In Scotland, how long does it take to buy a home? The conveyancing procedure might take as little as six to eight weeks from the time your offer is accepted; on occasion, it can be completed much sooner. Of course, you must also consider the time spent looking for a home and other preparations required before making an offer.
At The Glasgow Law Practice, we believe in the personal approach to buying and selling property. Our expert solicitors will guide you through the entire conveyancing process and provide you with the support you need to make informed decisions without any added stress.
We’ve created a conveyancing guide in Scotland and broken down the entire home-buying process north of the border into ten simple steps to help you manage your calendar. (Note: If you are purchasing in England, Wales, or Northern Ireland, the procedure may alter significantly.)
How long does it take to purchase a house in Scotland?
This guide tells you everything you need to know about conveyancing in Scotland.
Obtain a mortgage in principle.
There are a few things you should do before starting your search for a new home in Scotland. The first step is to set up a mortgage in principle (MIP). A MIP is a practical document that specifies the maximum amount you may be able to borrow from a mortgage lender. Although having a MIP in place prior to submitting an offer on a property in Scotland is not required by law, the seller may not take your offer seriously if you do not register for a MIP.
Find a solicitor for the conveyancing (the purchase).
Once you have found your dream home, you’ll need a conveyancing solicitor quite quickly in Scotland. This is because in Scotland, when you find a house you want to buy, solicitors are in charge of making the Offer. As a result, you must think of instructing one before you start looking at properties. Once your offer is approved, they will work with you to make offers on properties and finalise the transaction by concluding contracts (the missives). A solicitor will assist you throughout the process of buying or selling a house, including paying the Land and Building Transaction Tax (LBTT).
Search for property in Scotland.
The search for your new house can begin now that your MIP and conveyancing solicitor are in place.
Establishing a timeline for the property search can be difficult. You may need a few days or months to complete it. This will be primarily determined by:
- Finding affordable housing options in your selected neighbourhood.
- Are you open to making renovations to the property?
- How swiftly you should move.
Request and Read the Home Report.
Once you have found your dream home, you should request the home report. Part of the legal process is that a seller must obtain a Home Report before listing the property for sale. It should include:
A single property survey that offers information about the house, its condition, and any repairs you would need to do (based on a visual assessment by a surveyor);
The seller must provide a report on the property’s energy efficiency and costs for heating, lighting, and hot water, as well as a property questionnaire with frequently asked questions (FAQs) such as broadband provider, shared areas, and maintenance costs.
The Home Report is often provided by the seller or the estate agents listing the home. Note that, while a Home Report is not needed for a new build property in Scotland, potential buyers should get an energy performance certificate.
Make an offer.
The next step is to notify your solicitor, who will legally “note” your interest in the property with the seller’s agents if you are pleased with your viewing(s) and the information in the home report. If you decide to proceed, your solicitor will submit the offer on your behalf. The seller may ask you to wait while they consider your offer, and there may be some back-and-forth before you both agree on terms.
If there is a high level of interest in the property, you may be required to submit a written offer at a closing date (via your lawyer), following which the winning offer will be chosen. Not necessarily the highest, however. If you can move faster than the other bidders, for example, you may be able to win with a lower bid.
If the seller accepts your offer, their solicitor will send you a “qualified acceptance” letter. This means that after you meet certain criteria, they will accept your offer. Then, your lawyer and the seller’s lawyer will exchange letters (known as “missives”) to discuss these terms.
Mortgage Process in Scotland
If you are not paying cash for your purchase, you will need to apply for a mortgage. Putting a mortgage in place can take a few weeks.
A summary of the mortgage application process is provided below:
You may need a day or two to get and complete the appropriate application documents. If you employ a mortgage broker, they may help you ensure that all of your information and supporting documents are correct and current. Reviewed and submitted. Your lender may review your application up to six weeks after you click “send.” They will check your credit history, run an affordability assessment to guarantee you can afford the mortgage, and conduct a valuation to ensure the property is worth the amount you are applying for.
After reviewing your application, the lender may conclude that they need additional information from you, resulting in a few days or weeks ‘ wait. Once again, having a mortgage broker on hand may allow you to act quickly and relieve any unnecessary worry.
If everything goes as expected, you will receive an official mortgage offer!
The good news is that you can proceed to the next phases of the Scottish home buying process while you wait for a response to your mortgage application.
Property Survey
Yes, the Home Report already contains a property survey, but it is usually very basic. Given how important the decision to buy a home is, you may want to consider scheduling a more complete property survey, or any ancillary reports (for example to cover areas noted as suffering from damp or a problematic roof), however if this is something you expect to do it should be included as an offer condition when the offer is submitted. It may also provide you with leverage to renegotiate your offer with the seller, saving you from unforeseen (and costly) surprises in the future.
How long does the conveyancing process take?
The whole process usually takes a minimum of 6-8 weeks. Conveyancing is the legal procedure for transferring ownership of a property. Your solicitor will do property due diligence while your mortgage application is being handled. This requires contacting third parties to learn more about the building, the land on which it stands, and the surrounding neighbourhood. They are simply looking for everything that may have an effect on its value.
Typically, searches include:
- Local authorities perform planning, road and environmental searches.
- Sewage and water supply drainage searches.
- Potential environmental investigations.
- The title deeds.
Signing the missives.
Once the conveyancing process has been finalised and parties are in agreement, your solicitor will sign the missives, and there will be a legally binding and enforceable contract. You will then know the date of entry, which is when you will pay the seller and receive the keys to your new property.
Once the missives are accepted, you are legally committed to purchase the property. If you try and withdraw after the missives have been completed, you will likely be required to pay a penalty to the seller.
Making payment and taking entry.
Your solicitor will initially provide you with a completion statement outlining your obligations. This will include any additional fees, your deposit, and Land & Buildings Transaction Tax (the Scottish equivalent of Stamp Duty). You will be asked to submit your money to your solicitor’s bank account about seven days before your date of entry so that they can complete the transaction. The funds will then be transferred from your mortgage account, combined with your deposit, and remitted in full to the seller’s solicitor.
In exchange, the seller’s solicitor will confirm that the seller’s mortgage has been paid off, assuring you that their bank has no claim to the property. You will also receive title deeds, which are legal paperwork that prove your ownership of the property.
At this point, all that remains is to pick up the keys and move in.
Buy a house in Scotland with The Glasgow Law Practice, conveyancing solicitors in Scotland
When it comes to buying or selling a home in Glasgow, having local knowledge and expertise is key. Our team of conveyancing solicitors have extensive experience in the local market, allowing us to guide you through the process with ease. From making an offer to completing the sale, we’ll be there every step of the way.
