A long overdue podcast focussing on buying in Scotland. What to be aware of when you buy in Scotland, and of course, we will be discussing where to buy.
Check the Home Report.
The Home Report is a document that exists in Scotland but not here, and we love this as it gives both parties a lot more confidence in the sale as it progresses, as there are no surprises that crop up along the line.
This will contain a survey (including a valuation), an energy report and a property questionnaire.
Plan your offer
Properties are marketed at a fixed price (which you can offer below if you want), or “offers over”. When it’s “offers over”, you submit a sealed bid before a certain date. After the deadline, the vendor’s solicitor opens all the offers and the vendor chooses which to accept.
Your solicitor puts in the offer
Offers are made by your solicitor directly to the vendor’s solicitor – not via estate agents. So you need to have a solicitor in order to make an offer. You can make your offer “subject to survey” if you want to get your own survey done rather than just relying on the Home Report, but this will obviously be less attractive.
Go through the legals
If your offer is accepted, the vendor’s solicitor will issue a “qualified acceptance” and pass across the property deeds and other documents. Your solicitor will go through it all and raise enquiries.
Once they’re happy, the two solicitors exchange letters – this is known as “concluding missives” and at this point the sale is binding on both sides
On the date agreed in the contract, you pay the full purchase price (there’s usually no deposit) and the property is signed over to you
So, that’s the process, but where should you buy?
Edinburgh – An extremely popular area, but supply is very low at the moment so prices are very high.
Glasgow – Glasgow has lots of demand due to overspill from Edinburgh, so it is fairly expensive but is popular.
Commuter belt of Glasgow/Edinburgh Riding the ripple effect from these two major cities, is the commuter belt, which is well worth checking out.
Stirling – The UK’s most affordable city and a popular tourist destination. (Thanks Ollie Hughes on Hub for the heads up here)
Aberdeen – Thsi is an interesting market, because it’s so dependent on the oil industry. Aberdeen had the biggest fall in price in the UK last year.
West Coast, Ayrshire – Another area where high yields are available.
All this said, we’re not experts on the Scottish market but there are plenty of people who are over on the forum.
Share your thoughts on this episode – and find out what others are saying – in the Property Hub Forum.Go to the forum
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