Most Common Property Questions Answered

23 June 2022

Whether you’re buying or selling a home for the first time, we know there are many questions you will have about the process – from how much it costs to sell, to how you can buy successfully in a competitive housing market.

 

Director of conveyancing at Mov8, Gavin Pearson, has shared his answers for the most frequently-asked questions from buyers and sellers.

 

Do first time buyers have to pay LBTT?

 

It all depends on the property’s purchase price. Right now, purchase prices of £145,000 and below do not trigger any liability for LBTT, and first-time buyers in Scotland are exempt from paying LBTT on any purchase price between and including £145,001 and £175,000.

 

For first-time buyers purchasing a home for above £175,000, or experienced homeowners buying their next property above £145,000, there is liability for LBTT, which is calculated proportionately, as shown below:

 

Purchase Price LBTT Rate

Up to £145,000

0%

£145,001 to £250,000

2%

£250,001 to £325,000

5%

£325,001 to £750,000

10%

Over £750,000

12%

 

What are the costs when buying/selling a property?

 

When buying a property, the typical costs will be the conveyancing fee (which varies from firm to firm) and various outlays, which will typically be LBTT (if applicable) and registration dues for the title deed and any mortgage deed.

 

When selling, typical costs will be estate agency fees and outlays (which will vary from firm to firm), a conveyancing fee, for the legal work and outlays including search costs and registration dues for the discharge of any mortgage security. 

 

Can I place an offer on two properties at the same time?

 

Only if you have enough money to purchase both!

 

Until the missives are concluded for any purchase, you and the seller are not in any binding contract. However, in Scotland, there are rules of etiquette which solicitors operate under, which aim to make the process of offering for a property a serious commitment to the transaction, by the purchaser, if their offer is accepted. Any conditions of the purchase (such as the purchaser needing to obtain a mortgage, and/or sell an existing property) should be disclosed in any offer.

 

If you did want to offer for two properties at the same time (for example, if the two properties had the same closing date), you would need to decide which property you preferred, and the offer for the other property would need to make clear that it was subject to your first-choice offer not being accepted, which may not appeal to the seller. 

 

In this scenario, most people just decide to make an offer for the property they like best.

 

 

How do I make an offer on a property?

 

You should contact a TSPC member firm as early as you can in the purchase process, this allows you to obtain a quote for their services, and find out who you should contact from there when you have decided that you want to make an offer on a property. 

 

Before you reach that stage, you should find out what information your chosen firm requires from you. For example, in most cases, if you need a mortgage to purchase the property, you will be expected to have a mortgage agreement in principle from a named mortgage lender, otherwise that will need to declared when the offer is submitted and may well prejudice your offer in the eyes of the seller. 

 

In the current market, the key is being able and prepared to move quickly. In many cases, even if you are keen to submit an offer, there could be other interest in the property, which means that all you can do is ask you solicitor to submit a note of interest for you and wait till a closing date is set, when all parties interested will be invited to submit their best offer.

 

Why are properties selling so quick? And how can I buy successfully in a competitive market?

 

Luckily, things are returning to some sort of normality after lockdown. Many people are reconsidering their living arrangements and current location; due to a change in their working setups. However, there is a lack of stock on the market; people are reluctant to put their current property on the market until they have successfully offered for their next home, resulting in a lack of stock.

 

During the current climate, many people can be offering for one property, which is good news for a seller but difficult if you are purchasing. The best advice is to seek and take advice from a solicitor, they will have the best knowledge of the current market conditions and may be able to provide other valuable insights from information from the estate agent and the Home Report. 

 

Also, consider flexibility when looking at types of property and areas to purchase in, this may give you a better chance at having an offer accepted. 

2022

Most Common Property Questions Answered 2022-06-23 Overpaying a Mortgage 2022-06-17 The Buying Process in Scotland 2022-06-14 What Happens as a Home Valuation? 2022-06-09 What is a Closing Date? 2022-06-03 Here's What You Need to Know About Downsizing 2022-05-30 What Does 'Property Chain' Mean? 2022-05-26 Why You Need the Right Insurance When Taking Out a Mortgage 2022-05-24 Staging Your Home for Selling 2022-05-17 Buying a House in Cash 2022-05-10 The Selling Process in Scotland 2022-05-05 Strongest Ever Spring Sellers' Market 2022-05-03 Understanding a Home Report 2022-04-26 How Will the Cost of Living Crisis Affect the Property Market? 2022-04-22 A Guide To Buying a House or Flat in Scotland 2022-04-18 Thinking of Buying an Investment Property? Here's What You Need to Know 2022-04-12 What's Happened to the Property Market Since Covid-19? 2022-04-06 Energy-Saving Tips For Your Home 2022-04-01 Understanding Your Property's Value 2022-03-28 Why It's Best To Sell Your Home Before Buying Your Next Property 2022-03-24 The Differences Between Buying and Selling Property in Scotland and England 2022-03-21 The Differences That Come with Using a Solicitor Estate Agent 2022-03-16 Want To Sell Your Home Fast? Here's Our Top Tips! 2022-03-10 Fixed Rate or Variable - What's the Best Mortgage? 2022-03-08 Building Survey's - What are they? 2022-03-03 Questions every first-time buyer should ask! 2022-03-01 What Is Required for a Successful Mortgage Application? 2022-02-22 Your Offers Been Accepted - What Happens Next? 2022-02-15 Joint Property Ownership - Everything you need to know 2022-02-09 Mortgages in 2022 - What Could Happen? 2022-02-05 4 Tips for Saving a Deposit 2022-02-01 Reminder - The Law on Fire Alarms is Changing 2022-01-25 The 2022 Scottish Property Market - What Will Happen? 2022-01-21 Top Mortgage Tips for First Time Buyers 2022-01-18 What's the difference in using a solicitor estate agent? 2022-01-11

