Buying A New House In Scotland

If you live in England or Wales and are considering a move to a new home in Scotland, it is important to be aware of the very different legal process when purchasing a new house. Scotland has a different conveyancing practice to England and Wales, and here is a guide to explaining the process to buying a new home in Scotland.

1)Declare an Interest

When you have seen a property that you like and are sure that you want to buy, you will need to declare your interest in that particular property. A property may have a fixed price, or the seller may accept offers over a certain price. You can declare your interest in the property by contacting your solicitor who will contact the seller's solicitor about your interest in the property.

2) Valuation and Survey

Your solicitor will then need to instruct a valuation report and survey. This is different to England and Wales because the valuation and survey is instructed after an offer is made on the property.

3) Making the Offer

The offer is made by the purchaser to the seller after the valuation is completed and is offered either at a closing date specified by the seller, or before the closing date. A closing date is set by the seller when a number of interested purchasers have noted their interest in a property. You will have to decide very carefully what offer amount you will put forward. This can be based upon the level of interest from other purchasers, other property prices in the same area and the outcome of the valuation and survey. Your solicitor will then send a formal offer in writing before the closing date. Once you have made an offer, it cannot usually be re-submitted or made higher if you are unsucessful, unless requested by the seller's agents. So to make the right amount of offer is vital at this stage. All offers by all parties will then be considered by the seller.

4)Accepting the Offer

If your offer has been accepted, the seller's conveyancer will issue an acceptance notice and the property's associated documents will be passed over to the purchaser's solicitors. The seller's solicitor can then research and inspect these documents and ask any questions. At this point in time, the contract is not binding and either party can withdraw. The purchaser then examines a property report produced by his solicitor with recommendations and if all is well and acceptable, a final letter is issued by the seller's solicitor that binds the contract to purchase and sell.

5) Finalising the Purchase

When the conveyancing has been completed and funds have been transferred between purchaser and seller, the property transfer document, called the Disposition, is given to the purchaser's solicitor. This is then stamped and registered with all of the property conveyancing and mortgage papers and can be held either by the purchaser's solicitor or the mortgage provider.

It is vitally important to understand the different conveyancing processes when purchasing a new home in Scotland. It is also best to seek legal advice before viewing and purchasing a property.