep viewing and hoping. It all worked out . Good luck!

L011ip0p

Soot2006 said:

We sold our house of ten years last summer and it took months and months for the chain to come together.   Our FTB got a little bit jittery, but everyone else - solicitors, agents, etc - said it was totally normal and these things take time. We had our offer for quite a while before we finally a found a house to move to. Obviously there is always a risk that the buyer will find something they prefer in the meantime, but everyone is in the same situation of needing the ducks to align nicely ... Once we had an offer accepted, we still had to wait for the rest of the chain of 5 to fall into place. It was very stressful, but we just felt we had to keep moving forwards and keep viewing and hoping. It all worked out . Good luck!

Thanks...
I just feel really under pressure... we were told that the solicitors/surveys take upto 12 weeks but i just keep thinking what if nothing comes up! I hate to let people down but at the same time im not going to move if I dont find anywhere that's right.

The solicitors our EA recommended charge an additional £200 fee if the transaction is aborted... dont like the sound of that! So im checking out other local firms. I have seen no fee packages where you pay a smaller upfront cost but then im worried about hidden fees..... argh so confused

L011ip0p

davidmcn said:

I'm not sure any solicitors will take the risk of doing the work for nothing just because you choose not to proceed with the sale.

They do exist...you pay an upfront fee then only pay the rest if it completes.
I was just wondering if anyone had an experiences

SpanishBlue

I used a large online company (twice) which advertises "No move, no legal fee."

You would of course be liable for any money they have spent on your behalf.

Not everyone likes using online companies, but I was very happy with their service on both occasions I used them.

https://www.legalzoom.com/uk/buying-and-selling/

 

SMR710

Yes our estate agent referred us to a no sake no fee agent for buying (and selling is £300 on account for fees)

31claremont

You should be able to get your buyer to wait until you find a suitable property - most buyers will wait at least a few months, but you can never tell. If the buyer pulls out, you should be able to readvertise and get another buyer. Personally, I would nor return the solicitors contract until you have found a property for yourselves and applied for the mortgage.

hazyjo

Just appoint a solicitor ready, but don't instruct. Can't understand why it would cost you anything yet - it's not like they can arrange searches or anything yet. Your buyer would be mad to start the buying process yet until you've found somewhere. It's all perfectly normal to wait. How long they wait is up to them. Perhaps reassure them you do want to move and will keep them informed as to your progress.

You may find somewhere and they may be in the same boat as you. It can take a while to form a chain. If you seriously can't find somewhere, perhaps your budget isn't big enough so compromise may be needed.

pinkteapot

Agree with hazyjo - there's no point your buyer starting the legal process of buying yours as it'll all come to a halt till you find a place anyway. Once the chain is formed (from your buyer up to a chain-free house at the top), then everyone can do their conveyancing simultaneously. 

Tell your EA to tell your buyer that you're doing everything you can to look for a suitable property and as soon as the chain's in place you'll instruct your solicitor. The EA will grumble about it but they work for you and it's their job to try and keep your buyer happy till you're ready.

If you lose your buyer in the meantime because they find a house that's ready to proceed, re-market yours.