The house buying
process in Scotland is slightly different to the rest of the UK. If you are
buying a property in Scotland you need to have a good understanding of the
process in order to make getting the property you want as straightforward as
possible.
Let’s take a look at the different aspects of the house buying process in Scotland. Factors to consider include home reports, how to put in an offer, concluding the missives and settlement.
Making an offer on a property in
Scotland
Most of the
marketing of properties in Scotland is done by solicitors. They list properties
as a fixed price or at an “offers around” or “offers above”
price.
If you are
interested in a property that has been advertised as “offers around”
or “offers above”, there is a process that you need to follow. You
are required to submit a sealed bid for the property, by the given date.
Your solicitor will
work with you to prepare the bid, which should include details of the price you
are willing to pay as well as other details, including when you will be able to
move into the property. Your solicitor will then pass the bid to the seller’s
solicitor. Then it’s just a question of waiting to see whether your bid has
been successful.
What to expect from your solicitor
When you are buying
a property in Scotland there are certain tasks that your solicitor is expected
to do for you. As well as helping you to prepare any necessary bids your
solicitor should also:
- Take you through the home report
for a property, providing explanations where necessary. - Check that planning permission was
granted for any alterations that have been made to the property. - Confirm your mortgage with your
lender if your bid is successful. - Agree a date of entry to the
property. - Deal with all of the legal aspects
of the sale process.
One vital task that
your solicitor will complete is to conclude the missives. Let’s take a look at
this in more detail.
Concluding the missives
Concluding the
missives is the stage of the Scottish house buying process when contracts are
agreed. It’s at this point that the sale becomes binding for the buyer and the
seller. The process of transferring ownership of the property begins at this
point.
Date of settlement
The settlement date
is agreed in the contract. It’s the date on which you will move into the
property. It’s also the date on which the purchase price is due to be paid.
On this date your
solicitor will register the change of ownership and lodge a copy of the deeds
with your lender. They will also pay any Land and Buildings Transaction Tax
(LBTT) which is due.
This tax is payable
for first time buyers if the price of the property is £175,000 or more. For
people moving to another home this tax is payable if the price of the property
is £145,000 or more. For anyone buying a property to let, or as a second home,
this tax is payable if the property price is £40,000 or more.
The Home Report
One vital factor in
the property selling process in Scotland is the completion of the home report.
If you are looking to buy a home in Scotland you should have access to the home
report for any property that you are interested in. This will not apply if you
are looking to buy a new build or a property that has recently been converted
to residential use.
The home report
consists of three parts, a single survey, an energy report and a property
questionnaire.
The single survey.
The single survey
contains a valuation of the property. It also contains an assessment of the
condition of the property. This does not prevent you from having a more
detailed survey carried out before you decide whether you want to bid for the
property.
The energy report.
Taking a look at
the energy report allows you to see how energy efficient a property is. You can
also see what the situation is regarding carbon dioxide emissions.
The property questionnaire.
The property
questionnaire is completed by the seller. It contains all of the information
that is useful to know about the property. For instance, the questionnaire may
include information about which tax band the property falls into and whether
there is parking available.
Home Report For You
provides a comprehensive and quick home report service. This service allows
buyers and sellers to navigate the Scottish house buying and selling process
more easily. Having the information that you need, you should now be more
prepared to find the perfect property for you.