HSPC - 'Scottish Estate Agents'
Buying and selling property can be both thrilling and daunting. As a result, it would be useful to have a place where you could find the answers to all your property questions - day or night. Welcome to HSPC's dedicated property advice source.
Helping Buyers | Helping Sellers
HSPC - Helping Buyers
To purchase a property in Scotland, you will require the services of a Scottish Solicitor. If you are not already a client of a Scottish Solicitor, contact the Highland Solicitors Property Centre on 01463 231173, who will arrange a free initial consultation with the duty solicitor, available every weekday.
The Buying Process
For most people, buying a house or a flat is the biggest financial transaction they ever get involved with. It can be quite a complicated business. Your solicitor can help to guide you through the process.
First, you have to find the right property. Then you have to arrange a survey. You have to make an offer to buy the property, and you have to arrange finance to pay for it. You'll need someone who can guide you through this process and offer you sound advice. It's a process which starts before you actually make an offer and isn't quite finished even when you get your keys. Throughout the whole procedure, your solicitor is there to explain the procedure and offer you expert advice and experience.
Finding a property
Once you have found a property you like, ask your solicitor to 'note interest' for you with the selling agent. A note of interest does not oblige you to buy; it simply indicates that you are interested in the property and wish to be kept informed of developments, such as the fixing of a closing date for offers.
Arranging a survey
You will now need to have a survey carried out to find out the value of the property and to find out if there are any problems with the structure of the building. There are several different types of survey and your solicitor will advise you on the best one for the property you have chosen. He or she can also instruct a surveyor on your behalf, if you wish.
Arranging the Loan
At the same time, you will have to arrange your loan. Ask your solicitor for advice regarding this. With many different kinds of loan available at any time (eg repayment mortgages, endowment mortgages, fixed rate, capped rate, slow start, deferred payment etc) it can be very confusing. It is important to have a reliable adviser, so that you are confident that you have chosen the loan repayment method which is best suited to your circumstances. Many solicitors can give you advice on this and, if you want, can arrange your loan for you.
For advice try HSPC Mortgage Services
Submitting an Offer
If you wish, your solicitor will arrange the survey. Thereafter, he or she will give you advice about how much you might need to offer. If there are other people interested in the property, the sellers may well fix a 'closing date' when all the interested parties will submit their best offers. However, if you are the only person interested in purchasing the property, or if the property is advertised for sale at a 'fixed price', it may be possible to put in an offer right away. On your instruction the solicitor will prepare an offer, sign it on your behalf and submit it to the selling agents. Any offer prepared in this way may well have legal consequences for you so it is essential that your loan arrangements are agreed beforehand.
Insurance
Your solicitor will be able to advise you about insuring the property and its contents.
Negotiating the purchase
Assuming your offer is successful, there will probably be negotiations with the seller, to agree the date of entry (ie, the date on which you will obtain the keys and the titles of the property, in exchange for payment of the purchase price). There could be other matters to be negotiated too, such as the items to be included in the purchase, guarantees in respect of the central heating system, how to deal with an outstanding Statutory Repairs Notice and many other practical matters. Your solicitor will help you to deal with these issues and, eventually, you will have a binding contract for the purchase.
Checking the titles
While all this is going on, your solicitor will also be checking over the titles and reporting to you on the exact description of the property and any 'title burdens', that is, conditions which will have to be obeyed by any owner of the property. This could include an obligation to pay a proportion of common repairs, or a restriction on the possible uses to which the property can be put.
Transferring the title into your name
A new title deed (a 'Disposition') will also have to be prepared for signature by the seller, transferring the title into your own name. If you have a mortgage arranged, a Standard Security will also have to be prepared (to be signed by you, the purchaser) giving the Lender (ie your mortgage provider) certain rights over the property, including, in certain circumstances, a right to take possession of the property and sell it. Your solicitor will advise you in detail about the effect of granting a security of this kind over your property.
Completing the Purchase
Once all these matters have been dealt with, the transaction will be completed, the deeds will all be signed, the price will be paid to the seller and you will get the keys to your new home. There are several other matters which you may have to deal with and which your solicitor can assist you with. For example, if you have not already done so, it is a useful time to consider drawing up a will, especially if you are buying the property along with another person. If you are not married to the joint owner, there may be other issues to consider and your solicitor can advise on these.
Quotations of fees and outlays
Your solicitor can provide you with a quotation of the fees which you will be charged for the house purchase and any will etc, including the various outlays you will also have to pay, such as Stamp Duty and survey fees. Your solicitor can generally deal with everything from the start of the transaction to the moment when you move into your new home. So, if you are thinking of buying a house or a flat, the best advice is SEE YOUR SOLICITOR FIRST.
