Chain reaction

The statement by the Land Registry that the waiting time between handshake and contract could be reduced from eight to three weeks (see [2001] Gazette, 5 July, 4) with the regime of electronic conveyancing is misleading.

The main reasons for delays, as we all know, are the issuing of mortgage offers and the chain reaction.At this firm, we have often exchanged contracts within 10 days, if there is no mortgage and no chain of properties involved, for even now we receive most searches within seven days by appointing a search agency.I would say that 90% of all residential transactions rely on the issuing of a mortgage offer - and even now, some building societies can take more than two months - and also rely upon a chain of properties.In other words, only some 10% of residential property transactions would benefit from electronic conveyancing.

Graham Kirby, W.

Parry & Co Solicitors, Swansea