5 important stages of buying property in Scotland
If you’ve found your ideal property and are ready to get the ball rolling on a purchase, in this article we’ll talk about the 5 key stages on the conveyancing journey.
Important Stages of Buying Property in Scotland (1) – The Offer
Once you’ve obtained a quote for all legal fees, outlays and taxes using our instant online quote calculator, you’ll tell us that you’re ready to make an offer on a property. Our solicitors will take full details of the property and a note of the selling agent. We’ll ask you about how you intend to pay for the property and carry out the necessary anti-money laundering checks.
We’ll discuss the price you want to pay and the date you want to take possession of the property. If there are contents or extras being advertised with the property, we’ll list them in the offer and submit it before the closing date.
If there isn’t a closing date, we’ll discuss with the selling agent the price you want to pay and if it is acceptable, we’ll submit the offer.
Important Stages of Buying Property in Scotland (2) – The Negotiation
The contract needs to be in writing and your offer is the first stage. If it is accepted, the seller’s solicitor will write to us and confirm. The acceptance, like your offer, will very likely contain conditions. If you’re happy with the conditions in the acceptance, we’ll send a final acceptance to the seller’s solicitor and the the deal will be done. Solicitors call this ‘concluding missives’.
If there are conditions you’re not happy with, there will then be a series of exchanges called ‘qualified acceptances’ between both solicitors in consultation with both you and the seller until a final position is reached. Sometimes an agreement cannot be reached, but the key detail here is that until the missives are concluded, there is no contract to buy or sell the property.
Important Stages of Buying Property in Scotland (3) – The Examination
While the missives are being negotiated, the seller’s solicitor will provide us with the ‘Title’ to the property for examination. We’ll prepare a report and send it on to you for checking. If there is a plan of the property available, we’ll send that too. It is important that you CHECK these documents CAREFULLY. Solicitors do not generally visit the property during the conveyancing process, so it is your responsibility to ensure the plan and the report compare favourably with what you were expecting. If you have any doubts, you MUST discuss this with us as soon as possible.
We’ll ask the seller’s solicitor to provide a range of reports and we’ll contact you should they contain anything that isn’t what we expected to see.
Important Stages of Buying Property in Scotland (4) – The Agreement
We’ll prepare the deeds that transfers ownership of the property to your name and send it to the seller’s solicitors. If you’re buying with a mortgage, we’ll prepare a ‘Standard Security’ which all borrowers must sign and thereafter we provide a ‘Certificate of Title’ to the lender and request the loan funds. We’ll then provide you with a ‘completion statement’ showing the price of the house the mortgage (if you are using one) and the fees, outlays and taxes. Once you’ve checked everything is in order, you need to send your deposit to us at least seven days before the date of entry.
Important Stages of Buying Property in Scotland (5) – The Settlement
On the date of entry, we’ll send the purchase price to the seller’s solicitor, and they’ll send us the deed transferring ownership of the house to you.
We’ll pay any Land and Buildings Transaction Tax (LBTT) and pay all outstanding outlays.
We’ll present the deed transferring the property into your name for registration in the Land Register of Scotland. We’ll also present any Standard Security for registration as required by your mortgage company (or other lender).
Finally, we’ll send you a summary of everything we’ve done showing all of the transactions involved in the purchase.
Important Stages of Buying Property in Scotland – Conclusion
The above information represents a simple and straightforward property purchase, but it is important to remember that all properties are unique and individual circumstances can change during any transaction. This is why only solicitors buy and sell property – we have the skills and experience to react to each situation and continue to steer the matter to a conclusion. If we can help you on your property journey, fill in the form on this page and get in touch with a Wallace Quinn solicitor.
