Questions & Answers

Why should I use Davis and Gibbs?

Our team has over 20 years combined experience in lettings and sales. We have extensive knowledge of the local area and understand the unique pressures of living and working in London. We believe that we offer an unbeatable service that you will find refreshingly different to other estate agents - and a lot more enjoyable too!

What is a survey?

Your survey will be conducted by a chartered surveyor on behalf of your mortgage lender who will want to know that the house is actually worth at least as much as you want to borrow. There are various types of survey. A Building survey is a detailed report including any defects that the property might have, this type of survey is suitable for properties that have been poorly maintained or extensively altered or extended. A Homebuyer’s survey and valuation is a less detailed report that assess’ the condition of the property and it’s value. A valuation is a basic survey of the property that estimates it’s value for mortgage purposes.

What is a chain?

A chain is a situation when a buyer is reliant on the sale of an existing property, in order to complete on the purchase of a new property. A seller may be reluctant to take a property off the market for the duration of the sale if you haven't already sold your excising property. So it is a good idea to let us know so that we can take care of this for you.

What is a completion

When you have made an offer on a property and it has been accepted, the agreement is subject to contract, which means that it is not yet legally binding. A completion is the point at which all transactions are concluded and legal ownership passes to the buyer.

What is meant by exchange of contracts?

This is when the buyer and seller sign identical a copies of the contract. These signed contracts are then physically exchanged by the solicitors. Once this has taken place both parties are legally committed to the agreement and neither side can change their mind about the sale.

What does a conveyancer do?

A conveyancer will deal with all the legal aspects of buying or selling a property.

What are deeds and covenants?

Deeds are the title documents proving ownership and will be held by the mortgage lender. Covenants are rules and regulations governing the property, contained in its title deeds or lease.

What is the difference between Freehold and Leasehold?

1. Leasehold property
   A lease grants the owner the right to use a property for a specified period of time (traditionally 99, 125 or 999 years) granted by a landlord to a tenant and recorded in a document known as a lease. Various obligations including legally binding promises, restrictions and regulations are created in the lease.


2. Freehold property
   Freehold property is when you own a house outright and there is no landlord or management company to whom you owe obligations.

Land registry?

When preparing the draft contract documentation a Seller’s solicitor will obtain a copy of the title from either the HM Land Registry (if the property is registered) or from an older deed (if the property is unregistered) to show the Seller is able to sell on the property to the buyer. A buyer’s solicitor will then check the title to make sure the person selling the property is able to do so. When you have completed your solicitor will register the new ownership of the property and the buyer will pay a fee to the Land Registry for this service.

What is a local authority search?

This is the procedure whereby a buyer's solicitor makes an enquiry to the local council regarding any outstanding enforcement or future development issues which might affect the property or immediate area.

What is stamp duty?

This is a tax paid by a purchaser of a property with a value in excess of £60,000, of between 1% and 4% depending on value.