Buying Process in Scotland
1. Calculate the Cost
Before you start searching for a new home, it’s a good idea to calculate the final cost of your moves. Write down what you expect to pay for legal fees, lender fees, removals, etc. We can help you calculate this cost to ensure you haven’t missed anything out.
2. Determine Your Budget
What you can afford will depend on a lot of things, for example your current income and existing outgoings. Our property specialists live and breathe mortgages and can help you set out an upper borrowing level.
3. Instruct a Solicitor
The legal work when buying property is called conveyance and includes receiving and accepting offers, checking title deeds, arranging official searches and checking over all documentation. Your solicitor will also facilitate the majority of communication between you and the buyer. We work with several highly respected solicitors and will happily put you in contact with one of your choosing.
4. Find Suitable Properties
Once you have an idea of price and location, it’s time to start the search. Our estate agents can help guide you through this tricky process and find you the perfect property to start the next chapter in your life.
5. Request the Home Report
If you view a property and love it, request the Home Report from the seller. This has to be provided if you ask for it and includes information on the condition of the property, the energy efficiency and council tax banding. This gives you a more detailed understanding of the property.
6. Buyers Note Their Interest
If you are interested in a property, instruct your solicitor to note your interest. If you are unsure of how to do this, we can give you some advice or instruct your solicitor on your behalf. Once the seller’s solicitor has received your note of interest, the property cannot be sold before you have had a chance to submit your offer.
7. Make an Offer
When you’re confident you have found the right property and want to place an offer, instruct your solicitor to make a written offer. Again, if you are unsure of how to do this we can offer advice or instruct your solicitor on your behalf. Properties can be listed as fix price, offers around or offers over. The latter of these is the most common in Scotland and means the seller will only consider offers in excess of that figure.
8. Offer Accepted
If the seller accepts your offer, their solicitor will issue a qualified acceptance letter to your solicitor.
9. Complete Mortgage Application
Contact your mortgage advisor and agree a suitable mortgage for your circumstances and property.
10. Mortgage Valuation
Your mortgage provider may need to revalue the property if the mortgage valuation in the Home Report is more than three months old. This is to ensure the property is worth what you are borrowing. Some lenders will insist on conducting their own valuation regardless of the age of an existing one.
Your solicitor will perform checks on the Land Registry and Local Authority information. These checks look for any information regarding planning history and potential developments around the area.
12. Mortgage Confirmation
Once your mortgage is confirmed, you will receive your mortgage offer and all of its terms and conditions.
13. Conclusion of the Missives
Both solicitors will agree on a written negotiation called the missives. This can only be done after the buyer’s mortgage offer is officially received. Once the missives are agreed, both parties are legally obligated to the sale or purchase. This is called the conclusion of the missives.
14. Agree Move Dates
Your solicitor will agree a date for the exchange of any contracts and for the completion of the sale.
15. Final Conveyancing
The seller’s solicitor will draw up a document to transfer legal ownership of the property – this is called the disposition. Your solicitor will draw up a document securing the loan – this is called the Standard Security.
The balance of the loan is payed to the seller’s solicitor. Once this is received, they will instruct our team to release the keys to your new home. At this point, your property is officially bought.