We know that buying your home isn’t just a transaction; it’s a chapter in your life, a place where you and people you love will live, grow and make memories. Or it’s an investment, something precious for the future, for you and yours.
We keep this in mind throughout the process and we’re here to help you make it as smooth and stress free as possible.
If you need to borrow money to purchase a property we can put you in touch with a mortgager advisor who can source the best mortgage available to you from the whole of the market, based on your needs and circumstances. They will help you secure a Mortgage Agreement in Principle from a lender which will give you an idea of how much you can borrow and strengthens your position as a buyer.
Research the market, contact local estate agents and solicitors and have a look at the online property portals. Think about your budget, location, property type, size, and desired features. Request home reports for the properties you’re interested in. A home report (which is free to buyers) provides essential information about a property’s condition, value, and energy efficiency. Arrange viewings, paying attention to the condition of the property and the surrounding area, and get a really good feel for the property.
If you’re interested in a property but not ready to make an offer, you can formally note your interest with your solicitor or the selling agent. You are not obliged to make an offer, this simply indicates that you are interested in the property and wish to be kept informed of developments, such as when an offer must be made or when a closing date is set.
If there is significant interest in a property, a closing date may be set whereby purchasers are invited to submit written offers through their solicitor to the seller’s agent by a fixed time on a certain date. The seller is not obliged to accept the highest or, indeed, any offer at a closing date. Normally, you will hear the result of your offer on the day of the closing date.
In Scotland a formal offer for a property must be submitted by a solicitor who will undertake the conveyancing aspect of the purchase on your behalf – the transfer of legal title of a property from one person to another. Your solicitor will prepare the offer which will include the price, date of entry, details of any extra items to be included in the sale, and the standard legal terms to complete the conveyancing and to take legal title to the property. This offer may be ‘conditional’ on certain requirements on your part. A time limit for acceptance is normally included.
Once your offer is accepted, the next step is to conclude “missives,” a formal process of agreeing the terms of the sale contract through a series of letters between solicitors. “Concluding missives” means that the solicitors have reached a full agreement on the terms of the sale, creating a legally binding contract. The process of agreeing and concluding missives can take several weeks.
Settlement takes place on the date of entry specified in the contract. This is the final stage where the buyer’s solicitor sends the purchase price to the seller’s solicitor in exchange for the disposition (transfer of ownership), title deeds and keys. The buyer’s solicitor will also deal with LBTT (Land and Buildings Transaction Tax) and registration requirements.
