The simple step-by-step guide to buying property
Taking the mystery out of house buying
House hunting can be a stressful process. With this simple guide we take the mystery out of buying property and answer some of your frequently asked questions.
When do I appoint a solicitor?
This should be done as soon as you decide to buy. If you don't already have one, ask about ESPC solicitor referral service.
What happens when I find a property?
After you have viewed the property, contact your ESPC solicitor to note interest for you. This means that your solicitor will note interest with the seller's solicitor, ensuring that the property will not be sold without you having the opportunity to make an offer.
What if there is more than one note?
If there is more than one buyer interested in purchasing the property, the seller will usually set a closing date - the date by which the seller wishes all interested parties to submit their offers.
What if I want to make an offer?
You can make an offer through your solicitor, but discuss with them first whether a survey should be commissioned at this stage. It is commonplace in some areas, particularly in Edinburgh, for offers to be submitted subject to survey.
What if the offer is accepted?
Regardless whether your offer is accepted or you are successful in a closing date, you will have to commission a survey. Once the survey is satisfactory, you will need to complete the mortgage application.
What happens next?
In Scotland, the seller's solicitor provides the buyer's solicitor with a qualified acceptance once he or she has received a positive response. This is the beginning of the missives (the exchange of formal letters between both parties' solicitors) stipulating price, date of entry, items included in the sale and a number of additional legal conditions.
What are Missives?
This is a process unique to buying a house in Scotland that is a bit like finalising the contracts in England but which happens much sooner in the conveyancing process. The two solicitors exchange letters and agree to the finer details that were not explicitly mentioned in the original offer. This may include such things as details of any fixtures and fittings or perhaps a slight alteration to the entry date.
Once both parties are agreed on all of the details of the offer the missives are said to be "concluded". This means that both parties have now entered into a legally binding contract from which withdrawal will incur compensation which can run into thousands of pounds. Once missives are completed you are also legally responsible for the structure of the property.
Is this a binding contract?
After the missives have been concluded, there is a binding contract between the two parties. Because the Scottish system binds buyer and seller together, so early on in the transaction, gazumping is rare.
If you are looking for further information or advice, call into one of the ESPC showrooms. Alternatively, call 0131 624 8000.
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