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Embarking on the journey of buying a house in Scotland involves navigating a series of legal steps to ensure a smooth and legally sound transaction. This blog provides a simplified yet comprehensive overview of the home-buying process in Scotland, covering key stages from appointing a solicitor to the registration of title.
If you would like more advice about buying property, contact our team today.
Scotland's average home price increased by 1.57% between June 2022 and May 2023, with significant regional variances.
Edinburgh experienced the strongest growth among Scotland's major cities, rising by 3.35% over the course of the year, with the monthly figure of £334,118 recorded in May ranking as the second-highest ever. Compared to Glasgow and Dundee, Aberdeen's average costs increased by 0.81% and 1.68%, respectively, over the course of the year.
Already a difficult undertaking, the continuous economic uncertainty makes getting ready for a mortgage more difficult. The ability to efficiently save and budget is increasingly difficult due to the cost of living problem and the Bank of England base rate, which is currently at 4.25%, its highest level in 14 years.
Since a mortgage is a long-term commitment, it's crucial to understand what you can afford and to take the required steps to maximise your chances of finding the best deal.
Closing dates are a peculiarity of the Scottish property market. If you are buying or selling a home in Scotland, you are likely to come across this process, whether it ends up being used in your transaction or not.
If you are buying or selling a flat, you might need to deal with a new health and safety aspect of the transaction – the EWS1. This form is the result of guidance issued by the UK Government concerning cladding on residential apartment buildings after the devastating fire at Grenfell Tower in June 2017. Although the guidance applies to England and Wales, the Scottish Government is currently referencing it until separate guidance for Scotland is published in Autumn 2020.
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