The key differences when buying in Scotland as opposed to England or Wales are summarised below.
Properties are priced at a guide level of the lowest acceptable price, and offers are always above this figure, sometimes by 30 per cent or more. Buyers no longer always have to have surveys carried out; instead they can read the seller's Home Report. You need to have your finances for the property organised prior to making an offer - i.e. a mortgage offer from a company. Offers are typically made 'blind' to a deadline - so you can't negotiate on price, and you need to be sure you can afford your offer. However, sometimes you can make an offer and have it accepted without going to a closing date. Once an offer has been accepted, you are committed to the purchase and will have to pay compensation if you pull out. A moving date is set once the offer is agreed, so there are fewer problems with managing chains. Property is sold on an owner - occupier basic: there is no freehold and very little leasehold in Scotland.
Buying a property in Scotland has been made easier since the credit crunch (apart from the difficulty of getting a mortgage) thanks to the new Home Report, which the sellers pays for, but you gain the benefit of a survey, EPC and information about the property.
This is particularly important when buying is Scotland because if you make a successful bid but then can't raise the finance for it, you can be landed with a substantial demand for compensation. So do your figures, talk to a leader and get your MAP. If you are also selling a property, get as far along the path with it as you can - being able to offer quick completion can be the difference between success and failure in the Scottish market.
Call Your Lawyer
It is important to choose your solicitor before looking at homes. This will enable you to make an offer on a property with a tight deadline. Personal recommendation is one of the best ways to choose, but make sure your solicitor has experience in dealing with properties in the area and of the type that you are buying. You can also visit the Scottish Law Society and find suitable firms. If you are buying from outside Scotland, you will still need Scottish solicitor.
As with any other service, find out what the costs and terms are - for example, if the fee includes stamp duty land tax, registrations, fees, expenses and VAT.
Looking At Properties
Once you have identified the likely areas where your preferred types of property exist, you can start looking at properties in your price range.
The guideline price of properties on the market is geared to stimulate interest, and successful bids are likely to be at least 10 per cent higher - more in a rising market. So do have a look at properties at a guideline price below your range: they may turn out to be what you want.
Some sellers looking for a quick sale may put their property on at a 'fixed price' which is more like the asking price in England and Wales, and new build properties are also priced in this way.
Home Reports
These are incredibly useful reports for you to red prior to considering making an offer on a property as they give lots of useful information about the property, its condition, work required and - how much your utility bills are likely to be. The property questionnaire furnishes you with details of changes to owner has made to the property, the council band the property is in and which company currently supplies the heating.
The report also give an estimated price of what the property is worth in its current condition and what it would cost to re-build the property should it be damaged, with allows you to work out in advance what your building insurance cost would be.
The report not only contains this essential information, but will also help you secure a mortgage. Most lenders accept the survey and valuation in the Home Report, but some don't accept the valuation if the Home Report is more than 90 days old from the date of the property inspection as they feel the value may well have changed during this time. If a revised report is required, the same inspector would normally carry out the inspection and this would cost between 75 and 100 pounds. Other lenders are not keen on using valuations and reports from surveyors that are not the 'panel' they usually choose from.
Making An Offer
This is the really tricky bit because you only get one shot at it. The Home Report survey will give you an idea of the property's condition and what work is required as well as its estimated value. You may be able to make an offer straight away: ask your solicitor to find out if you can. If not, they should 'note' your interest. This means that if another party expresses interest in the property you can be kept informed of this. A closing date is likely to be fixed for the bids, but this is not guaranteed: it is quite common for vendors to accept offers and agree the deal ahead of the closing date.
Offers are made as sealed bids and vital information is the price offered and the suggested entry date, when you complete the purchase - sometimes this can be weeks but it is usually a few months ahead. Discuss this date with your solicitor, taking into consideration the progress of the sale of your own property. A seller may accept a lower bid if the transaction can be completed quickly - and reject a higher bid that will take took long. If your bid is rejected, all you can do is put it down to experience and pick up the property papers again - but do ask why you weren't successful as you may get some useful feedback.
After a Successful Bid
When a is accepted, the two solicitors negotiate the details of the contract, such as the fixtures and fittings, and the date of completion. The letters between them are known as 'missives', and the equivalent of exchanging contracts in the English system is called ' concluding the missives ' in Scotland. At this point you will need to arrange building insurance on the property, but the seller continues their insurance too until the date of settlement. The solicitor also checks the title and reports on an exact description of the conveyancing and prepares บ้านมือสอง ราคาถูก the ' disposition ': a document transferring ownership to you.
The setting of a moving-in date makes the property chain less prone to delays than in England and Wales, as everybody is working to an agreed, binding schedule. However if you are moving to Scotland from another country you will have two sets of solicitors and it is important to keep up communication with all parties. About two weeks before the entry date you will be asked to provide the money for the deposit, stamp duty and your solicitor's fees. Your lender should transfer the balance of the money one day ahead of the entry date. The legal documents are typically signed either a few weeks before or just before the date of entry.
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