What Do Certain Words Mean In The Conveyancing Process

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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 • “If you found our video informative, please (SUBSCRIBE) to receive more like this is in the future.” • / pcslegal • Follow us On Social Media: • Facebook: / pcslegal • Twitter: / pcslegal • Instagram: / pcslegal • Visit our website and chat to our friendly and professional team • https://www.pcslegal.co.uk

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