Conveyancing chaos

As threats of a property collapse, fuelled by crazed media speculation, escalate it is perhaps not the best time to examine the problems relating to completing conveyancing transactions, but after another Friday from hell I would raise a couple of issues:Without wishing to return to the days of the 1960s, when a four-week gap between exchange and completion was virtually compulsory, would it not be sensible for conveyancing solicitors to take a firm view that to agree to a completion less then seven working days after exchange of contracts, except in exceptional cases, was of benefit to no one - except, very probably, estate agents who are anxious to be paid extortionate commissions sooner rather than later?And why is it that despite solicitors having paid banks for the privilege of acquiring on-line bank transfer facilities, transferring funds between solicitors on completion simply takes longer and longer?The Law Society has made it clear that solicitors are in breach of account rules if we transfer funds on a purchase before we are in receipt of the incoming funds on a sale.

Strict adherence to this rule means that, particularly on busy Fridays, completing with any length of chain by a realistic hour is a virtual impossibility.

The result is a day of non-stop telephone calls from the client, depressed conveyancers, and importunate estate agents.Terence Griffin, Bennett Griffin & Partners, Worthing, West Sussex