Due to the coronavirus outbreak, we are working mostly remotely with a critical presence only at our Edgware office. We remain open for business albeit in a new way and welcome all enquiries. We wish all of our clients and contacts, their families and friends, the very best through a most difficult time for us all and we will see you on the other side!
For property sales and purchase, there are 2 key stages of the transaction being :-
1. Exchange of contracts
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.
As a firm, we deal with a lot of property transactions, typically over 300 per year. The departments I staffed by individuals with differing levels of formal qualifications and experience. You will always be told who is dealing with your transaction and all transactions are overseen by James Swede, who is head of the department and a lawyer with over 25 years experience. Files are reviewed and cross checked by colleagues. If you wish to check the specific experience of the person dealing with your matter, you can find details of our qualified lawyers, their years of qualification and other information here on the Law Society website.