Selling Process in Scotland
1. Property Valuation
When selling your home, the first thing you must do is arrange a property valuation. One of our experienced property valuers will be happy to do this at a time most convenient for you. They will explain common sale prices for properties in your area and suggest a reasonable asking price based on the condition of your home and the surrounding market.
2. Home Report
To a sell a property in Scotland, you are legally required to have a Home Report. This is a pack of three documents that provides buyers with a minimum level of information about the condition of the property.
A Home Report includes: a Single Survey which details the current condition of the property; the Energy Report which details the energy efficiency rating of the property; and the Property Questionnaire which details all other important information such as the council tax band, parking options and structural alterations.
3. Instruct a Solicitor
The legal work when buying or selling property in Scotland is called conveyancing. Conveyancing includes receiving and accepting offers, checking title deeds, arranging official title searches and checking over all documentation. We work with several highly-respected solicitors and will happily put you in contact with one of your choosing.
4. Decide on an Asking Price
We will help you reach a decision on a reasonable asking price for your property. Your property can be listed as fixed price, offers around or offers over. The latter of these is the most common in Scotland and means you will only consider offers more than that figure. Fixed price means you will sell to the first person to offer the asking price. Offers around indicates to buyers that you are willing to negotiate.
5. Prepare Your Home
If you want your home to sell quickly, you have to make it stand out.
Our specialist Property Presentation service is designed to make it do just that and covers everything from selecting furnishings to arranging presentations.
6. Arrange Viewings
When we have interest in your property either from our in-house matching service or by way of your on-line advert. We will follow up all interested parties and organise a property tour, either to be carried out by the vendor or by one of our experienced staff. We will organise these around your life commitments to minimise disruption and showcase your home at its best.
7. Issue the Home Report
Interested parties may ask to see your Home Report. When they do, we will pass the report onto them with any additional information we feel would be relevant to the report and the purchase of the property.
8. Buyers Note Their Interest
An interested buyer will instruct their solicitor to contact our office to note their interest. Once we receive this, we cannot accept a further offer without first advising the interested note of interest of the additional offer, or note of interest. We are legally bound to keep all parties involved informed of any subsequent interest. We will not however disclose any financial values of any transactions to any parties that are not directly involved or on the title of the said property.
9. Accept an Offer
Initially an interested buyer would now negotiate with us direct and once both parties reach a figure that they are both happy with, the interested party will then instruct their solicitor to submit a formal written offer direct to us. We would then submit this offer to our vendor solicitor to commence the conveyancing work that is required to conclude your contract and then on to a completed sale.
Remember, the highest offer isn’t always the best. Consider the financial position of the buyer, whether they are in a chain and how they fit into your timescale.
10. Mortgage Valuation
The buyer’s lender will arrange to have your home surveyed. This ensures the amount the buyer is borrowing matches the value of the property.
The buyer’s 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. 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.
13. Agree Move Dates
Your solicitor will agree a date for the exchange of any contracts and for the completion of the sale.
14. Final Conveyancing
Your solicitor will draw up a document to transfer legal ownership of the property – this is called the disposition. The buyer’s solicitor will draw up a document securing the loan – this is called the Standard Security.
The balance of the loan is payed to your solicitor. Once your solicitor has received this, they will instruct our team to release the keys to the property. At this point, your property is officially sold.