Buying or Selling Residential Property in Scotland

If you’re considering buying or selling a residential property in Scotland, it’s essential to understand the process involved. Here are the steps you can expect during this exciting journey.

Step 1: Engage a Conveyancing Solicitor

The first and most crucial step is to engage the services of a conveyancing solicitor. They will be able to help and guide you through the legal aspects of the process, ensure compliance with Scottish property law, and protect your interests.

Step 2: Property Search and Preparation

For buyers, this step involves searching for suitable properties through various channels, such as estate agents, property websites, or solicitors. Sellers should focus on preparing their property for sale, ensuring it is in good condition and presenting its best features to potential buyers.

Step 3: Making an Offer/Receiving an Offer

Once you find a property you’re interested in, your solicitor will help you make an offer. In Scotland, the “Notes of Interest” system is commonly used, where potential buyers express their interest to the seller’s, and the seller’s solicitor then traditionally sets a “Closing Date” whereby all interested parties are afforded the opportunity to put their best offer forward to the seller’s for consideration. It is also entirely possible for a potential purchaser to make an offer straight away where no Note of Interest or Closing Date has been set. Your solicitor will negotiate terms and conditions on your behalf to secure the best possible deal. Seller’s will be on the receiving end of such offer’s and once an acceptable one has been made, this will be passed to your appointed solicitor to commence the process of issuing formal written acceptance to this offer.

Step 4: Examination of Title

Upon acceptance of your offer, your solicitor will conduct a thorough examination of the property’s title deeds and legal documentation. This examination ensures that the property’s title is valid, and there are no outstanding issues or restrictions that could affect your purchase.

Step 5: Home Report and Surveys

Sellers in Scotland are required to provide a Home Report to potential buyers where their property is placed on the open market. This report includes a survey, an energy performance certificate, and a property questionnaire, the latter is completed by the seller directly. As a buyer, it’s crucial to review the Home Report carefully, in particular the comments of the surveyor completing the report and consider commissioning additional surveys to gain a comprehensive understanding of the property’s condition.

Step 6: Financing and Mortgage

If you require financing to purchase the property, your solicitor will work closely with you and your lender to arrange drawing down the necessary funds. Your solicitor will not offer financial advice on obtaining a mortgage or other suitable means of finance. You should discuss matters with an indpendant financial advisor, mortgage broker or the lender you intend to use in obtaining a mortgage. Enquiries on funding should always be made early in the process so purchasers can obtain an appreciation for what funding is available to them and they can look at affordable properties and make appropriate offers based on their lending capacity. Usually this will involve obtaining a mortgage agreement in principle. Once an offer of loan/mortgage is available your solicitor will coordinate with the lender throughout the financing process.

Step 7: Concluding the Sale

Once all legal and financial matters are in order, the sale/purchase will be concluded. You and the seller will have agreed on a “date of entry,” which is when the property ownership is transferred to you. On this date, your solicitor will coordinate the payment of the purchase funds, and the seller’s solicitor will hand over the keys and relevant legal documentation to allow the title to be registered in your name.

Step 8: Registration and Post-Completion Matters

Following the sale, your solicitor will register your ownership of the property with the Registers of Scotland. This is an important step to ensure the property’s legal ownership is officially registered in the Land Register of Scotland. Additionally for sellers, your solicitor will assist you with post-completion matters, such as notifying the local authority of the change of ownership for council tax purposes.

The process of buying or selling residential properties in Scotland can seem a dauniting experience but it should also be an exciting one and whilst there are several key steps to the process engaging the right conveyancing solicitor who will attend to conducting property searches, making offers, examining title deeds, reviewing Home Reports, arranging financing, concluding the sale, registering the property, and addressing post-completion matters will make that process all the smoother. By working closely with an experienced solicitor, you can navigate these steps with confidence and ensure a successful and stress-free property transaction.

If you are thinking of buying or selling property and are looking for an experienced solicitor, would like to discuss matters or gain a greater understanding of any element of the process then please contact our experience Residential Conveyancing Team on 01324 622 888 or contact help@randa-fa.co.uk and we would be delighted to assist.