Q&As

Is there any reason why a trainee solicitor cannot exchange contracts on a residential property transaction?

read titleRead full title
Published on LexisPSL on 02/02/2021

The following Property Q&A provides comprehensive and up to date legal information covering:

  • Is there any reason why a trainee solicitor cannot exchange contracts on a residential property transaction?

Is there any reason why a trainee solicitor cannot exchange contracts on a residential property transaction?

A sale contract becomes legally binding on exchange and the beneficial ownership of the property passes to the buyer. It is common practice for exchange to take place by telephone in accordance with Law Society Formulae for exchanging contracts by telephone (the Formulae):

  1. Formula A, where the seller’s solicitor holds both parts of the contract

  2. Formula B, where each solicitor is holding their own clients signed contract, or

  3. Formula C, where there is a chain of transactions

The Formulae envisage that the deposit will be sent to the seller’s solicitor after exchange.

Related documents:

Popular documents