What Do Certain Words Mean In The Conveyancing Process ?

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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