Buying in Scotland
Most of us don’t regularly buy a new home, so it’s no wonder the home-buying process can seem a little confusing at times. However, it’s not as complicated as it can seem. We’ve laid out the steps below to help.
The following information is about the home-buying process in Scotland.
Looking to buy a home in England & Wales? Click here.
Get your finances in order
Firstly, you need to check how much you can borrow, how much your deposit will be, and get a mortgage agreed in principle. Don’t worry, this doesn’t tie you to anything. You can always choose a different provide later.
Find a solicitor
You will need a solicitor to take care of all the legal aspects of the home-buying process. Remember to shop around for the best rate and make sure the one you choose specialises in Scottish conveyance (preparing the property transfer documents).
Traditionally, in Scotland, you need to find a solicitor right at the beginning of the home-buying process, as they will make offers on your behalf. One of our sales advisers can put you in touch with a local solicitor if you need any help with this.
Find your new home
Now you know what kind of price range you can afford, you can start the exciting bit.
Get the home report and survey
In Scotland, you will receive a Home Report from the seller. This consists of three documents:
- The Single Survey – an assessment of the condition of the home and a valuation
- The Energy Report – an assessment of the energy efficiency of the home and its environmental impact
- The Property Questionnaire – extra useful information such as Council Tax banding
Your mortgage lender will probably ask for a separate survey to be commissioned and submitted too.
Reserve your property
In the traditional home-buying process, this stage is similar to the ‘make an offer’ stage. Once your home is reserved, no-one else will be able to reserve it.
Arrange your mortgage
There is a lot of choice when it comes to choosing your mortgage – which lender to go with, how you’d like to repay your mortgage, how you’d like the interest calculated and which offers to take advantage of.
Do plenty of research online or through a mortgage broker – our sales advisers can put you in touch with one if you’d like.
Complete the contracts
This is when your solicitor steps in to officially transfer the property from the seller to you – known as ‘conveyancing’. Amongst other things, this involves making sure you’ll have complete ownership of the property and that there aren’t any local plans afoot that may affect the value of the property.
Complete settlement and disposition
The final part of the conveyance step is the exchange of contracts.
This is when you pay your deposit and means both you and the seller are committed to the deal.
Move in
The best bit! Before you move in we’ll invite you to your New Home Tour and Demonstration. We’ll demonstrate your new home to you, ensuring that when you move in you know where everything is and how it works.
Then the keys are yours and you can move in!
FAQs
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When purchasing a home in Scotland, you should be aware of the Land and Buildings Transaction Tax (LBTT), the legal process of conveyancing, and the different types of property ownership available.
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The minimum deposit required for buying a house in Scotland can vary depending on the lender and the specific circumstances, but generally, a deposit of at least 5-10% of the property's value is required.
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When buying a house in Scotland, you may need to pay fees such as the LBTT, legal fees, survey fees, mortgage arrangement fees, and valuation fees, among others.
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When purchasing a house in Scotland, there are some notable differences compared to other parts of the UK. For instance, instead of stamp duty, the Land and Buildings Transaction Tax (LBTT) is used. Additionally, the legal process of conveyancing in Scotland is different.
