Process of buying a Scottish property for sale

Are you keen on buying Scottish property for sale?

If you are considering purchasing a property in Scotland then you need to be aware that buying Scottish property for sale is very different than buying property anywhere else in the UK. The process of purchase is not complicated albeit a little different from other places in the UK. The fundamentals are the same; the only difference is the timing of when the contracts become legally binding that makes these two processes different. In the Scottish method the contracts become binding fairly early in the process whereas in England the exchange of contracts takes place at the end of the process. Here is the process which you need to remember when buying Scottish property for sale.

First and foremost you need to have an ‘Agreement in Principle’ for your mortgage, which is the amount a lending institution is ready to lend you. This is amount of money you can borrow after taking into consideration the money you have available with you. This amount is based on your income. Based on this amount you can choose the property that fits the budget. Once you have chosen the property you wish to buy, you should contact your solicitor who will guide you about the purchase process. You Solicitor will contact the seller’s agent to convey your interest in the property. Your Solicitor will arrange for survey and valuation report before you can make an offer at the closing date which is set if the Seller’s solicitor has received notification that two or more buyers are interested in the property.

Once the survey and valuation reports are accepted by you, your solicitor will convey the written offer on your behalf which will be decided based on the amount at your disposal and the number of people who have also shown interest in the same property. You will be informed of the acceptance or rejection of your offer after the closing date.

If the offer is accepted then the seller’s solicitor will send across the property papers which will include property titles, specialist reports, planning papers etc. Your Solicitor will verify them and raise queries when required. Once the inspection of the papers and titles is done by your solicitor, he will provide you a report with his recommendations and a contractual letter is issued to the seller’s solicitor. Once the seller accepts the terms his Solicitor will issue a final formal letter which will conclude the contract. At this stage both parties are bound by the contract. Once all the fees and funds to buy the property are paid, the seller’s solicitor will hand over keys and the ‘Disposition Document’ which is the final step which legally transfers the ownership of the property to you.

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