BUYING A HOME IN SCOTLAND

Where to look:
The ESPC, Scotsman on Thursday and Evening News.

Research service:
If you require a certain type of property we can search them out, view them on your behalf, and recommend particular properties for you to ultimately visit. Further information on request.

Note interest:
When you find your dream home ask us to note interest with the selling agents. This should ensure that the property is not sold from under your feet. In the event that there is more than one interested party the selling agents may fix a Closing Date for all offers to be received.

Survey:
We can arrange this for you. There are two options; valuation survey or more detailed home buyers survey. A verbal report can normally be obtained by us on the day of instruction. A written report will follow within a few days and will be forwarded to you together with the surveyors account.

Offer:
You instruct us to submit a written offer to the selling agents. You may have to bid against other interested parties in the event that a Closing Date has been fixed. You need to be clear about your funding for the price.

Qualified acceptance:
This is received from the selling agents if your offer has been successful. A copy of this will be forwarded to you with a request that you get in touch to discuss the various terms with a view to progressing matters.

Further missives:
Normally required to agree any outstanding points between the parties. Concluded contract: Usually reached within 10 - 21 days when all terms have been agreed between the parties. There is now a binding contract between you and the seller.

Title examination:
The title deeds are forwarded to us by the selling agents. We check these to ensure that there are no material problems eg is there a fair share of roof repairs re flats, proper access rights, is the extent of ownership clear ? etc.

Searches:
Normally required to agree any outstanding points between the parties. These are carried out in the Public Registers to double check the sellers ownership of the property and status.

Property certificates:
The selling agents forward these to us to show that there are no outstanding repairs notices or planning proposals etc.

Loan instructions:
These are received by us from your lender detailing the amount of loan etc.

Standard security:
A document issued by your lender to be completed by us, which must be signed by you pre uplifting the loan cheque.

Cleared funds:
The purchase is by way of our firm's cheque. Thus, if there is a difference between your loan amount and the actual purchase price, we must have cleared funds from you in advance. If you are issuing a personal cheque to us we should have this 7 days pre purchase. We arrange to uplift your loan cheque from the lenders.

Report on title:
We will write to you with a report on the property.

Fees, stamp duty, etc:
All dues will be incorporated in our account and should be paid prior to settlement.

Settlement:
This is done by us delivering our cheque in exchange for title deeds, keys etc. Arrangements will be made for you to uplift the keys to your new home

SELLING A HOME IN SCOTLAND.

Estate agency:
We can visit your house to carrying out a valuation or have a survey report available for buyers. Free Valuation >>

Closing date:
If more than one party notes interest in the property, and surveys, then a closing date is fixed to receive written offers.

Offers received:
Discussed with you.

Acceptance:
We send out a Qualified Acceptance missive in reply to the offer.

Further missives:
To agree any outstanding points between the parties eg alterations to the property.

Conclusion of missives:
Usually reached within 10 - 21 days when all terms are agreed between the parties. There is now a binding contract between you and the purchaser.

Title deeds:
We request your title deeds from your current lenders.

Redemption figure
Your lender provides us, on request, with a statement of all outstanding sums in relation to your existing mortgage.

Title examination:
Your title deeds are forwarded to the purchasing agent who checks them to ensure that there are no material problems eg that a fair share of the cost of roof repairs is established in flats, there are proper access rights, that the extent of ownership is clear. Title examination also establishes how many lenders have a Security over the property, etc.

Property certificates:
We obtain these from the local authority prior to settlement. They will disclose any repairs required to your property or any outstanding accounts in relation to repairs previously carried out.

The disposition:
This is the new transfer title deed and must be signed by you by the sale date.

Settlement:
The selling agents forward these to us to show that there are no outstanding repairs notices or planning proposals etc.

Discharging your loan:
A Discharge document is prepared and forwarded to your existing lenders for execution. The executed deed is held by us until your loan has been redeemed, at settlement.

Reporting to you:
We redeem the loan and forward an account to you with any balance

Registration:
The executed Discharge document is then sent to Registers of Scotland for Registration.

Same day sale & purchase :
Careful Planning is needed for same day settlements. If there is a delay, for whatever reason, in settlement of your sale transaction this in turn causes a delay in settlement of your purchase. We recommend purchasing one or two days prior to the day of your sale with bridging, which we can arrange on your behalf, being in place. Further details on request.