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Key stages of conveyancing, timing and experience

For property sales and purchase, there are 2 key stages of the transaction being :-
1. Exchange of contracts
2. Completion
Exchange of contracts is the key stage generally as that is when both buyer and seller formally commit to the transaction, a deposit is generally paid and a completion date inserted into the contract.
With a sale and purchase or where as a buyer, your seller is also buying, complications in timings often arise and the whole process can take longer with an increased risk of the transaction not reaching exchange of contracts because something goes wrong in the chain of transactions such as someone else in the chain pulling out before exchange of contracts.

It is also essential to understand that delays can occur with financing and that if you have  a lawyer acting for you on your case and you are dependent on a mortgage, your lawyer will also usually be acting for your mortgage lender and must comply with their requirements. this can also create delays.

With remortgages there is generally only 1 stage, completion.

It is important to note that the general rule is that any costs and expenses incurred before exchange of contracts by any party will not be recoverable from other parties involved even if the other party pulls out just before exchange of contracts for any reason.

The typical timescale for a conveyancing transaction is typically 4-6 weeks to reach exchange of contracts. However, this timescale can vary greatly for the reasons given above, It can be shorter but can be longer and in most cases, any delays are not due to any delay by conveyancing lawyers.