The process in Scotland is fairly simple for buying a property, however if you are not used to it, it can be a little daunting!
Once you have found the perfect home, you can verbally agree an offer on the property.
You need to get a hold of the Home Report from the Estate Agent and find out the Mortgage Valuation. The home report consists of three parts; an Energy Performance Certificate, Single Survey & Property Questionnaire.
The single survey is the most important part and gives you an idea of what works the property requires, but most important the value.
Instruct a solicitor. You must have a Scottish solicitor to purchase a property in Scotland. A local solicitor will then put an offer in writing for you. You must let them know your position i.e. cash buyer, first time buyer, mortgage in place, property to sell etc. They will go through the process methodically for you, but the basics are as follows:
- Finances – they will look to see site of you finances, so make sure all paperwork is ready
- Date – Normally it takes 6/8 weeks to go through the process and secure a property however this can be done quicker or more slowly depending on the circumstances. Your solicitor will require an approximate date from you to work towards as a moving in date.
- Title deeds – you will be asked to look over the title deeds to check you are happy with them and to make sure you are definitely buying what you think you are.
- Searches – the solicitor will do their due diligence and searches to make sure that there are no issues in and around the property.
- Missives – once all this is done and the solicitors are happy, you will sign the missives. This is when the property transaction is legally binding. The solicitor will then work towards the date of entry and get you moved in.
Looking for further information or advice? Call Next Home now on 017387 44 43 42, we would be delighted to help.