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10 Step Guide To Buying A Property In Scotland

By Richard Godden

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Published: 23Mar2012
Word count: 590
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The conveyancing process in Scotland differs to the rest of the UK, and it is important to know how it works before you make any type of property transaction. That is why we have compiled this 10 step guide, helping you to understand the process of buying a home in Scotland:-

1. Declaring a note of interest - When you find a property you like, your solicitor will contact the seller's agent to declare a note of interest on your behalf. Your solicitor can then proceed to organise a survey and valuation in advance of the closing date.

2. Making an offer - You must then decide how much you would like to offer. This decision is often influenced by the position of the seller. In some cases the seller is likely to accept a quick offer. However, if a number of buyers have noted an interest, a seller may choose to wait until the closing date. This is the date by which all offers must be submitted, after which a seller will decide which offer to accept. Your solicitor will submit a written offer for you. If it is declined, you may only re-submit another offer if invited to do so by the seller's agent.

3. Negotiating the contract - If your offer is accepted, the seller's agent will send your solicitor a number of documents, including: a qualified acceptance (which is a formal acceptance of your offer), property titles, and reports on rights and conditions relating to the property. Your solicitor will review these documents, ensuring everything is in order and dealing with any queries.

4. Concluding the contract - Your solicitor will then send a report of any recommendations to you and to the seller's agent. If these terms are accepted by the seller, their agent will issue a letter for you to sign, which will officially conclude the contract. You and the seller are then bound by the conditions of the contract.

5. Preparing for the settlement date - In preparation of the settlement date (which will be finalised in the contract), your solicitor will prepare all the documents and ensure your mortgage is finalised. A state for settlement will be drawn up, detailing the payments that must be made.

6. Clearing funds - Once a state of settlement has been issued, you must provide your solicitor with the funds necessary to cover the payments that are to be made on the date of settlement.

7. Settlement date - On the date of settlement itself, your solicitor will send the money for the purchase price, stamp duty and title registration to the seller's solicitor.

8. Disposition - When the seller's solicitor has received the money, your solicitor will be given the property transfer document (known as the disposition) as well as all other relevant reports and documents.

9. Checking for defects - When you receive the keys, you should check the property corresponds with the terms of the contract. For example, if the seller was obliged to mend any defects, you must ensure these have been done. If they have not, you must inform your solicitor within the allotted time frame, who will then contact the seller. Once you are happy, your solicitor will have the disposition stamped and registered.

10. Enjoy your new property - You are then free to enjoy your new home.

Contact a solicitor today if you would like assistance purchasing a property.

Need specialist Edinburgh Property Solicitors? McKay Norwell are Edinburgh Solicitors serving individual and business clients across Scotland

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