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Property Law
English law provides that no sale or purchase will be effective
unless:
• the buyer makes an offer,
• the seller accepts it, and
• Contracts (which are in writing and commit the parties
to the deal) are exchanged.
Completion occurs when the purchase money is handed over
in exchange for the title deeds and possession of the property.
The time taken to complete a purchase or sale can vary considerably.
On average you should allow at least two months from original
instructions being given to us. But with full cooperation
from all parties concerned, we can if necessary complete within
two or three weeks and, if special circumstances warrant,
in a matter of days.
An advantage of the English system is that no deal will become
binding until contracts have been exchanged. This gives the
buyer time to be advised about the terms of contract, examine
the structural condition of the property and arrange finance.
A disadvantage of this system is the time it can take to
complete the deal, particularly when a chain of buyers or
sellers is involved, each dependent on the next. A single
break or delay in the chain can affect all the other parties
concerned.
It should be noted that if this "Transaction" procedure
is not used in a particular sale/purchase matter, the speed
and efficiency of concluding the matter need not be affected
as long as the parties concerned and their respective solicitors
are all made aware from the outset that a certain timescale
is agreed and all are committed to meeting the target dates
for exchanging contracts and for completion.
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