Finding and buying the right property can be a stressful experience – whether you are a first time or experienced buyer. Raeburn Christie Clark & Wallace can help you through every step of the process, from identifying potential properties to making an offer and arranging a mortgage.
There are a number of things to consider when buying a property:
You should choose and appoint a Solicitor to act on your behalf. You can obtain an Estimate of Fees and any additional costs that may be incurred on your purchase.
The steps to buying a newly built property are different to those for purchasing a previously owned property and we can guide you through this process.
You should a arrange mortgage – there are many types of mortgage products on the market. To see what would best suit your needs contact our Financial Services Department who are authorised and regulated by the UK’s Financial Services Authority.
You may be purchasing a second home for the purposes of increasing your investment/income requirements and may need to arrange a specific type of Buy To Let mortgage.
Different rates of LBTT apply to different property transactions. To calculate the amount of LBTT due, please refer to the Inland Revenue's useful Property Transaction Calculator
When you have found a property and wish to make an offer, you should note interest with the Selling Agent. It is best to get your Solicitor to do this for you in order that you can be kept advised of any developments with the property. Your Solicitor would be notified of any closing date that may be fixed on the property and can obtain a copy of the Home Report on your behalf.
When making an offer on a property, the key factors a seller will consider are:- price, date of entry, is offer subject to survey and any other specific conditions (e.g. timber specialist report, repairs, inclusion of movable items). Your solicitor will help guide you on this. When the offer has been agreed and accepted, the Selling Agent should issue an acceptance of your offer. The offer and acceptance can be done verbally in the first instance but should be followed up in writing almost immediately from your solicitor.
Where there is more than one interested party, it is possible that a closing date may be set, at which time all interested parties would submit their formal offers to the Selling Agent. The seller would then consider each offer and make a decision on which offer to accept. Usually this would be the highest offer but there are other factors that may be taken into consideration (e.g. date of entry).
It is not common in Scotland to be asked to pay a deposit on your property but this may be requested if you have given an entry date that may be further in the future than the seller expected. A deposit would usually be around 10% of the purchase price and may be as little as 5% in the case of a newly built property.
When your offer has been accepted and missives are concluded, a binding contract is in place between both parties. Your Solicitor will complete all necessary paperwork to ensure the title to your new property is in order and this can take a period of anything up to three weeks from the date the Offer was submitted. At this point we will begin the conveyancing process to transfer title of the property to you.
For more information on buying a property contact our Property Department.