Purchasing property in Scotland means that you inevitably have to turn to the expertise of a solicitor to be able to complete the transaction. They are going to be a key figure in your journey to buying your own property, so it is important that you find someone who is going to work well with you. Here is the role that a solicitor will play when you chose to purchase a property in Scotland.
The primary role of your solicitor will be to act as your representative throughout the purchasing process. The sellers will also have their own solicitor, and the two will work together to come up with the deals of the transaction.
When you make a bid for a property, it is the solicitor who will prepare and put it forward for you. If there is a lot of interest in your house of choice, they might even be able to advise you on how best to place a bid that could win against other parties. Your solicitor can give advice but ultimately you must decide what price to offer. You need to make sure that you are able to find a solicitor who is able to follow your wishes and work with you to find the right property.
If you are successful in your bid, your solicitor and the solicitor of the seller will then act as a broker for the actual payment of the property. Your solicitor will liaise with your mortgage broker, but you will need to ensure that your broker has all the information they require to progress your mortgage application. Your solicitor will send a statement showing all incoming and outlays and a calculation of the deposit to be paid. The deposit will need to be paid into your solicitors account at least 48 hours before the date of settlement. Your broker will also be able to advise you about First Home Funds (shared Equity) OR Help to Buys ISA, but your solicitor will require to know this as they will require to liaise with each of your funding partners.
On the day of the settlement, this is the day that your solicitor pays the funds, and you receive the keys of your new home; they will securely transfer funds to the office of the seller’s solicitor. This is one of the most important steps in the house-buying process, but a good solicitor will have handled plenty of such transactions before.
There is a tremendous amount of paperwork that comes with buying a house. There are so many different fees that you will have to pay, from potentially the Land and Building Transaction Tax if it applies, to the small fees that might come when sorting out the deeds, not to mention their own fees for services rendered.
Luckily, the right solicitor will be able to sort all of this out for you. Many solicitors now offer fixed fees which means that your costs should not vary. They will know where changes need to be made and applications should be submitted, and they will be able to make all of these as needed so you should not have to worry about it. They will also pull together a process known as concluding the missives, this is where the contract is in place and the date of entry fixed.
You need to find a solicitor who will work with you to find and purchase your perfect property. If you are searching for a property in Scotland, you should get in touch with MM Legal. Our team are experts in property law, and they will be able to guide you smoothly through all stages of the purchasing process.