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Licensed Conveyancer

Conveyancing Explained | Common Terminology Used in the Industry

Have you ever wondered what conveyancing means? Put simply, conveyancers are lawyers who manage the legal process of transferring property ownership. If you’re looking to buy or sell a property, you’ll need to hire a conveyancer.

There’s a lot of jargon thrown around the profession, so we’ve put together this simple guide to get conveyancing explained.

Property Law

Is Conveyancing the Same as a Solicitor?

A solicitor is a qualified lawyer. Conveyancing, explained simply is property specialism. This means that they know everything they need to know about property law. Remember, not all solicitors will be qualified to do property law, so make sure you look for a conveyancer or conveyancing solicitor.

Conveyancers are popular choice for handling property purchases in the UK. Our specialists are trained to give advice on all aspects of conveyancing and property law.

conveyancing contract and pen

Why Do I Need A Conveyancer?

The buying process has a lot of legal work involved. You’ll need a conveyancer to explain the process and transfer legal ownership to the right person. They train to carry out and advise on this specific procedure.

Common Terminology Used by Conveyancers

Disbursement

This is an expense that the conveyancer pays for on your behalf. These are usually costs related to searches and Land Registry registration fees. This fee usually comes as an up-front cost. Your conveyancer will explain this before carrying out any work.

Searches

A simple enough term, but what does it mean to a conveyancer? Your conveyancer needs to make enquiries to find out more information about the property you’re purchasing. The main searches consult with the Local Authority, the water company and environmental history of the land. Depending on the nature of the property, further searches may be required. Your conveyancer will explain this information to you so you can make an informed property purchase.

Land Registry

We mentioned the Land Registry – but what is it? It’s a government department that keeps details of properties in England and Wales. The register records when properties were last sold, how much for and who owns the leasehold / freehold of the land.

Gazumped

This may sound like a made up word, but in property law it’s anything but. This term means that after you’ve had a verbal offer accepted on a property, the seller has accepted a higher offer from another party. This can be an expensive and stressful situation. You can try to avoid this by making sure your offer is accepted in writing and stipulates that the property is taken off the market. Some sellers will refuse to do that, so if they won’t it’s best to move as quickly as possible. Once contracts are exchanged you can relax. Your agreement is legally bound.

Transfer Deed

When you’ve successfully bought a property, this is the document you’ll sign. The Land Registry will then transfer the property to your name. This is a legally binding agreement and is extremely important. Let your conveyancer explain all the details of this document before you sign it. It’s very important that you understand exactly what you’re agreeing to.

New Property Keys

Looking to Buy or Sell Property? Call Crowley & Company Now to Speak to a Conveyancer

Our conveyancing department deal with all aspects of commercial and residential purchases, sales and leases. We offer advice throughout the entire process at a competitive price.

Crowley & Company’s dedicated team provide a professional and efficient service. Property buying and selling can be overwhelming. With the right conveyancer, you’ll be well-informed throughout the process.

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