What Do Certain Words Mean In The Conveyancing Process ? Artwork

PCS Legal Podcast

Welcome to the PCS Legal Podcast. We are a firm of specialist Property lawyers regulated by the CLC. We hope to provide information on general conveyancing. You must always contact our offices for specific advice relating to the property you are looking to buy or sell to ensure the advice we give is suitable and relevant to your transaction.

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PCS Legal Podcast

What Do Certain Words Mean In The Conveyancing Process ?

May 11, 2022

0:00 | 4:24

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.
Licensed 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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