Once I Give My Conveyancer Consent to Exchange Contracts, How Long Will It Take?
What happens on the day of exchange?
On the proposed exchange date, your conveyancer will contact you to confirm that you authorise them to exchange contracts. Giving that authority does not always mean exchange will happen immediately; the timing depends on the circumstances of the transaction and whether everyone else is ready.
The main factors include:
- Whether there is a property chain
- The length of the chain
- How quickly the other buyers and sellers can give their own conveyancers authority to exchange
How long does exchange usually take?
If there is no chain
Where there is no related chain, exchange can often be completed within a few hours. In many cases, you will receive confirmation later that same day.
If there is a property chain
If your transaction is part of a chain, exchange may take most or all of the working day. It may also need to be rearranged if one party cannot give authority or another issue arises before the release deadline.
Why can a property chain slow down exchange?
In a chain, exchange has to work in sequence because all of the linked transactions must become legally binding together.
The process usually starts with the conveyancer acting for the buyer at the bottom of the chain. They release the contract to the seller’s conveyancer for exchange until a specified deadline, such as 5pm. If the release is returned within that period, the buyer’s conveyancer is committed to exchanging contracts.
This is repeated up the chain until every conveyancer has the authority they need. Once the top of the chain is ready, exchange is confirmed back down the chain. A delay anywhere in that sequence can hold up everyone else, which is why exchange may not be confirmed until later in the day.
Can I change my mind after giving consent?
Before your conveyancer uses your authority, contact them immediately if your circumstances change. Once they have released the contract for exchange, however, that authority cannot normally be withdrawn during the agreed release period. If the release returns in time, your conveyancer is committed to exchanging on your behalf.
Clear guidance throughout your move
If you are preparing to exchange contracts and would like to understand what happens next, speak to your Hayward Moon conveyancer. Our property specialists provide clear communication and practical guidance throughout the buying and selling process.
Please note: This article is provided for general information purposes only to clients and friends of Hayward Moon Limited. It is not intended to impart legal advice on any matter. Specialist advice should be taken in relation to specific circumstances.
