Most Common Property Questions Answered

23 June 2022

Whether you’re buying or selling a home for the first time, we know there are many questions you will have about the process – from how much it costs to sell, to how you can buy successfully in a competitive housing market.

 

Director of conveyancing at Mov8, Gavin Pearson, has shared his answers for the most frequently-asked questions from buyers and sellers.

 

Do first time buyers have to pay LBTT?

 

It all depends on the property’s purchase price. Right now, purchase prices of £145,000 and below do not trigger any liability for LBTT, and first-time buyers in Scotland are exempt from paying LBTT on any purchase price between and including £145,001 and £175,000.

 

For first-time buyers purchasing a home for above £175,000, or experienced homeowners buying their next property above £145,000, there is liability for LBTT, which is calculated proportionately, as shown below:

Purchase Price

LBTT Rate

Up to £145,000

0%

£145,001 to £250,000

2%

£250,001 to £325,000

5%

£325,001 to £750,000

10%

Over £750,000

12%

 

What are the costs when buying/selling a property?

 

When buying a property, the typical costs will be the conveyancing fee (which varies from firm to firm) and various outlays, which will typically be LBTT (if applicable) and registration dues for the title deed and any mortgage deed.

 

When selling, typical costs will be estate agency fees and outlays (which will vary from firm to firm), a conveyancing fee, for the legal work and outlays including search costs and registration dues for the discharge of any mortgage security. 

 

Can I place an offer on two properties at the same time?

 

Only if you have enough money to purchase both!

 

Until the missives are concluded for any purchase, you and the seller are not in any binding contract. However, in Scotland, there are rules of etiquette which solicitors operate under, which aim to make the process of offering for a property a serious commitment to the transaction, by the purchaser, if their offer is accepted. Any conditions of the purchase (such as the purchaser needing to obtain a mortgage, and/or sell an existing property) should be disclosed in any offer.

 

If you did want to offer for two properties at the same time (for example, if the two properties had the same closing date), you would need to decide which property you preferred, and the offer for the other property would need to make clear that it was subject to your first-choice offer not being accepted, which may not appeal to the seller. 

 

In this scenario, most people just decide to make an offer for the property they like best.

 

How do I make an offer on a property?

 

You should contact a PSPC member firm as early as you can in the purchase process, this allows you to obtain a quote for their services, and find out who you should contact from there when you have decided that you want to make an offer on a property. 

 

Before you reach that stage, you should find out what information your chosen firm requires from you. For example, in most cases, if you need a mortgage to purchase the property, you will be expected to have a mortgage agreement in principle from a named mortgage lender, otherwise that will need to declared when the offer is submitted and may well prejudice your offer in the eyes of the seller. 

 

In the current market, the key is being able and prepared to move quickly. In many cases, even if you are keen to submit an offer, there could be other interest in the property, which means that all you can do is ask you solicitor to submit a note of interest for you and wait till a closing date is set, when all parties interested will be invited to submit their best offer.

 

Why are properties selling so quick? And how can I buy successfully in a competitive market?

 

Luckily, things are returning to some sort of normality after lockdown. Many people are reconsidering their living arrangements and current location; due to a change in their working setups. However, there is a lack of stock on the market; people are reluctant to put their current property on the market until they have successfully offered for their next home, resulting in a lack of stock.

 

During the current climate, many people can be offering for one property, which is good news for a seller but difficult if you are purchasing. The best advice is to seek and take advice from a solicitor, they will have the best knowledge of the current market conditions and may be able to provide other valuable insights from information from the estate agent and the Home Report. 

 

Also, consider flexibility when looking at types of property and areas to purchase in, this may give you a better chance at having an offer accepted. 

