Common Misconceptions about Conveyancing
We think it is worth pointing out some of the most common difficulties which arise during the conveyancing process which may be helpful in understanding how the system works in practise:
1. There is no binding contract until contracts are formally exchanged (and this means formally exchanged by solicitors, and dated, and not just the act of you signing it) and therefore until that point is reached there is no binding commitment upon Seller to sell, or the Buyer to buy, and either party can still withdraw.
2. Consequently, there is a risk that legal fees may have accrued and disbursements paid out on your behalf which will still be payable if the matter does not proceed.
3. The making of any arrangements such as the booking of removals and the like is entirely speculative until exchange of contracts has actually taken place. Our experience is that premature discussion as to possible completion dates and the making of any such arrangements leads to disappointment, heartache and sometimes unnecessary financial expense. Our advice is that you avoid making any firm plans until the parties exchange contracts – until that point, you should only agree provisional arrangements.
4. Where there is a chain of contracts involved, it is an unfortunate part of the process that exchange will not be possible until the slowest party in the chain is ready. This may mean a frustrating period of delay whilst waiting for the slower parties in the chain to catch up.
This advice is given to you with the benefit of many years of experience of transactions of this type in the hope of managing your expectations as to the conveyancing process and reducing the associated anxiety and stress that sometimes arises.