When Exactly Does Transubstantiation Take Place?

[zunshynn]

I had another question regarding the previous topic, about Mass being invalid because of the priest failing to consecrate the wine...

My question is, even if the Mass was invalid, are the hosts that were consecrated still the Body of Christ, as long as the priest said that formula?

I guess what I'm wondering is, in the moments before the consecration of the wine, is Jesus present on the altar in the hosts that were consecrated? Or is the transubstantiation of both the bread and the wine not complete until both formulas are recited?

[cappie]

Council of Trent, Session xiii, the whole of which is devoted to the Sacrament of the Eucharist;

CHAPTER I.

On the real presence of our Lord Jesus Christ in the most holy sacrament of the Eucharist.

In the first place, the holy Synod teaches, and openly and simply professes, that, in the august sacrament of the holy Eucharist, after the consecration of the bread and wine, our Lord Jesus Christ, true God and man, is truly, really, and substantially contained under the species of those sensible things [i.e. bread and wine]. . . .

CHAPTER IV.

On Transubstantiation.

And because that Christ, our Redeemer, declared that which He offered under the species of bread to be truly His own body, therefore has it ever been a firm belief in the Church of God, and this holy Synod doth now declare it anew, that, by the consecration of the bread and of the wine, a conversion is made of the whole substance of the bread into the substance of the body of Christ our Lord, and of the whole substance of the wine into the substance of His blood; which conversion is, by the holy Catholic Church, suitably and properly called Transubstantiation.

There must be the consecration of both species for the sacrifice to take place and for Transubstantiation to take place.