Vendor FAQ's - Scottish Version

No. Either party can withdraw before missives are concluded.

Before you can market a property in Scotland it is a legal requirement to have a home report, all potential buyers must be provided with a copy.

The Home Report consists of a single survey, valuation and property questionnaire, which is intended to let the seller and potential buyer know the true condition of the property, the need for any repairs and its market value.

The information must be provided to all potential buyers and it helps them obtain a mortgage and allows the property to sell with no last-minute problems.

A home report is not required if the property is a new build or newly converted, but an EPC may still be required.

We can arrange for a home report to be carried out.

As a rough guide, it should take around 12 weeks, however there are a wide range of factors that can impact on timescales.

One major influence is the number of people in the chain. A chain usually starts with a buyer who has nothing to sell and ends with a seller who is not buying on. The links of the chain are the people in the middle who are selling one property and buying another. The chain will only progress at the pace of the slowest link.

Enquiries raised as a result of the home report, any additional surveys or other terms of the contract can slow progress, so it is always best to deal with as much as possible premarketing. If the buyer is reliant on a mortgage, the lenders requirements can also slow down the process.

Using an estate agent who knows the process inside out from start to finish, who will communicate regularly with all parties in the chain to provide honest advice and guidance and who will keep the transaction progressing at a steady pace, is invaluable.

Signing missives occurs when the buyer’s lender has issued the loan offer (if applicable), the date of completion is agreed, all enquiries have been answered and you, the buyer and both parties’ respective solicitors are satisfied that everything is in order.

The solicitors then sign the contract on behalf of you and the buyer.

At this point the sale becomes legally binding and you have concluded missives.

Completion, put simply, is ‘Moving Day’.

The sale price will be paid over to your solicitor by the buyer’s solicitor.

You will be required to vacate the property and to hand over all the keys to Northwood. Once we have confirmation from the solicitor the sale price has been paid we shall then telephone the new owner to collect the keys.

Your solicitor will then deduct any fees, redeem your outstanding mortgage (if applicable) and transfer the balance to you.

Congratulations – you have sold your property!

Only the buyer has to pay LBTT, however you need to take account of it if you are purchasing another property.

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