What will conveyancing solicitor charge if a sale falls through mid way through the selling process?

Nova1307

My freehold house has been up for sale for six weeks and due to a lack of viewings/offers (perhaps the demand in my area is less than other places) I have accepted the only offer (the minimum price I was prepared to accept) from a buyer who is currently trying to sell their property. I understand this is not ideal as they are non-proceedable but the alternative is to wait a few months and try again in the spring after which interest rates may have gone up and prices down. 

My question is - if the buyer is part of a chain, at what point should I instruct my solicitor to begin working on the sale of my house? i.e. how can I satisfy myself that the chain is complete? Also, if something happens in the chain which causes my sale to fall through - would most solicitors charge the full fixed fee they have quoted or would they bill on a pro rata basis based on the % of work completed? I had decided to go with a more expensive local high street solicitor but am a bit concerned in case I have to pay the full fee in the event of the sale collapsing. 

Thanks

Thrugelmir

Don't ask your solicitor to do anything until the transaction can proceed. Accepting an offer from someone who hasn't sold their own property isn't advisable. Too many what if's. 

Nova1307

Thrugelmir said:

Don't ask your solicitor to do anything until the transaction can proceed. Accepting an offer from someone who hasn't sold their own property isn't advisable. Too many what if's. 

Thanks - my plan was to wait until the buyer is proceedable. Who confirms that the chain is complete - is it my estate agent? What if the buyer's buyer's buyer is non proceedable? 

In the event that a sale falls through would most solicitors still charge the full quoted fixed fee or are they reasonable and only charge based on the work completed?

TBG01

Read your initial paperwork if you haven't already.

If someone on here says they won't charge but they do, will you be upset with the person who wasn't in a position to comment, or the person who you agreed terms and conditions with?

This isn't a go at you, but it really annoys me how many clients come back complaining about aborted fees when it's clear they haven't read their paperwork.

The company I work with doesn't always, but can and will charge an aborted fee. This is clearly pointed out in the paperwork that we send to the client at the beginning of the transaction, which they should only sign if they agree to the fees and terms etc.

Sandtree

Nova1307 said:
In the event that a sale falls through would most solicitors still charge the full quoted fixed fee or are they reasonable and only charge based on the work completed?

Thats a discussion to be had with them, and probably before you appoint them, as approaches vary massively. 

For our last transaction, which was buy side only, our conveyancers fees would be payable but they'd do a second transaction for the same property without charging any of their own fees (external costs would still be payable)

Nova1307

TBG01 said:

Read your initial paperwork if you haven't already.

If someone on here says they won't charge but they do, will you be upset with the person who wasn't in a position to comment, or the person who you agreed terms and conditions with?

This isn't a go at you, but it really annoys me how many clients come back complaining about aborted fees when it's clear they haven't read their paperwork.

The company I work with doesn't always, but can and will charge an aborted fee. This is clearly pointed out in the paperwork that we send to the client at the beginning of the transaction, which they should only sign if they agree to the fees and terms etc.

No I wouldn't be upset with anyone on here. I was merely trying to establish if there was a general rule or way of handling aborted transactions and it sounds like there is not. I will ask the solicitor to confirm what the firm's approach would be in such an event. 

Thanks anyway. 

canaldumidi

Some solictors offer 'no sale no fee' conveyancing.

Some will offer 'no sale no fee' conveyancing subject to you using them for a subsequent sale (presumably within a reasonable timescale rather than 20 years later!)

Most will charge you at an hourly rate for the work they've actually done up to the time the sale aborts, at rates listed in their terms of business.

It's all in the contract or terms of business you agree to ( or negotiate!)

Thrugelmir

Nova1307 said:

TBG01 said:

Read your initial paperwork if you haven't already.

If someone on here says they won't charge but they do, will you be upset with the person who wasn't in a position to comment, or the person who you agreed terms and conditions with?

This isn't a go at you, but it really annoys me how many clients come back complaining about aborted fees when it's clear they haven't read their paperwork.

The company I work with doesn't always, but can and will charge an aborted fee. This is clearly pointed out in the paperwork that we send to the client at the beginning of the transaction, which they should only sign if they agree to the fees and terms etc.

No I wouldn't be upset with anyone on here. I was merely trying to establish if there was a general rule or way of handling aborted transactions and it sounds like there is not. I will ask the solicitor to confirm what the firm's approach would be in such an event. 

Thanks anyway. 

Your purchaser isn't going to do anything until they've sold theirs. You do the same. No costs incurred.