Page 6 - International Buyers Guide
P. 6
How buying works in Scotland
Leith
Scotland has its own legal system for purchasing You will also have to consider any offer
property where buyers are required to submit you make on a property that exceeds the
offers through a Scottish solicitor, and sellers property’s Home Report valuation. Mortgage
must provide a Home Report before marketing lenders usually lend against the Home Report
their property. The stages below take you from valuation or the purchase price, whichever
your first search through to completion. is lower, so anything you offer above the
valuation must be paid from your own funds
rather than covered by a mortgage.
Before you start
You should also appoint a solicitor. If you are
Before you begin your property search, it
purchasing a property in Scotland, you will
helps to get your finances in order. Obtaining
legally need one to submit a Note of Interest
an Agreement in Principle gives you a clear
or make any offer on a property.
understanding of your budget and helps you
focus on properties in an affordable price
range. It is also sensible to arrange mortgage Finally, spend time researching areas that
advice early. suit your lifestyle and needs. A property’s
interior can be updated over time, but its
location cannot - so understanding local
Consider the additional costs that arise during amenities, transport links and the surrounding
buying, including legal fees, property taxes, community is essential. The “Where to live”
removal expenses and any future maintenance. section can help with this.
6 | Buying in Scotland
