Out solicitors will expertly guide you through the whole process from nothing interest to ultimately securing the property, making it as seamless as possible.
Communicating with you throughout each step in the process means you will be kept fully informed and updated.
the first step in the house buying process if for us to have an initial chat with you, either at our offices or over the telephone. It is at this stage that we gather your full details (eg name, address, contacts etc) and give you a breakdown of the service we offer and our charges. We explore your budget and funding arrangements to discover whether you need any help in arranging your mortgages. If you are a first time buyer, or are not familiar with the Scottish house purchase system, or if you simply haven’t bought for a while, we will happily explain the procedures involved. We will give you our thoughts on the current state of the market and how best we can help you secure your target purchase.
Once you have found a property you are interested in we “note your interest”. This involves us formally registering your interest with the selling agents. This doesn’t cost you anything, not does it commit you to taking the matter further. It does however tell us how much current interest there is in the property and opens a line of communication with the seller so that they can readily contact us if they receive an offer, or wish to fix a closing date. It is generally at this stage that we should also ask the selling agents to forward to us the Home Report.
The Home Report will provide us with lots of detail regarding the condition and fabric of the property as well as a valuation figure. It should show whether alterations or other works have been carried out so that we can check that the appropriate documentation is in place. It should also highlight any areas of concern which we can arrange to investigate further for you. Once these investigations are complete you are ready to submit your offer.
Submitting the offer
In Scotland formal offers must be made in writing. These days most offers are in fairly standard terms which should cover most conditions that we would wish to include in your contract. Your particular offer will include your name and address, details of the property you are offering for, the price you wish to offer and the “date of entry” which is the date you wish the transaction to complete. In discussion with you we may decide that your offer should be “subject to survey” to compete. In discussion with you we may decide that your offer should be “subject to survey” to ensure that your mortgage lender is happy to accept the Home Report valuation or your own independent survey. We should also detail any “extras” such as carpets, curtains, appliance etc which you may wish to be included. Finally, we would normally insert a time limit for the seller to come back (hopefully) accepting your offer.
Once your offer has been received by the selling agents they will take the sellers instructions and they will come back rejecting or accepting it. Alternatively they may come back to try to negotiate a change in the price, date of entry or some other term of the offer,
If a deal can be agreed the seller’s solicitor will issue a written acceptance or “qualified acceptance” reflecting any changes that have been agreed and the solicitors on both sides will try to “conclude missives” (make the contract legally binding) as soon as possible. As soon as you know your offer is to be accepted your solicitor will ask you to finalise your mortgage application (where appropriate) and to arrange your insurance cover.
Your solicitor will now carry out a detailed examination of the title deeds to your new property and will report to you the salient points. We will draft the new title in your favour and make sure we have had sight of all the necessary legal and local authority searches to protect your interests. If you are taking a mortgage we will typically be instructed by the lender to prepare the loan paperwork and security to be registered along with your tile in the Land Register for Scotland. We will also prepare the stamp duty returns for you and submit these on your behalf. Again our skilled and experienced solicitors will guide you through the process and keep you up to speed with progress and developments throughout. Once completion has taken place all you have to do is pop in and collect the keys to your new Home!
If you have A Property to Sell
Buying and selling in the current market is certainly something you should take advice on at the earliest possible opportunity. Should you sell first and be sure that you will have funds to compete your new purchase, or are you prepared to take the risk of committing yourself to a purchase before you have sold? We will be happy to dis cuss the pros and cons and advise you on which strategy would suit you best.
Buying With a Friend or Partner?
If you intend to buy with a friend or a partner you would be well advised to discuss the legal implications with one of our solicitors beforehand. Similarly if you are contributing different amounts towards the purchase price you may not wish to take the title in equal shares and we can advise you on the options open to you.
As part of our advice process we will help you understand the implications, under law, of buying property together and set out how you can best protect all parties in the event that the unforeseen happens. We have expert knowledge in the creation of Co-Purchase Agreements, Wills and Powers of Attorney which are all areas to be considered when buying property.