Why is a No Move, No Legal Fee guarantee needed?
Property transactions can fall through for a wide range of reasons, with around one in three transactions in England and Wales failing to complete. Many of these reasons are outside your control. When this happens, the financial loss can be significant, especially if substantial legal work has already been completed.
Common examples include:
A party may change their mind, find another property, or decide not to proceed for personal reasons. This can happen at any stage before the contract exchange.
A buyer may be unable to secure a mortgage offer, or a lender may withdraw an offer unexpectedly. Without a valid mortgage, the transaction cannot continue.
A survey may reveal structural issues, damp, subsidence, or other defects that cause the buyer to withdraw.
Similarly, a lender's valuation may come back lower than expecting, affecting affordability.
If one link in a property chain collapses, it can affect every connected transaction, even if your own part of the process was progressing smoothly.
Gazumping occurs when a seller accepts a higher offer from another buyer.
Gazundering happens when a buyer lowers their offer at the last moment.
Both of which can cause a transaction to fall through.
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