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Buying your first home?

Purchasing your first home is one of life’s great milestones. It’s a time of wonderful excitement. Good preparation assists:-

1. Do your homework

Buying a house is a massive investment and some locations will appreciate much more in value than others. The pros and cons of different areas should be explored. Make sure that you also complete a budget planner to balance your committed spending and your income.
2. Find a mortgage

Approval in principle should be obtained before seriously committing to flat or house hunting. Mortgage options will vary depending upon the amount of deposit that is available to put down, the nature and length of your employment, your credit history etc.

3. Appointing a Solicitor

The process in Scotland is rapid with a fast moving market. It is important to note interest with your Solicitor. Advice can then be provided to you on comparative sale prices, the scope of the Home Report (see www.homereportonline.co.uk ), what further survey may be required and what would be an appropriate price and entry date. Your Solicitor will provide you with a fee estimate detailing not only the conveyancing fees but registration dues and other expenses.

4. Viewing

You will be likely to make your first viewing online but thereafter consider viewing at different times of the day to check for possible factors that may influence your decision. Refer to a check list such as www.aviva.co.uk/home/house-checklist/

5. Payment of price and completion

Unless purchasing a new build, there is generally no deposit payable in Scotland. The price is paid in full at the date of entry. Insurance and maintenance risk likewise usually passes on at the date of entry.

For more information please contact either Stephen Murray or one of the other members of our Residential Conveyancing Team.

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Morisons Solicitors Stephen Murray