What Do Certain Words Mean In The Conveyancing Process ?

In this short video we explain in simple terms the conveyancing process and what the wording means (terminology).

During the course of the conveyancing transaction there's lots of legal terminology that can often be confusing and sound like jargon !. We break this down for you and give you a simple explanation.

The council for licensed conveyancers (CLC):
Regulated firms of licensed conveyancers in terms of conduct.

Conveyancing:
The transfer of title (land or property) from a seller to a buyer.

Licenced conveyancers:
Specialist property lawyers (similar to a solicitor but only deals in property)

Exchange of contracts
When both the buyer and seller become legally bound under the terms of the contract.

Completion
The day the property legally becomes the buyers
The buyer can move in and the seller vacates

Deposit
The buyer pays a deposit (normally 10% of the purchase price)
The deposit can be lost if there is a breach of contact

Fixtures & fittings list
List of furniture or appliances that will be either left or taken from the property on completion.

Property information form (TA6)
General information on the property known by the seller
Can include information on boundaries, neighbours and attention

HM land registry
Government owned department that keeps an electronic record of who owns what properties in England and Wales

Gazumping
When a new buyer outbids the current buyer on a property before the exchange of contracts

Indemnity insurance
Insurance that deals with financial loss arising from a defect in the property.

Enquiries
Where questions are raised regarding a property by a conveyancer acting for a buyer

Anti-money laundering (AML)
Checks and investigations on the buyers source of funds

Stamp duty
Land tax based on the purchase price

Survey
A report on the property condition
The report is carried out by the surveyor and not a lawyer

Searches
Information on the property that might not be known to the seller or held at land registry

Registration
The process of applying to the land registry to change the name of the proprietor to the seller to the buyer

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