Colwyn Bay 

Osborns Solicitors

  Osborns Solicitors

Buying a property

For reference, we have put together a short guide on what to expect along with some considerations to be made when buying a house.

Stage 1: Before exchange of contracts

The following happens before contracts are exchanged:

  • We ask the sellers solicitor for a draft contract to be approved.  This will include a price, who the parties are, deposits to be paid and any other information to be included.
  • We will examine the draft contract
  • We make pre-contract enquiries of the seller.  These include such issues as disputes with neighbours, rights of way over the land,  any changes in use, issues regarding unadopted roads, whether services to other properties pass through the land, whether services pass through someone else's land and any other information which may be relevant to the particular purchase. i.e. if any necessary building regulation approval has been obtained for electrical work, gas fitting works, glazing work, extensions/conservatories.
  • We make searches of the land registry to check who is registered as owning the property and if any restrictions exist that you as a buyer should be aware of.
  • We make enquiries of the local authority.  This covers any potential problems such as tree preservation orders, unadopted roads, planning permissions granted, restrictions to planning and whether there is any problem concerning compulsory purchase orders.
  • We make a water and drainage search to check that the property has running water and drainage facilities as part of the public system.
  • You will check the contract and any lists of fixtures and fittings to be included in the purchase
  • You may wish to have a survey
  • You will receive and agree to a formal mortgage offer (if you require a mortgage)
  • All parties agree a completion date

Stage 2: Exchange of contracts

  • The agreed contracts are exchanged
  • A 10% deposit is handed over to the seller. Less may be agreed if you are borrowing more than 90%.  This is non-refundable should you decide to pull out of the purchase from this stage.
  • Land registry transfer documents are prepared.  This is to enable us to register you as owners once the purchase is complete.
  • Mortgage documents are agreed and finalised.
  • Any final searches are carried out.
  • A date is agreed for completion when you will gain possession of your new property.

Stage 3: Completion

  • On the day of completion, the sellers are obliged to move out and you can move in!
  • You pay the seller the balance of the purchase price through us.
  • You receive the transfer documentation and the deeds to the property after registration. (We can store them for you in our free safe custody facilities)
  • You pay any outstanding fees (Stamp duty, Land registry fees, solicitor fees)
  • We inform relevant parties (mortgage lender, etc.) that the sale is completed.
  • We ensure that any  outstanding mortgages on the property have been paid off.
  • We register the transfer with the Land Registry.
  • We arrange for stamp duty to be paid.
  • You receive a completion statement.
  • You enjoy your new property!

For an overview of Stamp duty charges as they currently stand, click here

Osborns Solicitors

Authorised and regulated by the Solicitors Regulation Authority No 71599