Buying Property In Scotland: Frequently Asked Questions
Buying a property can be a confusing process, especially if it is your first time
. That is why we have compiled a list of frequently asked questions, helping you understand the ins and outs of buying a property in Scotland:-How do I note an interest in a property?
If you would like to make an offer on a property, you should ask your solicitor to declare a note of interest on your behalf. The sellers can then decide whether they would like to make a quick sale, or whether they would like to wait until the closing date (the date by which all offers must be submitted).
Should I get a survey?
It is always prudent to get a survey done, as this will ensure any problems you cannot see on the surface a brought to light. Ideally, you should arrange a survey before the closing date, as the findings could affect your offering price. Alternatively, if you would like to wait until after the closing date, you can make an offer 'subject to survey', whereby your offer will stand on the condition that the survey is agreeable.
Will I ever be gazumped?
Gazumping is when a price has been verbally agreed between the buyer and the seller, only for the seller to accept a higher offer from another party. This can be extremely draining for the buyer, who will have to go back to the drawing board.
However, gazumping almost never happens in Scotland, as the conveyancing system has been designed in such a way to minimise the practice. Instead, a seller will wait until the closing date before selecting which bidder they would like to sell to. Once the seller's solicitor has sent a written acceptance of the offer, the agreement is binding.
Will I have to pay stamp duty?
When you purchase a property, it will be necessary to pay stamp duty unless the purchase price is 125,000 or under. For properties over 125,000, the rate of stamp duty currently stands as follows:-
* 1% of purchase price for properties between 125,001 - 250,000;
* 3% of purchase price for properties between 250,001 - 500,000;
* 4% of purchase price for properties between 500,001 and over.
When buying a house, you must also plan for other expenses such as your solicitor's fees, a survey and valuation, the cost of registering ownership and mortgage arrangement fees.
When should I instruct a solicitor?
When buying a property, you should instruct a solicitor from the outset. This will ensure you benefit from expert legal advice from the very beginning. Although some may want to make savings by instructing a conveyancing solicitor only when it is absolutely necessary, this can be a dangerous approach, as you could fall victim to the technicalities of property law.
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