Buying property - the Scottish system

Buying property in Scotland is a whole different ball game but , rather than feeling daunted by new rules and regulations, simply enjoy the end result - which is usually an extremely quick purchase. Here are some tips that will help you navigate the system.

Buy through the solicitor

The largest volume of residential property in Scotland is bought and sold by solicitors. They have grouped together to acquire a central location where details of all properties for sale are available.

Making an offer

It is advisable to contact a solicitor when you first start househunting, and certainly when you want to make an offer. Your solicitor will contact the solicitor who is selling the property, and note your interest to ensure the property is not sold before you have a chance to submit an offer.

If more than one person is interested in the property, a closing date will be fixed.

Note that a verbal instruction to make an offer is legally binding in Scotland.

The survey

You need to have a survey done before the closing date. This may be impossible because of the speed that an offer has to be lodged in. In these situations, offers can be ‘subject to survey’.

Acceptance

The highest offer is usually accepted, but the seller has no obligation to accept the highest (or any) offer, and you may have to pay for several surveys before being successful.

Missives

Missives are the formal letters exchanged between the solicitors acting for buyer and seller, and constitute the legally binding contract for the transaction. The solicitors sign the missives on behalf of their clients, and buyer and seller are legally bound.

Fees

Your solicitor will charge a fee based on the work undertaken. Ask for an estimate once you know the type and price of property you are interested in.

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