We have many years of experience in buying properties for a wide range of clients and offer quality conveyancing services at a competitive price. We have the expertise available that if an unforeseen complexity crops up, we can deal with it smoothly and efficiently. We pride ourselves on keeping our clients fully informed with the process and will communicate regularly.
Below we explain main legal and financial elements involved in buying a domestic property which we hope will be useful.

Finance

The Mortgage – Before you go house hunting you need to know how much you can afford. Most purchases are completed with a loan from a bank or building society. Some buyers may be eligible for the Scottish Government Help to Buy or LIFT Open Market Shared Equity Scheme (known as ” the LIFT scheme”) and we have acted for many clients who have bought their first home with the assistance of these schemes. We can refer you to an independent mortgage advisor who will assist in securing the best loan for your needs and circumstances.

The Deposit – Part of the price will most likely be coming from your own funds, perhaps from savings or from the sale proceeds of another property. Where you are relying on sale proceeds remember to get a reasonably accurate figure from your lender for the amount needed to pay off your current mortgage – this must be done on sale and is sometimes higher than expected.

Legal Fees and Expenses – We can provide an accurate estimate of our fees and the other anticipated expenses eg Land and Buildings Transaction Tax (otherwise LBTT) Depending on your circumstances, you might also have to pay the “second homes tax”, called the Additional Dwelling Supplement (ADS). These are government taxes payable on the transaction and have to be paid immediately the transaction settles. Your title cannot be registered without paying it. Please ask if you would like more information from us on this tax liability.

Househunting

Once you have seen a property you like there are several steps that can be taken to protect your interest, even if you are not quite in a position to submit an offer.

Noting interest – If you are interested in a particular property let us know and we will note your interest with the selling agent. If that is done the selling agent should tell us if another offer is received or if a closing date is to be fixed and so on.

The offer and contract “missives” – If the sellers agent is not fixing a closing date the parties are free to negotiate on the offer. A verbal offer is not binding but in some cases the negotiations will be carried out verbally with the written offer only being submitted once agreement on price is reached.

The letters forming the contract are also referred to as the missives and we will keep you fully informed as to the process and advise you of any relevant aspects of the title deeds with you during this stage of the process.

Settlement – the date of entry

Settlement will occur on the date of entry specified in the contract unless all the conveyancing matters have not been concluded. You will be made aware in advance if anything is likely to delay you moving into your new home.

After settlement a lengthy Land and Buildings Transaction Tax return must be submitted on your behalf to Revenue Scotland, even if no tax is payable for the transaction. After the transaction has been approved by Revenue Scotland, and any appropriate duty is paid, the application for registration of title is submitted to the Land Register. When registration is completed the deeds will be sent to the lender, or placed in our strongroom if there is no loan.