Looking at buying your first home, moving to a bigger place or relocation to our lovely part of the world. Here is our useful buying guide to help you understand what happens when you buy a house in Scotland.
Step one: Speak to an Independent Advisor
Speak with an Independent Financial Adviser. They will assess your salary and spending habits to calculate how much you can borrow and what your repayments would be.
Step two: Do the maths!
You need to take a long hard look at your spending habits. You need to make sure you can afford the mortgage repayments, even if interest rates where to rise in the next few years. check you can afford it. Work out your budget then you can start looking for that perfect home.
Step three: Shop around for the best mortgage
There are thousands of mortgage products out there, some will be available to you and others will not. Make sure your broker/advisor is looking for the best deal for you. Also decide what type of mortgage you want (fixed, variable, tracker) and think about the mortgage term.
Before you start viewing, get a Mortgage Decision on Principle. This it lets you start house hunting in confidence because the first stage of the approval process is out of the way.
Step four: Appoint a Solicitor
A solicitor will be able to give you advice and help you to understand the legal process and costs involved.
Step five: Get Looking
It’s now time to start your search. Contact estate agents and look online to get an idea about what properties are available within budget and in the area you want to live.
Step six: Book Viewings
This will give you a feel for what to look for and what is available. If you see a property you like its a good idea to go for a second viewing, its amazing what you will notice second time round.
Step seven: Home Reports
The Home Report comprises of three items: a Single Survey, a Property Questionnaire and an Energy Report and it can highlight any things you will need to look into and help guide you when it comes time to make an offer.
Step eight: Time to make an offer!
This is usually negotiated verbally with the estate agent first then once you have verbally agreed a figure and terms you will need to instruct your solicitor to submit a formal written offer.
Step nine: Finalising your mortgage
Nearly there! Once you have your written offer accepted, you will need to get your mortgage approved for the sale to complete. You should have your Decision in Principle so you will need your broker/financial advisor to complete the process to ensure you have an Offer of Loan for the purchase.
Step ten: Completing the sale
Your solicitor will work through all the parts of the offer, known as the “missives”, in relation to the sale with the sellers solicitor. Each point will be negotiated and agreed until the solicitors can “Conclude Missives”. Once this takes place the contract is binding and you are legally obliged to pay for the property upon completion.