Tayside Property Online has the experience and market knowledge to help you sell or buy your next house...

Advanced search

Click to visit our facebook page Click here to visit our twitter page

Selling your property?

Looking for a new home?

Home Reports. What are they?

Home Reports. What are they?

Buying Guide

It is important that you contact your solicitor as soon as you decide you want to purchase a flat or a house. Your solicitor is the only person who can guide you through all the problems such as arranging mortgages, instructing surveys, advising on content of any available Home Report submitting offers and settling the purchase. So the best advice is - see your solicitor first.

First Steps

The first step in buying a house is to review your financial situation and work out what price you can afford to pay for your new property. Not just how much you can afford now, but how much taking into account the further increases in interest rates that are likely to take place in the coming year. You will also have to take into consideration some house buying costs such as-

  • LBTT  (Land and Buildings Transaction Tax)
  • Mortgage Arrangement Fees (charged by your lender)
  • Valuation/Survey Fees (If Home Report not available)
  • Solicitors Fees and Outlays

Frequently Asked Questions

Q. When do I need confirmation that my mortgage is in place?

A. It is preferable that you at least have a mortgage agreed in principal before submitting an offer for a property. When you know your date of entry contact your financial advisor/mortgage provider to make sure that loan funds are available in plenty of time for the entry (settlement) date. We prefer to have your loan documents 2 weeks prior to the date of entry.

Q. When is the contract binding (missives concluded)?

A. It is a misconception that in Scots Law as soon as an offer for a house is verbally accepted then it becomes binding. This is not the case. It depends on an exchange of letters on the parties behalf between their solicitors. You will be advised as soon as the contract is concluded i.e. becomes binding. This may take some days or weeks and either party is entitled to pull out of the deal before then without penalty.

Q. After having an offer accepted for a property could I re-negotiate through you a lower price if I regard the valuation as being too low?

A. No. We cannot accept instructions to withdraw the original offer without a valid reason for example an unforeseen problem with the title deeds or the survey report highlights issues with the condition of the property. A low valuation is not a valid reason. .

Q. I want to buy a house with my girlfriend but we don’t want to marry. Can both our names go on the title deeds?

A. Yes they can. There can be future complications if you fall out and want to sell but again that can usually be provided for on a simple agreement when you buy.

Q. How far ahead is the realistic date of entry?

A. Always allow yourself sufficient time to get everything organised. Although conveyancing transactions do sometimes settle faster than 6 to 8 weeks from the date of the first offer keep in mind that you may have a mortgage to arrange, removals to arrange, notice to give to uplift money and that any one of these or a host of other unforeseen difficulties can prevent a conveyancing transaction happening as quickly as you would like.

Q. Can you explain the new LBTT (Land & Buildings Transaction Tax)

A.

The Scottish Government has changed to the new system of what was formerly known as Stamp Duty to Land and Buildings Transaction Tax as of April 2015 (LBBT)

LBBT is a progressive tax. The rates are as follows:

£0- £145,000                        -   0%

£145,000 - £250,000          -  2%

£250,000 - £325,000       -  5%

£325,000- 1m- 10%          - 10%

Therefore on a house purchase of £270,000, LBTT will be 0% up to 145K, 2% of the next  105K and then 5% on the remaining 20K.  Under the old system it would have been 3% on the whole 270K.

 

Q. Do I need to sign anything?

A. The simply answer is that you may require to sign relevant documents. We will let you know in due course when this needs to be done.

Q. When and what time will I get the keys to my new house?

A. We expect you to get your keys on the date of entry. We must stress there is no time specified, however it is often around 12 noon.

Tayside Property Online is the estate agency division of Jack Brown & Company Solicitors.
Registered office: 7 Ward Road, Dundee DD1 1LP. Telephone 01382 200411

Powered by Vision Web Management from pukka!

Website by www.pukkadigital.com | Website powered by Vision Web Management™ Software.| Web designer oomph

Website designed and produced by www.get-oomph.com Powered by Vision Web Management from oomph! Powered by Vision Web Management from pukka!