A step by step guide to buying a home
27 November 2022
We have broken down the steps involved in the property buying process. This guide will help take the stress away from buying a home in the current climate.
Find a solicitor
In order to buy a home in Scotland you need a solicitor. Solicitor estate agents are a one-stop shop when buying or selling a home as they can take care of both the conveyancing and the estate agency side of things.
Consider your mortgage options
It’s always worth seeking independent mortgage advice to work out your mortgage options, from how much you can borrow to if you’re able to port your mortgage if you already have one.
If you already have a mortgage agreement in principle, finding a home will be easier. You need to work out exactly how much you need to borrow and how much of a deposit you can put down.
When working out your budget, make sure you factor in extra costs such as removals and Land and Buildings Transaction Tax (LBTT).
Find a home
When you decide what area you’re interested in, write a list of requirements you have for a property and work our which ones are must haves and those you could live without, then arrange viewings.
Making an offer
When you have found a property you like, you should tell your solicitor so they can submit a note of interest for you.
If more than one note of interest has been made, the seller may choose to set a closing date – all offers must be in by then. However, a seller isn't obliged to set a closing date and can accept an offer at any time.
Finalise your mortgage
Once your offer has been accepted, the next step is getting your mortgage approved – an independent mortgage adviser can help with this.
After you’ve had an offer accepted, the conveyancing process begins. If your offer is verbally accepted, your solicitor will discuss the acceptance with you and negotiate on your behalf with the seller’s solicitor.
The offer, acceptance and any subsequent letters, which are intended to be part of a legal contract, are known as the “missives”.
When the final acceptance letter is issued, missives are said to be “concluded”, meaning the purchaser and seller have entered into a legally binding contract and cannot withdraw from it without penalty.
After this, you get the keys and can officially move in to your new home!