2022

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2021

How the Scottish Housing Market has Changed Over the Last 50 Years 2021-12-27 Can I Get a Mortgage Without Permanent Residency? 2021-12-20 Property Conversion - Everything You Need to Know 2021-12-15 Asking Price - Everything You Need to Know 2021-12-06 Using a Home Report When Buying a Property 2021-11-29 What is Shared Ownership? 2021-11-24 What You Need To Know About Getting a Mortgage When You're Self-Employed 2021-11-19 So, What Is a Mortgage Agreement in Principle? 2021-11-08 Why You Should Use a Solicitor Estate Agent When Moving House 2021-11-03 Thinking of buying a listed property? Here's what you should know 2021-10-26 Everything You Need to Know About EPC Registers and Certificate Guides 2021-10-25 How much can I afford to borrow? 2021-10-20 Nine Steps to Selling Your Home 2021-10-18 Climbing the Property Ladder 2021-10-11 Fire Alarm Laws are Changing in Scotland 2021-09-27 Research You Should Conduct Before Buying a Property 2021-09-20 The LIFT Scheme and How You Can Use It To Buy a Home 2021-09-17 The Latest Scottish Government Guidance on Property Viewings 2021-09-10 NORMAL SERVICE BEING RESUMED IN A BUOYANT HOMES MARKET 2021-08-31 Should You Refurbish Your Property? 2021-08-18 Preparing Your Home for a Successful Sale 2021-08-13 Mortgage Interest Rates - What are they? 2021-08-09 Helping You Consider the Right Location for Your Next Move 2021-07-26 Tips For First Time Buyers To Help Get Them on the Property Ladder 2021-07-19 Scotland's First Home Fund is Closed, What Other Schemes Can Help First Time Buyers? 2021-07-12 Retirement Interest Only Mortgages - What You Need To Know 2021-07-07 How the UK Mortgage Market Has Changed Due to Coronavirus 2021-06-30 How To Boost Your Mortgage Deposit 2021-06-21 New Rules For Fire and Smoke Alarms in Homes Across Scotland 2021-06-17 Preparing To Put Your House on the Market in 5 Key Steps 2021-06-14 How Much Mortgage Can I Get For My Salary? 2021-06-09 How Long Does it Take to Buy Your First House or Flat? 2021-06-02 Is Your House Ready to be Sold?: House Selling Checklist 2021-05-31 What is a Mortgage Agreement in Principle? 2021-05-25 All You Need To Know About EPC Registers and Certificates 2021-05-19 Making the Most of House Viewings 2021-05-12 How the Coronavirus Pandemic has Changed the Priorities of Scottish Home Buyers 2021-05-05 Top Tips on Preparing to Buy a House 2021-04-26 What You Need To Know About Overpaying a Mortgage 2021-04-21 Advice on Buying a Property During the Covid-19 Pandemic 2021-04-14 How the UK Mortgage Market Has Changed Due to the COVID-19 Pandemic 2021-04-13 Scotland's First Home Fund: Applications Now Closed 2021-04-09 Scotland's First Home Fund 2021-04-07 Scottish Stamp Duty Holiday: How Did LBTT Change and When Did it End? 2021-04-06 Property Questions Answered 2021-04-02

2020

Perthshire housing market back with a bang 2020-12-10 Digital Guide 2020-05-27

2019

The property market across Scotland - Quarter Two 2019 by SPC Scotland 2019-10-16 LORD PROVOST OPENS NEW-LOOK CENTRE 2019-09-17 The Dundee property market 2019-06-24

2018

Property Repair Seminar 2018-11-20 Free Property Repair Seminar Tuesday 13th November 2018 2018-11-09 The Facts January - September 2018 2018-10-18 Process of buying your property with PSPC 2018-09-11 Land & Buildings Transaction Tax - Help for First Time Buyers 2018-07-19 **Summer** 2018-07-17 A New Look for PSPC 2018-04-18 Followup for Property Repair Seminar 2018-03-26 Property Repair Seminar - Information 2018-03-19 Property Facelift 2018-03-09 Property Repair Seminar - Caring for your Historic Building 2018-03-03 Buyers Event at PSPC 2018-02-24 Moving This Spring? Something Old, Something New 2018-02-07 More on the Help To Buy Buyer's Event 2018-02-06 Help to Buy 2018-01-30 Stats - How was 2017? 2018-01-10

2017

Christmas Opening Hours 2017-12-18 Children's Christmas Colouring In Competition 2017-12-18 Free Valuations 2017-11-22 Countdown to Christmas: never too late to buy or sell! 2017-11-21 Winter Warmer 2017-11-03 Sold 2017-11-01 Three quarter year stats - 2017 2017-10-04 Help to Buy September 2017-09-30 New Digital Guide 2017-09-20 SPC Scotland New Website 2017-09-05 Digital Guide 2017-08-10 Six Month Review 2017-08-02 Reasons to live in Perthshire 2017-08-02 Under Offer 2017-08-01 June stats 2017-07-03 Chunky facts 2017-06-27 May sales 2017-06-02 First Quarter Stats 2017-03-31 Hospital Radio Quiz Night 2017-03-23 Help to Buy Event 2017-03-08 property: Perth top of Scots table with 27% gain, with Dundee close behind 2017-03-08

