Lyons and Company are able to offer you a “No Sale No Fee” Guarantee against abortive charges.  We must stress this is NOT an insurance scheme.

By paying an upfront fee of £114 (inc VAT) for a sale and a further £114 (inc VAT) for a purchase in addition to the fees on our estimate, we would GUARANTEE not to charge you anything more for our time if the matter does not proceed for reasons as set out below.

Our scheme isn’t automatic. If you think there isn’t much chance of anything going wrong, then you might not want to bother with it and you could save some money that way. It’s YOUR CHOICE when you first instruct us.

Due to market pressures our fees have needed to be more competitive for ordinary Conveyancing recently. However more transactions have aborted because of uncertainties in the money world we live in. The fee for this abortive scheme reflects that reality.  Our usual abortive fee does depend on how much work has been done, but on average we charge around £750 per abortive transaction.

Read on down this page for a full explanation of the scheme and what’s covered by it.

The Problem
  • You get all geared up to buy a house and the survey shows that it needs a lot of work which you can’t afford. You have to back out.
  • The people selling to you lose the house they were going to buy and decide not to move after all.
  • After waiting around for several weeks it turns out your buyer can’t get a mortgage.

This can be very frustrating and stressful. The last thing you want at a time like that is what can seem to be a very large bill from us. We always try to be fair and reasonable in what we charge. However, in order to keep our rates in general at reasonable levels we have to charge for the work that we have done that has become abortive. If we get right up to being able to exchange of contracts, and someone pulls out, in some cases the abortive fees might be as much as two-thirds of the amount shown for fees in our estimate plus VAT.

The Solution
  • If you are only selling or only buying pay us £114 (inc VAT) upfront for each transaction.
  • If you are selling and buying together, you pay us £228 (inc VAT) upfront for the two transactions.

We will then guarantee not to charge you any more for the work we do in relation to the sale or purchase of that particular property if it becomes abortive prior to exchange of contracts, which is when you become legally committed to buy or sell as the case may be.  Please note you are still liable for disbursements incurred on your behalf such as search fees.

The Details

To be able to make any profit at all we have to make some stipulations. These are:

  • The scheme applies if your buyer, seller or another party in the chain withdraws and the chain breaks down.  It does not apply should you decide not to proceed in which event our abortive costs are payable by you (unless this is as a result of an adverse survey report where you are unable to obtain your mortgage funds).
  • The scheme does not apply to purchases of flats and maisonettes. The chances of significant legal problems are much higher than with houses and we can spend a lot of time trying to get such issues sorted out. Sometimes our clients are unable to proceed because eventually we have to advise that the property could be difficult to sell and/or the leasehold arrangements do not meet their lender’s requirements.
  • The scheme does not apply to new build purchases or sales of transfers of part.
  • Disbursements are not covered – where we actually have to pay money out to other people, e.g. local search fees on a purchase, or on a sale, the cost of obtaining official copies of your Land Registry entries or copy planning permissions from the council. In most cases you would have given us money on account to cover these and so we would not be asking you for any more money if the transaction aborted.
  • If you are selling, you will need to pay the £114 inc VAT fee for any subsequent sale if it falls through. If you are buying and your purchase falls through we won’t charge you for the abortive work done on that purchase. If you then decide to buy another property we will need a further £114 inc VAT to cover any abortive work on the new purchase.
  • You pay us for the abortive scheme when you first instruct us. When selling, this would be when you find a buyer whose offer you accept and when buying when your offer is accepted. Once any significant amount of legal work has already commenced, the scheme will not be available for that transaction.
  • The guarantee fee covers our usual quoted legal charges only and will not cover for such additional matters as drafting Trust Deeds/Leases or if we have liaised with third party solicitors on your behalf, etc.
  • The guarantee fee is non-refundable.