The Scottish House Buying Process

When purchasing a home in Scotland it is worth noting that there are some major differences to that of the English system.

In England

The house buying process may be described in the following way:

Find a house that you want to buy and make an offer through the estate agent who has the house on the market (the offer is usually at the asking price or in the region of the asking price).

If the offer is accepted you would then appoint a solicitor for the next stages of the process.

In Scotland however...

Normally a property is advertised as 'offers over' this means that the seller is looking to sell at an amount that is 'over' the stated price. Sometimes,but rarely, a property will be advertised at a 'fixed' price. This means that this is the price the seller is looking for.

Where a property is advertised as "offers over' the buyer needs to decide how much he is prepared to pay over the guide price. and then an offer is made by the buyers solicitor to either the estate agent acting for the seller or the sellers solicitor. This offer can be made 'subject to a satisfactory valuation' but normally the survey will have already been carried out (at the buyers expense) to ensure that there are no major defects within the property.

The sellers solicitor then accepts the buyers offer subject to certain qualifications....once those qualifications have been satisfied a legally binding agreement has been entered into by both sides and withdrawal can result in costs being claimed by the other party for losses and/or expenses..

Where two or more parties show an interest in a property then the seller can set a 'closing date' this then results in the interested parties submitting their best offer. Bids are opened at a specific date and time and the seller selects the bid that he considers to be the best (not necessarily the highest).

Once an offer has been made and formally accepted then a moving date is agreed between parties to the satisfaction of both.

In conclusion, the house buying process in Scotland tends to move more smoothly than in England because of the ordered way in which transactions are concluded. At Homebank Financial Services we have consultants positioned such that they are able to cover the whole of the Scottish market place.

Our consultants are on hand to help you find the most suitable mortgage deal for you from our unique sourcing system that has access to over 3,500 mortgages. We will not only be with you at the beginning of your house buying process, we can also help you in your search for a solicitor and provide support and expertise during every step of your mortgage and house search.

Please call us on freephone 0800 052 3604 or Click Here to contact us.

The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK.

Homebank Financial Services Limited is an appointed representative of The Willow Tree Management Company UK Ltd which is authorised and regulated by the Financial Services Authority.
Think carefully before securing other debts against your home.
Your home may be repossessed if you do not keep up repayments on your mortgage or other loans secured on it.
For mortgage related services the fee will typically be 1.79% of the mortgage advance applied for, minimum fee of �750. In addition, there may be a valuation administration fee of up to 0.7% of the loan amount. For example if you take out a loan of £50,000 you will need to pay a total of up to £1,245; comprising of the broker fee of £895 and the valuation administration fee of up to £350. This in addition to any commission we may recieve from the lender. Broker fees may be added to the mortgage.

Not all Buy To Let mortgages are regulated by the Financial Services Authority
Adverse Credit - The overall rate for comparison is 9.2% APR. The actual rate available will depend upon your circumstances. Ask for a Key Facts Illustration
Right To Buy Mortgages - The overall rate for comparison is 8.9% APR. The actual rate available will depend upon your circumstances. Ask for a Key Facts Illustration

CURRENCY MORTGAGES - CHANGES IN THE EXCHANGE RATE MAY INCREASE THE STERLING VALUE OF YOUR DEBT.
Homebank Financial Services Limited is entered on the FSA register under reference number 464724, as an appointed representative of The Willow Tree Management Company UK Ltd, who are also registered under the FSA register under reference number 310569.

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