What is the “Transaction Procedure” in conveyancing. Is it standard practice?
June 23rd, 2010 by
Hi, among many difficulties I’m having with a house purchase, my solicitor is telling me that the sellers lawyer is not following “transaction procedure” which means he’s had to send them a list of questions for them to answer, which is taking ages to complete.
The sellers lawyer is getting pretty angry about this, and the seller is telling me that my lawyer has a reputation for being a nusiance for detail.
I don’t know who to believe and am very stressed. Can anyone tell me about this transaction procedure and if it is standard practice??
I am very grateful for any advice !! 
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There are “standard practices” in place
Your sellers’ solicitor should have provided yours with a Property Information Form and Fixtures and Fittings Form which should be filled out by the sellers if this is what you are referring to
A lot of solicitors will not proceed until they have these forms in place – phone your solicitor and ask him exactly what he is waiting for
TransAction is the Law Society’s national protocol for conveyancing. This protocol was first published by the Law Society in 1990 to help streamline and speed up the conveyancing process in sales and purchases of domestic freehold and leasehold property. It aims to ensure that the buyer’s solicitor is provided with all the legal information about a property as soon as possible after an acceptable offer has been received.
More information here:
Solicitors are not forced into using it, but it’s fairly standard for them to use it. It makes sure all the bases are covered for straightforward property deals and is generally regarded as best practice.
Better that your solicitor is a “nuisance for detail” than you get stuck with some legal burden that you didn’t know about. This is especially important if the property is not yet registered at Land Registry.
Hope this helps and good luck with your new house!