DD first choice university is LSE. They are notoriously late at sending offers. They do not participate in clearing or adjustment. There are no reduced offers and for some courses only 12% of applicants get an offer. If you don't get the grades you do not get in... it is tough. If the offer is AAA and you get A A B you will probably be rejected.
A reduced offer or an unconditional from a top university would certainly be more favourable than the stress and pressure of an LSE offer. Luckily, DD has the required grades at GCSE and A level so will either get an unconditional or rejection. It is all down to her personal statement which is read numerous times before an offer is made and has to be tailored to the LSE course.