Buying a Property
Buying a property is an exciting but stressful time. Most people only move a few times in their life. A house move often goes hand in hand with a change in family circumstances. We can’t take all the stress out of the situation, but we will do our very best to try.
How we can help
We can assist you with every type of residential purchase transaction, from the purchase of your first property to the purchase of a retirement flat, whether you are buying a new build or a previously owned property, and everything in between.
At the outset of every purchase transaction we will provide you with a fixed rate fee quotation along with a note of all estimated outlays. There are no hidden costs involved and we will always keep you advised of any unexpected costs and outlays. This allows you to budget and ensures no surprises.
We don’t aim to be the cheapest conveyancers in the market: if you want cheap then you will get what you pay for. Rather, we will provide a high–quality solicitor led service to you when you need it. You will always have a single point of contact who will be the solicitor who is carrying out the transaction on your behalf.
We can help with:-
- Noting interest in a property and liaising with the estate agent – It is crucial to note interest with the estate agent in a property that you are interested in purchasing. Noting interest will ensure you remain updated about developments in the sale of the property – how many parties are interested in purchasing the property and if a closing date for offers is set.
- We will provide you with guidance on Land and Buildings Transaction Tax (LBTT) and Additional Dwelling Supplement. Our solicitors will, from the beginning, provide you with an estimated cost for LBTT and Additional Dwelling Supplement (if applicable). LBTT is a government tax payable on the purchase of a property over the value of. £145,000. Additional Dwelling supplement is a government tax payable on the purchase of a second property. Furthermore, upon completion of your purchase we shall prepare and submit a Land and Buildings Transaction Tax return (if applicable) and pay any sums due directly to Revenue Scotland.
- We will provide advice on the submission of an offer – In order to submit a formal offer to purchase a property you require to instruct a solicitor. We will provide you with assistance on the terms of the written offer and the conditions that require to be contained therein.
- Liaising with your mortgage broker and lender – Once your written offer has been accepted it is important to progress your mortgage application (if applicable). If necessary we can liaise with your mortgage broker or lender in order to ensure that your application is being handled expediently so as not to delay the date of entry.
- Negotiating missives – We will act on your behalf in the negotiation of the missives. “Missives” is the name given to the contract between yourself and the seller to purchase the property. The missives consist of formal letters between the buyer and the seller and their terms will govern the terms and conditions upon which you purchase the property. We will always explain the terms contained within every formal letter and will only ever act upon your instructions. It is important to note that until missives are concluded no binding contract to purchase the property exists.
- The Scottish Standard Clauses – The Scottish Standard Clauses are incorporated within the terms of most residential purchase transactions and will form part and parcel of the missives. We will send you a copy of the Scottish Standard Clauses and talk you through those that are relevant to your transaction. We will provide advice on what additions or deletions are acceptable and those that are not acceptable. This may vary in each individual set of circumstances.
- Examining Title to the property – During the course of a purchase transaction we will examine the title to the property that you are purchasing. We will draw your attention to any unusual or onerous title conditions that may restrict your use and enjoyment of the property to allow you to be fully informed about the property you are purchasing.
- Examining searches over the property – The seller of the property will order title and local authority searches over the property you are purchasing. It is important that we examine the reports to ensure there are no notices or securities over the title which require to be addressed prior to your purchase. The searches will also inform us of any building or planning works carried out to the property which require consents from the local authority.
- Preparing your Title to the property – Prior to the purchase we will prepare your title to the property. This Deed is called a disposition and it will determine the way in which your title to the property is designed. We will advise you of your options when drafting the title deed and act in accordance with your instructions. This is the document that is registered in the Land Register of Scotland to change ownership from the seller to you.
- Preparing your security and drawing down loan funds – Prior to completion, if you are obtaining a mortgage over the property, it is important that you have come into the office to sign the standard security. This is the document registered in the Land Register of Scotland to show the security over the title to your property. At this meeting, we will explain the terms of the security to you and the effect of its registration. Around one week prior to the date of entry will shall contact your lender and request that they release the loan amount to us in time for completion.
- The administration of your Help to Buy ISA/ Lifetime ISA – If you are a first-time buyer with a Help to Buy ISA we will assist you in obtaining the bonus from the government. A few weeks prior to the date of entry you should close your account with the bank. The bank will provide you with a closing statement which you can then pass to us. We will have you sign a first-time buyer declaration and thereafter apply to the government to have your bonus funds released to us. The bonus funds along with the balance of the account will be used as part of the deposit for the purchase.
- Completing the transaction on the date of entry – On the date of entry we will work behind the scenes to examine the final searches over the property. If you are selling your current home, we will complete this transaction in the first instance. Thereafter, upon receipt of the signed title deed in your favour, we release the funds to the seller and complete the transaction. We will phone you to let you know when to collect your keys. We aim to settle your purchase around mid–day but cannot provide you with any guarantee.
We will assist in all of the above and every other aspect of your purchase. We will keep you up to date with the progression of the purchase to ensure you do not feel excluded from the process.
If you are considering purchasing a property and would like to talk to one of our team, please call us on 0141 404 1091.