When moving to Scotland, the process of buying and selling a home differs in some ways to that in the rest of the UK. The main difference is that as soon as the seller has accepted an unqualified written offer on a property, it is legally binding.

This is not the case in England or Wales, where a buyer can be gazumped at the last minute. Anyone looking to move to Scotland and purchase a house should employ a solicitor. Presently, there are no licensed conveyancers.

Fixed price

When a house is put on the market in Scotland, it is normally offered on a "fixed price" or "offers over" basis. On a "fixed price" basis, the seller will normally accept the first offer made at the stated price. With an "offers over" sale, prospective buyers can make an offer at or above the stated price. If the seller expects several offers, a closing date may be set, before which any of the offers made, may be accepted, usually the highest.

Property checks

A system of feudal tenure exists in Scotland, under which the seller has the power to impose permanent restrictions on the future use and development of the property and the land. Buyers should check carefully any property they wish to buy for such restrictions - Caveat emptor "Buyer Beware". If you intend to buy, contact your solicitor and arrange for a property survey. Your mortgage lender will insist on a property survey before approving your mortgage.

Making an offer

If your lender is happy with the property survey, your solicitor can make a formal offer. The offer includes the purchase price, date of entry, alterations and specialist works together with any inclusions such as carpets and curtains. If the seller accepts your offer, both solicitors can make the final arrangements. Once the written negotiations (known as missives) have been completed, your solicitor will arrange for further checks on the property, including a Local Authority search.

Settlement

Finally, once the contract has been finalised (missives concluded), the disposition (a document confirming the change of ownership) is drawn up. You are also required to sign a standard security, the deed securing the loan on your property. On the entry date, the buyer sends a cheque in exchange for the deeds to the property, the disposition and the keys. The buyer must also pay stamp duty (where the property exceeds £60,000 in value) and register the disposition and the standard security with the Land Register or Register of Sasines (the public register of title deeds).

Disclaimer

This is intended for information only.