With the right advice buying your home needn’t be stressful. Despite a conveyancing transaction being relatively routine and commonplace many people are mystified about the process actually involved so I hope this simple step by step guide will help you.
STEP 1. Get in touch
When you’ve found your dream property please call us on 0141 552 3422. We will then contact the estate agent marketing the property to let them know you are interested and to find out if there is a closing date. We will discuss with you how you will be funding the purchase and can put you in touch with an independent mortgage adviser if required. At this point we will advise you what our fees will be. Our fees are very competitive and represent excellent value for money. We will also get ID from you as required under money laundering regulations. This initial consultation is FREE.
Step 2. We send the offer
Once all of the above is in place we will send the seller’s estate agent the offer. Our conveyancers know the local market inside and out and can help you get the best possible deal on your new home. If the offer is acceptable the estate agent will pass it to the seller’s solicitor who normally will issue what is known as a “qualified acceptance”. This is basically an acceptance of your offer with conditions attached. We will then negotiate these conditions for you. This process is known as the “Missives”. The missives are not one document but are a series of letters exchanged between the purchaser’s and seller’s solicitors negotiating the deal on your behalf. Contrary to popular belief these do not need to be signed by the purchaser or the seller.
Step 3. Title deeds and reports
At this point we receive certain documents from the seller’s solicitor. These will contain the title deeds and reports relating to the property. “Title to the property” is the legal way of saying that the seller owns it and thus has the right to sell it. If the seller does not have this right because the title is defective in some way then title cannot pass to you. We will therefore examine the title deeds to ensure that everything is in order. If there are any doubts about the titles we will resolve matters at this stage. We will also enquire as to whether the property has had any alterations carried out and whether it has been or could be affected by coal mining. We will receive a Property Enquiry Report which details various matters relating to the property and its immediate surroundings such as drainage and road proposals. An account of the titles and reports will be given to you. We pride ourselves on the quality of our communication and clarity of our advice so our explanation of the titles should be readily understood. Our conveyancers are all friendly and approachable and will gladly answer any questions you may have.
Step 4 We exchange documents with the seller’s solicitor
Now we will prepare a disposition which is the deed signed by the seller that formally transfers title to the property to you. Once agreement has been reached with the seller’s solicitor on the terms of the missives, titles and reports, the missives for your purchase are concluded which means there is a binding contract in place between yourself and the seller with a date of entry , being the date your new home will legally be yours.
Step 5 .The Standard Security
We will take your instructions regarding the mortgage and explain in clear terms just what you are getting into. As the mortgage is secured against your home it is very important that you understand the terms of your mortgage. We will get the Standard Security signed and report on the title to your lender. We will also request your loan funds from the Bank ensuring these are received in sufficient time for settlement.
Step 6.The House is paid for
At this point the financial aspects of the transaction are settled. The price of the house is paid together with the fees for registering your ownership of the property with the Registers of Scotland. We will also submit the Stamp Duty Land Tax Form on your behalf and if the value of the property exceeds £125,000 we will arrange payment of the stamp duty due. SDLT (if due) is paid.
Step 7 Moving in day.
Now you are on your own! Remember to check that everything is working in your new home and let us know of any faults immediately. Good luck and we wish you much happiness in your new property.