If your buyer or seller withdraws before exchange of contracts normally you will have to pay the legal costs incurred in respect of the lost transaction and will have no redress against the person who withdrew. We are very aware that this can leave you with legal costs to pay through no fault of your own and as one of the many services that we provide for our clients we have an Abortive Cost Fee Scheme to protect you against this eventuality.
The Abortive Cost Fee Scheme per transaction is as follows:-
Legal fees of up to £1,000.00 plus VAT
If you are selling and buying there would be one indemnity amount for the sale and one for the purchase.
The scheme only covers legal fees for abortive costs on a transaction that falls through and does not cover any payments we have to make to outside agencies for items such as Local Search fees.