Would ‘no sale no fee’ conveyancing help speed up housing transactions? – London Wallet

There’s so much talk about how stakeholders in the property buying and selling process perceive conveyancers/solicitors.

We all know good ones and for those still recommending duff ones simply to make an extra few quid, not only are you creating headaches for the rest of us, but you’ll end up bringing the whole shooting match crashing down as you give ammunition to the anti-referral fees brigade.

The buying and selling process is, as we all know, seemingly getting longer. As an agent for many years, I’m well aware of where the delays can be caused, but for this article I’d like to prod the legal wasp’s nest – whether conveyancers or solicitors.

I’m not aware of any that charge solely on performance. Everyone else in the process is paid on a successful close, namely the agent and mortgage supplier. Conveyancing is still paid on either fixed fee or by the hour and is the part seemingly receiving most of the brickbats. The good ones will be on here responding and will no doubt have their defence/reasons well sorted BUT, what is wrong with suggesting to a client [buyer or seller] that they’ll charge a bit more but only if the deal goes through.

Most conveyancing suppliers in the industry will have data to support their fall through rate and so could adjust their charges to take them into account. It would also give them vital skin in the game and be fully aligned with other agency and finance stakeholders.

I would like to know if this already happens anywhere. Most buyers and sellers I’ve spoken to would pay more knowing their service was no sale no fee and that their solicitor was only going to get paid IF they bought or sold their dream home.

Am I missing something here?