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Conveyancing transaction

 

A typical conveyancing transaction divides into three stages: the pre-contract stage; the post-contract stage; and the post-completion stage. The pre-contract stage takes the longest and most of the legal work involved in the transaction is done at this stage. The work done at pre-contract stage includes the preparation of the draft contract, showing what the terms of the sale are, and pre-contract searches by the buyer. If the transaction proceeds smoothly, the pre-contract stage of a residential transaction may take between four and six weeks from the date when a solicitor is first instructed.

The post-contract stage should be shorter, usually no longer than two weeks, and the post-completion stage is where the smallest amount of work is done and takes very little time at all. It is unrealistic in most circumstances to expect the conveyancing transaction to be completed in less than about eight weeks from start to finish, and sometimes, due to delays caused by third parties, the conveyancing transaction can take much longer.

In commercial transactions, it is often easier for the transaction to take place more quickly though the procedure is largely the same.

If you would like to obtain legal advice on the steps of a conveyancing transaction or advice about selling or buying a house, Contact Law can put you in touch with a local specialist Property Solicitor free of charge. So, if you have any questions or would like our help in finding local Property Solicitors please call us on 0808 129 5758 or complete the web form above.

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