It is important to consult a solicitor on purchasing your home. The solicitor will guide you through the offer for the property and can assist in arranging surveys.
Most offers in Scotland are now submitted subject to a survey being carried out so the buyer only incurs survey fees on a property they have been successful in purchasing.
Once the buyer is satisfied with the survey, the subject to survey clause on the offer is lifted at which time the sellers solicitors will forward a qualified acceptance to the offer. The offer and this acceptance, together with any other formal letters, are what are known as the missives and are signed by the solicitor on behalf of the buyer/seller once instructions have been taken from the client.
There is only a binding contract for the buyer to purchase the property when the missives have been concluded and once missives are concluded the buyer therefore cannot change their mind on purchasing the property without there being adverse financial consequences.
The solicitor also receives the titles to the property and various searches are carried out by the seller’s solicitor to ensure that the buyer gets a property title to the property. These searches can include confirmation that all necessary documentation is in place for alterations that have been carried out to the property etc.
The most important thing the buyer is required to do during the purchasing process is to ensure that a mortgage or any other funding that is being used to purchase a property is in place prior to the agreed date of entry.
The solicitor will deal with the mortgage papers including preparing the paper work for signature by the buyer and requesting the funds from the lender in time for settlement.
In general, on the date of purchase solicitors try to have keys ready for collection by the buyer by midday although this can vary on each transaction depending on circumstances.