House sales falling through
It has long been the case that one of the most contentious areas of the conveyancing process is the issue of fees when a transaction aborts. Under the current rules, subject to any agreement to the contrary, which is not standard, each side bears their own abortive legal costs if thje transaction aborts for any reason.
The issue is more relevant now because new research from house move specialists in-deed indicates that the proportion of abortive hose sales is higher than usual, exacerbating the problem of abortive costs.
The research found that :-
- Over 500,000 sales aborted nationwide last year
- This represents a 30% increase on usual trends
- Average abortive costs are up to £5,000.00
- Blame tends to be put on mortgage companies, estate agents and solicitors
One possibility which may are unaware of is abortive costs indemnity insurance, which may cover abortive costs, but these policies are quite restrictive, so ask your lawyer to advise if you are interested.
Whilst it is all too easy and to a degree understandable, due to frustration, to blame lawyers, this is not always the case. However, there is now a better way to minimize the risks of getting a bad conveyancer, by using only an accredited and monitored firm which has the Conveyancing Quality Scheme accreditation.