HSPC - Helping Sellers
In Scotland, solicitors often fill the role taken by Estate Agents in England and Wales. Solicitors Property Centres bring together houses for sale offered by the majority of solicitors in their area.
Highland Solicitors Property Centre offers a thorough and efficient property-selling package. After your solicitor has prepared particulars and taken photographs, a highly visible HSPC "For Sale" sign will promote the sale on site. Your property will also be displayed at the Property Centre, on wall-cards by local area and in property registers by price. Brochures will be given to interested buyers. In many areas of the Highlands your property will be displayed in business windows locally, managed by Highland Solicitors Property Centre.
Certain types of property may benefit from additional exposure in local or national press or specialist publications; your solicitor will be happy to advise you on the best selling strategy for your particular property.
Our property guide, The Property Review, lists every property with a colour photo and is published every fortnight. It is available free at over 150 outlets in towns and villages throughout the Highlands, at 15 Solicitors' Property Centres throughout Scotland and is mailed out to an up-to-date list of potential buyers from outwith the Highlands.
Call your Solicitor today for fuller details and a quote for selling with this great all-in package.
The Selling Process
Before you start to sell your house or flat, there are a number of things to consider: when should you sell it, for how much, what items are to be included in the sale, where should you advertise the sale? If you are selling your house, there's a good chance you will be buying another home. If so, often the first question is: should you attempt to buy the new property first, or should you sell your own property first? Your solicitor will be able to help you with these issues and help you decide which of these approaches is best for you.
Putting your Property on the Market
Most solicitors are able to carry out the entire sale transaction for a house including the estate agency and the conveyancing. Your solicitor will advise you about the best method of advertising your property. Contact your solicitor as soon as you decide to proceed, as he or she will need to order up the title deeds from your lender (ie mortgage provider) at an early stage of the transaction. There are many issues to consider and your solicitor will be able to advise you on these. He or she will require to provide you with a quotation of the fees and the various outlays you will have to pay in connection with the sale.
How will my Property be Marketed?
Good solicitors know the local housing market and will be able to tailor a specific marketing strategy for you. This will almost certainly include advertising your property with the HSPC, giving your property maximum publicity through this website, the biggest property website in the North of Scotland (and affiliated to Scotland's largest property website - www.sspc.co.uk - which covers the whole of the country). HSPC properties also feature in the Centre's fortnightly property paper, the Property Review, in our window displays and in a 'New on the Market' advert in the local press for your area.
A Binding Contract
Once you have found a buyer, your solicitor will negotiate the selling price and a number of other matters, such as the 'date of entry' (that is, the date on which you will hand over the keys to the buyer, in return for the sale price). Once all of these matters have been agreed, there will be a binding contract (also known as 'concluded missives') for the sale of the property and neither party will be entitled to withdraw from the contract without becoming, potentially, liable for substantial damages to the other party. If you are buying a property at the same time as selling your own property, it may be possible for your solicitor to arrange for the two dates of entry to coincide.
Dealing with the Titles
After the purchaser's offer has been accepted, his or her solicitor will have to examine the titles and your solicitor will have to carry out a Search of the public registers to confirm that there is no reason why the property should not be sold. Your solicitor may also have to obtain Property Certificates from the local authority and deal with any problems which may crop up, such as an outstanding Statutory Repairs Notice or a missing Building Warrant. These matters should, preferably, be dealt with before you find a buyer, and it is helpful to advise your solicitor that you are planning to sell your house as soon as you make your decision.
Settling the Transaction
Once all these matters have been dealt with, your solicitor will arrange for the transaction to be settled. Before this can be done, he or she will have to have a Disposition (that is, a new title deed, transferring ownership to the purchaser) signed by you. Your solicitor will also need to discharge any existing loans.
At settlement, the purchaser's solicitor will pay to your solicitor the sale price of the property in return for the keys and the title deeds. Your solicitor will then repay any outstanding loan to your lender and, after deducting his or her fees and the various outlays paid for on your behalf, the rest of the money will be paid to you. If you are buying another property at the same time, your solicitor will require the sale proceeds to complete the purchase of the new property.
After Settlement
If any matters arise after settlement, your solicitor is there to advise you and conclude matters satisfactorily. There are a number of matters to be considered when selling a property. To ensure that the sale of your property runs as smoothly as possible, the best advice is SEE YOUR SOLICITOR FIRST.
