Your guide to buying a home in Scotland: Frequently Asked Questions

12 November 2024

Buying a home in Scotland is an exciting journey, but it can also raise many questions, especially if you're a first-time buyer. From understanding the unique aspects of the Scottish property market to navigating offers and legal requirements, knowing what to expect can help you feel more confident through the process.

In this guide, we've compiled answers to the most frequently asked questions about buying a home in Scotland, covering everything from affordability to closing dates. Whether you're new to the property market or looking to refresh your knowledge, these FAQs will help you understand the ins and outs of Scotland's home-buying process.

What is the home-buying process?

The process typically involves searching for a property, making an offer, completing legal work (conveyancing), and finally completing the sale.

How much can I afford to borrow?

Speak to a mortgage advisor to find out how much you can borrow, and consider your income, expenses, and additional costs of homeownership.

What is stamp duty/LBTT?

Stamp duty in Scotland is now called LBTT - this is a tax on property purchases, calculated based on the purchase price. There are different rates for various price bands and types of property so it's worth doing some research on this beforehand.

What is a solicitor or a conveyancer?

A solicitor, also sometimes known as a 'conveyancer', manages the legal aspects of the home purchase, ensuring everything is in order before the sale is completed.

What is a Home Report?

A Home Report is a document required for selling properties in Scotland. It includes a Single Survey (this contains details on the property's condition and valuation of the home), an Energy Report (energy efficiency rating), and a Property Questionnaire (information from the seller on the home). It helps buyers make informed decisions about the property and guides mortgage buyers on how much they can borrow to purchase the house.

How do I make an offer on a house?

If you've found a house you would like to make an offer on you can make a verbal offer yourself, you would then have to speak to your solicitor and they can put forward your offer in writing, make sure you include any conditions, and be prepared to negotiate.

What does under offer mean?

"Under offer" indicates that the seller has accepted an offer from a buyer, but the transaction is still in progress and not yet completed. It means the property is no longer actively on the market, but the sale is subject to final checks and legal processes. You may also see 'sold subject to contract' or 'sold stc', this means the seller has accepted an offer on the property but the sale is not yet legally binding.

What is a closing date?

A closing date is the deadline for buyers to submit their offers on a property. If you're interested, be sure to submit your offer via your solicitor by that date to compete with other potential buyers - include all conditions to your offer i.e. white goods/subject to sale of your own home. After the closing date, the seller will review and select one to accept.

What is a note of interest?

A note of interest allows your solicitor to alert the seller's solicitor/estate agent that you are interested in the property, this means that the property won't be sold to someone else before you have an opportunity to make an offer as well. This will also alert you if the property goes to a closing date.

Purchasing a home in Scotland can be both an exciting and rewarding journey. With a clear understanding of each stage - financing, making offers, and completing legal requirements - you can move forward with confidence and enjoy the process of finding your perfect home.