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How To Buy a New Home In Scotland

By Andy Jones

Republish: EasyPublish™ Published: 06Mar2011 Word count: 573 Viewed: 165 time(s) Get Free Content For Your Site

When purchasers in England and Wales are thinking of buying new houses, Scotland has a very different conveyancing process compared to England and Wales. It is advisable to view a number of new houses in Scotland to get a feel for what you really do want, because the process in Scotland means that you need to be a serious buyer to make an offer on a property. Here's a quick guide to the process of 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. Either way, contact your solicitor and declare your interest who will in turn contact the seller's solicitor to note your interest to buy.

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 need to carefully consider how much your offer is going to be. 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 conveyancer will then be able to examine these papers and raise any queries. It is at this stage that either party can withdraw from the process as it is not legally binding. 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 stamped and registered with the conveyancing and mortgage documentation and held by the purchaser's solictor or financial organisation who has given the mortgage.

So when considering a new home in Scotland, it is worth being aware of the different conveyancing legal process that you will have to go through. It is also best to seek legal advice before viewing and purchasing a property.

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