Conveyancing Lawyers London operate under a conveyancing system where agreements are not legally binding until contracts are exchanged. This affords both the advantage of freedom before contract, but also the disadvantage of wasted time and expense in the event the deal is not done.
Although it takes on average 2 to 3 months to complete a conveyancing transaction, but while some transactions are quicker, many take longer and Conveyancing Lawyers London can advise you on the likelihood of the timescale of your transaction which is determined by a host of factors – legal, personal, social and financial. During the period prior to exchange of contracts (exchange being the point at which the transaction becomes legally-binding) either party can pull out of the transaction at any time and for any reason, with no legal obligation to the other. The key danger to this is that sometimes the seller may locate someone willing to buy the property at a higher price or the converse the buyer may try to hold out for a lower price if the property has been on the market for a considerable period. Conveyancing Lawyers London can advise their client’s of the pitfalls in a conveyancing transaction.