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A Rough Guide To The Property Buying Process In Scotland

Back to news A Rough Guide To The Property Buying Process In Scotland

A Rough Guide To The Property Buying Process In Scotland

27th of November, 2021
It is recommended that you start by speaking to a whole of market broker, who has experience of mortgages in Scotland.

As well as getting a mortgage agreement in principle, in Scotland you will need to have your funding in place before you make an offer on a property. This might be difficult if you are also selling a property, but it means chain breaks are rare. You will also have to find a solicitor much earlier on, as they will put your offer forward.

The vast majority of Scottish property mortgages are freehold - meaning you have ownership of the property and the land it sits on.

While the advertised property price is usually 5-10% less than the valuation given in the home report, you may also find property prices advertised as ‘offers over’ - indicating that the seller will only accept bids higher than the advertised price.

Once a bid has been accepted, the transaction is considered as binding. 

The parties will then negotiate the finer details like the entry date and any items that are to stay in the property – a process called ‘concluding the missives’.

When the missives have completed the sale is legally binding and as a result it is exceedingly rare for a property purchase chain in Scotland to collapse.