Yea, that's what I'm thinking, because they don't always do mid-year transfer and I have one more year after this semester till I'm done with Arts, so I was just thinking.
I'm confused what you mean here. So, basically, by the end of semester 1, 2015 (i.e. next year) you will have finished your degree. You currently have three semesters left then - The current one (finishing in june), semester 2 this year (finishing in novemberish) and semester one next year (finishing again in June).
If you apply to transfer, you must do it immediately (to commence in S2, 2014). If you do not, you'll have to leave it til the end of this year, by then, you would have finished 2/3 of your semesters (only leaving 1 semester left next year). According to the general rules, you are not allowed to transfer with only one semester left. So, if you apply at the end of this year, it will be denied (because you only have one full semester left after your application is lodged).
I don't know if its a university wide policy or law has exceptions, as a general rule though, given your current situation, unless you apply for mid-year transfer (to start law in Semester 2, 2014), you will not be able to apply at all (unless you pull some kind of trick to extend your number of semesters, there are a few conceivable ones). Essentially, unless you artificially extend your number of remaining semester OR if the law faculty does not rule out applicants with only a semester remaining, in my opinion, i dont think your application will succeed (unless i am confused about the rules).
I'm not sure what you mean by getting a masters, care to explain that comment a bit more?