The Buying Process For
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If the offer is accepted, the seller's solicitor sends back an acceptance contract. Then both parties are bound by the sale. Only at this stage is the Scottish property put "UNDER OFFER".
After the Scottish property is under offer and the "Missives are concluded" (similar to exchange of contracts in England) both parties are in a legally binding contract. Withdrawal will incur a hefty compensation bill, possibly running into many thousands of pounds. Also once missives are completed, you're legally responsible for the structure of the property. You'll want to make sure you have adequate property insurance in place.
What this means is that you can't just put an offer on a Scottish property yourself. You have to instruct a solicitor based in Scotland to do it on your behalf. You also need to ensure that you have the funds in place for completion. If not, you'll at least need an agreement in principal from your mortgage lender.
In England and Wales anyone can make an offer and withdraw at the last minute; either because they couldn't get a mortgage or they changed their mind. This is not the case in Scotland.
Also be aware that when you're sourcing Scottish Property, the price advertised for sale is the minimum you will have to pay. It's not a starting point for bargaining downwards like in England. Properties here in Scotland are not sold at their asking price. They're sold at 10% or more above the price advertised.
Finally, once all your paper work is complete, the vendor's solicitor will hand over the keys, and the "disposition document" (which legally transfers ownership of the property to you) will be completed.
Return from Scottish Property to But to Let Scotland
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