Installing avconv from source in Ubuntu

This is pretty interesting as avconv is a pretty sensitive fellow. If you do this wrongly, your avconv is pretty much not workable no matter how you are going to spin this. Hence, i do myself a favour and write this up instead. Now, before i began, let me explain what version of Ubuntu i am using. I am on Ubuntu 12.04.5 LTS and if i do the following from repo

sudo apt-get install ffmpeg libav-tools

I will be getting myself avcon version 8.x.x since i am on a older version of Ubuntu. Hence, the installed of avcon from source.