Solicitors for buying a house
We have one of the largest residential property teams in Scotland and decades of experience of helping clients buy their homes.
Overview
Purchasing a home in Scotland
Buying a new house is always a major investment, both financially and emotionally. Our conveyancing solicitors can assist you through this complicated process so that your stress levels remain as low as possible.
Our Residential Property team are specialists with wide-ranging experience and a clear focus on all the issues. We can advise you about the different areas you may be interested in and point you in the direction of estate agents with a strong presence in the area. Our own estate agency teams in the Highlands, Moray and Edinburgh are ideally placed to advise you in the North of Scotland.
We have helped thousands of satisfied clients move in the last year, to all sizes of property. Each client is equally important to us, no matter the purchase or sale price.
With offices in Glasgow, Edinburgh, Inverness, Thurso, Moray & Edinburgh but covering the whole of Scotland we are ideally placed to help you wherever you are.
7 steps to your new home
The Law Society of Scotland has created a useful video which shows you the step by step process to buying a house in Scotland.
Key contacts
THE TEAM
As one of the largest teams delivering personal legal services in Scotland, our experience and approachable lawyers can handle all types of enquiries.
The Property Conveyancing process
Overview
Conveyancing is the legal process of transferring ownership of a property. It involves various steps from initial property search to the final transfer of funds. Engaging a trusted conveyancing solicitor ensures the process is seamless and that all legal aspects of the transaction are addressed.
Here are fundamental steps detailing the conveyancing process:
- Instruction of a conveyancing lawyer
- Property searches and inquiries
- Review of draft contract
- Negotiation of contract terms
- Exchange of contracts
- Arrangement of property insurance
- Completion
- Payment of stamp duty/land tax
- Registration at the land registry
Financial considerations when buying a house
Overview
- Stamp Duty and Buildings Transaction Tax: Stamp duty is a tax paid upon buying a property. Its amount varies depending on the property price and region. In some areas, you might encounter the Buildings Transaction Tax instead. It’s vital to understand these costs to budget effectively. Your estate agent or your financial adviser will be able to advise you on the tax applicable to the property of interest.
- Purchase price and monthly mortgage payments: The purchase price of a house is what you agree to pay to the seller. Monthly mortgage payments are periodic payments made to your mortgage lender, encompassing the loan’s principal and interest.
- The importance of mortgage valuation: Mortgage valuation ensures that the property is worth the purchase price and helps in determining how much a mortgage lender is willing to lend.
- Financial advisers & their role: Working with mortgage or financial advisers can bring great benefits as such specialists provide insights into mortgage decisions, ensuring you secure the best rates and terms suitable for your circumstances.
- Costs beyond the purchase price: Apart from the house price, buyers should anticipate other costs. These include buildings insurance, survey reports, conveyancer fees, and potentially unforeseen costs that might arise in the buying process.
Mortgages demystified
Overview
From preliminary steps to a full mortgage application: Mortgage application is a journey. It begins with a preliminary assessment, understanding your credit score, and culminates in the full mortgage application where all documents are presented to the mortgage lender for approval.
A mortgage broker bridges the gap between borrowers and lenders. Choose one with good reviews, a vast network of lenders, and who understands your specific needs.
Mortgage interest rates and the mortgage market: Interest rates influence monthly repayments. Understanding the mortgage market and prevailing rates helps buyers anticipate future payments and select suitable mortgage products. Discuss all available options with your financial advisor or mortgage broker.
Property transactions
Overview
Exchange of contracts and its significance: This legal step signifies a binding agreement between buyer and seller. After exchanging contracts, backing out usually has financial repercussions.
Navigating the land registry and associated fees: The land registry records property ownership. When buying a house, it’s essential to ensure the property is correctly registered, and buyers should be aware of the fees for this service.
Factors influencing house prices
Overview
When it comes to determining the value of a property, several factors come into play. These variables not only influence the immediate cost of a property but also its potential appreciation or depreciation over time.
- Property condition and age: The state of the property itself, its age, maintenance level, and architectural style can influence its price. Well-maintained or recently renovated properties tend to receive higher offers.
- Local amenities: Proximity to amenities such as parks, recreational centres, quality schools, and healthcare facilities can enhance the attractiveness of a property. An area known for its good schools, for instance, can command higher property prices than a comparable area without such institutions.
- Local area developments: Proximity to infrastructural projects such as transport hubs, new shopping centres, schools, and hospitals can increase property prices. Conversely, developments that might negatively impact the area’s aesthetics or functionality can lead to a decrease.
- Environmental factors: Natural amenities, like beaches, lochs or mountains, can enhance property values. However, areas prone to natural disasters like floods or wildfires might have reduced demand and lower prices.
- Supply and demand: Like any market, the property sector is governed by supply and demand dynamics. When demand exceeds supply in a particular area, prices tend to rise and vice versa. Factors like urban migration, population growth, and economic opportunities can amplify demand and increase prices.
- Interest and mortgage rates: ~7/10 domestic properties in Scotland are purchased with the help of mortgages. The interest rates set by mortgage lenders can influence a buyer’s ability to purchase, affecting demand and, consequently, property prices.
- Crime rate: Safety is a priority for many homeowners. Areas known for low crime rates are generally more desirable, leading to increased property values. Conversely, neighbourhoods with higher crime statistics might see suppressed property prices. You can get a better idea of recorded crime rates in the area of your interest by using the Scottish Index of Multiple Deprivation[https://simd.scot/#/simd2020/BTTTFTT/9/-4.5526/56.0244/].
- Government policies and regulations: Tax incentives for first-time buyers, stamp duty land rates, zoning laws, and other regulatory measures can influence the attractiveness of property investment in a particular region, thereby affecting prices.
In conclusion, while the local area plays a crucial role in influencing house prices, it’s a combination of numerous factors that determine the true value of a property. Whether you’re a buyer or seller, staying informed about these aspects can help you make educated decisions when buying a house.
Tips for first-time buyers
Overview
Buying a house is thrilling but comes with challenges. First-time buyers should research thoroughly, engage professional help, and be patient in their house-buying journey.
- Budget wisely: Understand all the costs involved, not just the purchase price. This includes stamp duty, conveyancing fees, survey costs, and potential renovations.
- Save a solid deposit: The required deposit can vary based on the property price and the lender’s terms.
- Research the market: Familiarise yourself with property prices in your desired location. This will help you recognize a good deal when you see one.
- Secure pre-approval: Before house hunting, get a mortgage pre-approval. It gives you a clear picture of what you can afford and shows sellers you’re serious.
- Consider future needs: Think long-term. Will the house suit your needs in 5 or 10 years?
- Location matters: Research the neighbourhood. Consider factors like safety, schools, amenities, and potential future developments.
- Hire a professional: Engage a reliable estate agent and a conveyancing solicitor to guide you through the process.
- Negotiate: Don’t be afraid to negotiate on the price. Even a small reduction can save you a significant amount over the life of a mortgage.
- Understand contracts: Before signing, ensure you comprehend all terms in the purchase agreement. If in doubt, consult your conveyancing solicitor.
- Emergency fund: Once you buy, set aside some money for unexpected expenses. Owning a home can bring unforeseen costs.
Remember, buying a property is a significant commitment. Take your time, do your research, and ensure you’re making a well-informed decision.
CONTACT US
Call us for free on 0330 159 5555 or complete our online form below to submit your enquiry or arrange a call back.