2016

Welcome Message Guide Issue 1477 8/12/2016 2016-12-07 PSPC Guide Competition 2016-12-07 Competition Time 2016-12-05 Social Media 2016-11-30 Black Friday 10% Voucher Deal 2016-11-25 Welcome Message Guide Issue 1476 17/11/2016 2016-11-17 Winter Warmer 2016-11-17 Thank You 2016-10-31 Welcome Message Guide Issue 1475 27/10/2016 2016-10-26 Help To Buy Event 29th October 2016 2016-10-25 Help to Buy Event 2016-10-25 Stability Remains the Theme 2016-10-06 Help to Buy Event at PSPC 2016-09-30 Need a little help getting on the property ladder?? 2016-09-22 Welcome Message Guide Issue 1473 15/09/2016 2016-09-14 August Sales/Under Offers 2016-09-01 August stats 2016-09-01 Welcome Message Guide Issue 1472 25/08/2016 2016-08-26 Local Market -v- National Trends 2016-08-26 Staff Position 2016-07-22 Welcome Message Guide Issue 1470 14/07/2016 2016-07-13 First Half of 2016 Sees £50M+ Property Sales 2016-07-01 Welcome Message Guide Issue 1469 23/06/2016 2016-06-23 Summer Storage Solutions 2016-06-23 Welcome Message Guide Issue 1468 02/06/2016 2016-06-02 Taxing Times 2016-06-02 Welcome Message Guide Issue 1467 12/05/2016 2016-05-11 A First Time for Everything 2016-05-11 Welcome Message Guide Issue 1466 21/04/2016 2016-04-21 Property Market Spring Forwards 2016-04-21 PSPC Guides 2016-04-14 Welcome Message Guide Issue 1465 30/03/2016 2016-03-30 Blooming Marvellous 2016-03-30 Sounding Out Perthshire's Legal Talent 2016-03-30 ‘Perfect storm’ in property market 2016-03-24 Welcome Message Guide Issue 1464 10/03/2016 2016-03-09 Selling Up? Clear Up! 2016-03-09 Help to Buy and Lift Scheme FREE Mortgage Advice 2016-03-04 Welcome Message Guide Issue 1463 25/02/2016 2016-02-24 Financial Help for Perthshire Househunters 2016-02-24 Under Offers 2016-02-17 Welcome Message Guide Issue 1462 11/02/2016 2016-02-10 Help to Buy = Help you Move! 2016-02-10 Help to Buy Event 2016!! 2016-02-05 Welcome to the latest edition of PSPC's Guide 28/01/2016 2016-01-29 Why PSPC? 2016-01-29 First Guide of 2016 2016-01-13 Moving On Up in 2016 2016-01-13 Stats 2016-01-12

2015

The Last of 2015 2015-12-10 PSPC Festive Opening Hours 2015-11-25 PSPC Festive Opening Hours for Saturdays 2015-11-25 Busy time for PSPC with Under Offers 2015-11-18 Its Never to Late 2015-11-09 Selling the Outside 2015-10-28 Perthshire Property Market 'Turns a Corner' 2015-10-15 Independent Financial Advice 2015-10-12 Turning Over a new leaf this Autumn 2015-10-01 Your most popular questions answered about Title Deeds 2015-10-01 Chairman's Report 2015-09-22 Properties 2015-08-01 Under Offers - July 2015-07-31 Under Offer 2015-07-22 January - June 2015 2015-07-02 Buying to Let 2015-06-12 Storage Problems? 2015-05-20 Sellers Event 2015-04-30 Spring Sales Review 2015-04-16 The Changing Face of Pensions 2015-04-14 Easter Weekend 2015-04-03 Help to Buy Day 2015-03-23 Help to buy Made Easy! 2015-03-17 Money DOES Matter! 2015-03-10 Moving on up in 2015 2015-03-10 Taxing Times 2015-03-10 And Relax.... 2015-03-10 Guidance on Stamp Duty 2015-03-10 Further update to Stamp Duty 2015-02-06 All change again for Stamp Duty 2015-01-05 Moving on up in 2015 2015-01-05

2014

November figures 2014-12-17 Staff Vacancy 2014-10-20 Taxing Times 2014-10-14 Stats 2014-10-14 September Stats 2014-10-02 Pitlochry Highland Games 2014-09-25 Pitlochry Highland Games 2014-09-12 Aberfeldy Show 2014-08-07 Half Year Stats 2014-07-09 Scotland's Housing Market 2014-06-04 Help to Buy 2014-06-03 Monday Bank Holiday 2014-05-23 Help To Buy Event 2014-05-16

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