Buying & Selling Property
For first-time buyers, long-term homeowners looking to move, commercial businesses requiring real estate or investors seeking to advance a property portfolio, the process should always begin by seeking legal advice from an experienced property solicitor.
Our property law experts, located in Glasgow, Edinburgh and Dundee, are able to advise you of the purchase and selling process specific to your individual circumstances, suggest appropriate financial advisers and provide expert services relevant to the purchase and selling process. With constant competition between potential buyers and sellers alike, often challenging market conditions and exacting legal processes to comply with, MacRoberts can offer a port of safe harbour when buying and selling property in Scotland.
Buying a property in Scotland
Buying a property is always a big decision and often involves a significant financial commitment. Being aware of all the relevant information and knowing all your legal options prior to making such a commitment will give you peace of mind that you have made the correct decision.
Asking price and market value
Although a Home Report can provide some clarity in this respect, valuation is not an exact science and often fails to take into account the effect of multiple offers, closing dates or areas of very high demand where buyers are prepared to pay over and above the market value. We can advise you on property trends in the area you are interested in and provide guidance on what we think you should offer to secure your desired property.
Home Report – buyer
Most residential properties marketed for sale must have a Home Report. We can request this on your behalf from the estate agent or seller. Our property experts will scrutinise the Home Report on your behalf and verify the condition of the property. We can advise you on the value of the offer you should make, if at all, in light of the valuation and potential costs of any repairs or improvements required.
Arranging a survey
At a time when you are already spending a lot of money, a survey can seem like an unnecessary expense. However, it is far better to be informed of any potential issues before committing to buying a house to allow you to make an informed decision about how much you are willing to pay and, if necessary, determine a budget for any repair work that may be required. We will advise you on the most appropriate type of report for the property you have chosen and can also instruct a surveyor on your behalf.
If you are interested in a property but not prepared to commit to making a formal offer, we can note interest of your behalf. This will serve the seller and estate agent to your interest and you will accordingly be kept informed of changes or development concerning the property, any potential closing dates, etc.
Once you have found your ideal home or business premises, we will submit a formal offer on your behalf. The offer will contain the proposed purchase price, the date of entry and other legal qualifications. The seller will usually return with a qualified acceptance, and an exchange of letters (the missives) between the solicitors on both sides will continue until a binding contract is concluded. At the conveyancing stage, we will also create the Title Deed in your favour and ensure your title is registered in the Land Register.
Selling a property in Scotland
Our dedicated property solicitors will be on hand throughout the sale of your property to provide advice and creative legal solutions to any problems or challenges that may arise.
Home Report – seller
The onus for providing the Home Report rests with the seller, who will be responsible for the costs involved in obtaining the information required. We can recommend surveyors to undertake a home report and organise the logistics of this on your behalf. Our property experts can also assist you in completing the property questionnaire, which forms part of the Home Report.
Valuation and asking price
An estate agent should be instructed to value the property and undertake the necessary marketing requirements. We understand the importance of deciding the correct asking price and can advise on current market trends specific to your location.
Once you have accepted an offer, our property solicitors will negotiate the intricacies of the transaction with the purchaser’s solicitor. We will advocate for the inclusion or removal of any specific terms and conditions in the contract of sale and seek regular instructions from you to ensure we represent your best interests. We will ensure that all legal requirements are complied with and will update you regularly as the sale progresses.
Completion of sale
Our solicitors will arrange for the money from the sale to be transferred to you and, where necessary, organise repayment of any existing mortgage.
Our legal experts understand the challenges faced when buying and selling property and are able to offer holistic and practical advice in a manner that is collaborative, seamless, and cost-efficient. At MacRoberts, we are well versed in the key market drivers and understand the importance of a commercially focused approach. We are able to identify and advise practical and innovative legal solutions that will ensure the most effective and profitable outcome.