2021

How the Scottish Housing Market has Changed Over the Last 50 Years 2021-12-27 Can I Get a Mortgage Without Permanent Residency? 2021-12-20 Property Conversion - Everything You Need to Know 2021-12-15 Asking Price - Everything You Need to Know 2021-12-06 Using a Home Report When Buying a Property 2021-11-29 What is Shared Ownership? 2021-11-24 What You Need To Know About Getting a Mortgage When You're Self-Employed 2021-11-19 So, What Is a Mortgage Agreement in Principle? 2021-11-08 Why You Should Use a Solicitor Estate Agent When Moving House 2021-11-03 Thinking of buying a listed property? Here's what you should know 2021-10-26 Everything You Need to Know About EPC Registers and Certificate Guides 2021-10-25 How much can I afford to borrow? 2021-10-20 Nine Steps to Selling Your Home 2021-10-18 Climbing the Property Ladder 2021-10-11 Fire Alarm Laws are Changing in Scotland 2021-09-27 Research You Should Conduct Before Buying a Property 2021-09-20 The LIFT Scheme and How You Can Use It To Buy a Home 2021-09-17 The Latest Scottish Government Guidance on Property Viewings 2021-09-10 NORMAL SERVICE BEING RESUMED IN A BUOYANT HOMES MARKET 2021-08-31 Should You Refurbish Your Property? 2021-08-18 Preparing Your Home for a Successful Sale 2021-08-13 Mortgage Interest Rates - What are they? 2021-08-09 Helping You Consider the Right Location for Your Next Move 2021-07-26 Tips For First Time Buyers To Help Get Them on the Property Ladder 2021-07-19 Scotland's First Home Fund is Closed, What Other Schemes Can Help First Time Buyers? 2021-07-12 Retirement Interest Only Mortgages - What You Need To Know 2021-07-07 How the UK Mortgage Market Has Changed Due to Coronavirus 2021-06-30 How To Boost Your Mortgage Deposit 2021-06-21 New Rules For Fire and Smoke Alarms in Homes Across Scotland 2021-06-17 Preparing To Put Your House on the Market in 5 Key Steps 2021-06-14 How Much Mortgage Can I Get For My Salary? 2021-06-09 How Long Does it Take to Buy Your First House or Flat? 2021-06-02 Is Your House Ready to be Sold?: House Selling Checklist 2021-05-31 What is a Mortgage Agreement in Principle? 2021-05-25 All You Need To Know About EPC Registers and Certificates 2021-05-19 Making the Most of House Viewings 2021-05-12 How the Coronavirus Pandemic has Changed the Priorities of Scottish Home Buyers 2021-05-05 Top Tips on Preparing to Buy a House 2021-04-26 What You Need To Know About Overpaying a Mortgage 2021-04-21 Advice on Buying a Property During the Covid-19 Pandemic 2021-04-14 How the UK Mortgage Market Has Changed Due to the COVID-19 Pandemic 2021-04-13 Scotland's First Home Fund: Applications Now Closed 2021-04-09 Scotland's First Home Fund 2021-04-07 Scottish Stamp Duty Holiday: How Did LBTT Change and When Did it End? 2021-04-06 Property Questions Answered 2021-04-02

2020

Tayside housing market back with a bang 2020-12-10 Digital Guide 2020-05-27

2019

The property market across Scotland - Quarter Two 2019 by SPC Scotland 2019-10-16 LORD PROVOST OPENS NEW-LOOK CENTRE 2019-09-17 The Dundee property market 2019-06-24 A 427 MILLION BOOST FOR THE HOMES MARKET 2019-01-21

2018

Budget Proposals to the ADS Rate 2018-12-18 BUYING OR SELLING GET THE FACTS 2018-08-24 BUYING INTO LIFE ON THE WATERFRONT 2018-08-23 As moving day looms dont panic just prep 2018-05-17 THE BEST OF BOTH WORLDS FOR HOMEBUYERS 2018-04-03 HOME COMFORTS FEND OFF BEAST FROM THE EAST 2018-03-07 V&A DATE MILESTONE FOR THE WATERFRONT 2018-03-02 FLAT SALES EDGE TOWARDS £100 MILLION 2018-01-23 PROPERTY SALES PUSH TOWARDS THE £440 MILLION MARK 2018-01-08

2017

FESTIVE GREETINGS FROM ALL AT THE TSPC 2017-12-19 PUTTING DUNDEE ON THE MAP 2017-11-15 TIME TO BRING YOUR HOME TO THE MARKET 2017-11-01 AUTUMN IS A GOOD SEASON FOR SELLING 2017-10-17 HIGH PROFILE OPTION FOR TOP PROPERTIES 2017-10-09 MARKETING YOUR PROPERTY TO THE MAX 2017-08-21 DO YOU LIKE TO BE BESIDE THE SEA? 2017-06-15 TIME LOOMING FOR A RE-MORTGAGE 2017-06-09 HAS THERE BEEN A BETTER TIME FOR A HOUSE SALE 2017-05-26 TIME TO PUT YOUR FLAT ON THE MARKET 2017-05-04

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TSPC is the trading name of TSPC Holdings Limited, a limited liability company registered in Scotland No 279747 and Tayside Solicitors Property Centre Limited, a limited liability company registered in Scotland No 279746. The Registered Office of both Companies is 11 Whitehall Crescent, Dundee DD1 4AR.

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