With the right advice buying a property in Scotland need not be stressful. Our conveyancers can guide you through the process. They know the local property market inside out and will make sure you get the best possible deal on your new property and take care of every aspect of the transaction.
Despite conveyancing being a relatively routine and commonplace transaction a lot of people are mystified about what the process involves so here is a step- by- step guide which hopefully will bring a little clarity to the typical conveyancing transaction.
Step 1: Get in touch
You have found your dream home so please call us and we will get in touch with the estate agents marketing the property to let them know you are interested and find out if there are other interested parties and whether a closing date is going to be fixed. At this stage we will give a free fee quotation (our fees are competitive). We will discuss with you how you will be financing the purchase and will also get ID from you as is required under money laundering regulations.
Step 2: We send the offer
Once the above is in place we will send the estate agents an offer. If the offer is successful we will receive what is known as a qualified acceptance which is an acceptance of the offer but with qualifications attached. We will take your instructions and negotiate these conditions with the seller’s solicitor. This process is called the missives. The missives are not one document but a series of letters negotiating the deal. These, contrary to popular belief, do not need to be signed by the buyer or the seller.
Step 3: Title deeds & Reports
At this point we will receive the title deeds and other reports from the seller’s solicitor. We will examine these to make sure the seller has the right to sell the property and the titles contain nothing unusual. We will check if there have been any alterations, whether the property is located in a coal mining area and whether there are any planning applications in the area, the road is public and drainage is public. If there are any doubts about the title to the property these queries will be raised at this stage. We will also prepare a draft disposition which is the deed formally transferring title to the property to you
Step 4: The Mortgage
We will take your instructions regarding the mortgage and explain just what you are getting into as the mortgage is secured against your home. We will get the relevant forms signed and finalise everything with the lender. We will also deal with Land & Building Transaction Tax if the value of your property exceeds £145,000
Step 5: The Missives
When we have reached an agreement with the seller’s solicitors and everything is finalised the missives are concluded and your home is legally yours.
Step 6: The house is paid for
At the point the financial aspects of the transaction are settled you will be given the keys to your new home.
Step 7: Moving day
Now you are on your own. Good luck and enjoy your new home. Have a fish supper, some bubbly and find the remote control!
If I can help in anyway please contact me Beth Richmond on 0141 552 3422 or by email email@example.com