Overview
If you are new to the Scottish system then this page goes through the process of buying a property. The titles down the left-hand side show the main steps of buying a house in Scotland.
1.The first step
Consult a solicitor for advice. We offer a complete service from financing the purchase and getting the best mortgage for you to Will preparation. Benefit from our experience in financial, personal, business and legal advice. Our solicitors also have an in depth knowledge of the North East Fife housing market.
2.The survey
Once you have found a potential home your solicitor can advise you on the level of survey to instruct and the meaning and importance of the comments. You will consequently learn the true value of the property.
3.The finance
This is the most important consideration, as it will be the biggest financial transaction of most people's lives. Our financial services team can offer independent and impartial financial advice and as a result get the best mortgage for you. We have access to the whole market using the most up to date on-line systems to find the most suitable mortgage and insurance products to meet your requirements.
4.The offer
It is too late by now to use our expertise to the full, but unfortunately this is the point where most people consult their solicitor. We can still provide invaluable assistance in negotiations at this stage and will prepare the offer on your instructions.
5.Closing dates
This is an essential part of the Scottish property sales system. The seller is not obliged to give all purchasers who have noted an interest in a property an opportunity to offer and can accept any offer received before setting a closing date. Once a closing date has been set it is expected that interested parties will be given an opportunity to offer. Whilst this method of selling properties causes considerable anxiety to purchasers and increased advantage to the seller by the nature of a sealed tender system it has a crucial advantage over a set price system.
The advantage results from an ethical rule observed by all Scottish solicitors. Once an offer has been accepted at a closing date (or indeed at any time) and negotiations have begun with a prospective purchaser then a selling solicitor cannot accept instructions from a client to enter into alternative negotiations with another purchaser even though a subsequent offer is received with more favourable terms. This does not eliminate the possibility of what is know in England as "Gazumping", as the seller can always decide to accept the more favourable offer but if he does the solicitor negotiating with the first prospective purchaser must withdraw from acting for the seller - this in itself has proved to be a successful moral deterrent to sellers accepting "Gazumping" offers.
6.The contract
The offer is the first letter in a series, which together form the contract (called "The Missives"). Most offers are accepted with qualifications and it is possible that these qualifications will be further modified. When agreement is reached a letter holding the bargain as concluded is issued and there is then a binding contract between seller and buyer. This process can take days or weeks but providing both parties are well advised, the peace of mind of a concluded contract can be achieved sooner rather than later.
7.The title
Your solicitor will: - examine title, searches in the property and personal registers, company searches (if necessary), coalmining reports, property enquiry certificates (local authority search) and any documentation relating to alterations to the property. Your solicitor will also draft the deed in your favour and the security in favour of your lender, ensuring you and the lender obtain a valid marketable title.
8. Completion
Once satisfied your solicitor issues a report on title / certificate of title to the mortgage lender and orders the loan funds. You will be required to pay your deposit, stamp duty and recording dues at least four days before settlement.
Summary
As the solicitor "drives" the transaction they are best placed to advise you from the outset to completion. Consult one of our solicitors first to protect your investments and benefit from our experience and local knowledge. If you would like to make an appointment with one of our solicitors please call 01334 477107.