Yes but!. My understanding is that the transition phase is just until January next ie 1 year ,and can be extended only by HoC deciding to extend by July next.Sad you are all so mistaken, we aren't out on the 31st, we'll still be full members on 1st February. That's day one of the two year transition phase when we will be slowly, very gradually, bit by bit departing into so called independence.
I say "so called", because it will never happen. First there's the trade talks which are in seven parts during four phases, as we agreed in the first part of our negotiations over three years ago., i.e. the structure of the talks. We completed that and then went on to the departure terms phase which we're now completing by the end of the month. So two phases done, four still to go.
The deluded Boris Johnson and much of the public seem to think we'll have a trade deal by the end of this year. We won't, all we'll have if we are lucky will be an outline of what's yet to come as I detailed in the beginning of the preceding paragraph.
During the four phases of the trade talks lasting at least four years and probably years more, we will be reaching multiple trade deals. For success in those we will be repeatedly agreeing to accept EU conditions and standards on the items being traded in each agreement. And we will still be accepting the primacy of the European Court in those matters, as we've already agreed to in the Great Repeal Bill.
By the time all this over, probably between 2024 and 20 27, it will probably have dawned on all the Leavers that there is no such thing as sovereignty or true independence in our modern global world. It's simply impossible, just as I pointed out before the referendum in this thread.
We'll still be rule takers, only then we won't helping to make the rules. It will be done to us, not by us. What an achievement.
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I don't doubt the timeline you have envisaged, but there are plenty of opportunities for a slip.