Conveyancing – Residential & Commercial

Buying a property is an exciting time but it can be stressful.  At Williamson and Henry we guide our clients from the start of the transaction giving advice on offer price, conditions of offer right through until the end of the process. (i.e when your title is registered)  we can also take instructions from your bank if you are using a mortgage to purchase.  The best time to get in touch with us is before you offer so that we can give you the best advice.

Home Report

As a buyer, The Home Report has 4 elements: 

1.  The Property questionnaire which is completed by the seller, providing more of the practical information about the property,
2. A Single Survey which is a report on the condition of the property which has been completed by an independent surveyor.
3. Mortgage valuation Report which advises if the property is suitable for mortgage purposes.
4. EPC / Energy Performance Certificate which will let you know the current energy performance of the property and if any green deal for improvements is available

Do I Need to Instruct my Own Survey?

The law society recommends that as a purchaser, if the Home Report is more than 12 weeks old, that you should either get your own survey or ask for the Home Report to be refreshed.  A refreshed home report will only be obtained by the seller if it is a condition of the written offer to do so.

Arranging a Mortgage

If you need a mortgage to enable you to buy a property then we would suggest that you get in touch with your own Mortgage Advisor, Broker, Bank or Building Society, as soon as possible to find out how much you are able to borrow.    If you need a mortgage to purchase this must be part of any offer you submit on a property.

Making an Offer to Buy

At Williamson and Henry we are here to guide you through the entire process of buying a home and that process begins once you have viewed a property you are interested in.   Our Solicitors can assist in helping you decide on how much to offer to secure the property; local knowledge of the market is key!  The offer must be submitted in writing. In Scotland, all formal offers for property must be submitted by a Solicitor. If an agreement or verbal offer is made, this will not be binding and you are at risk of being unable to complete the purchase. On the other hand, there is also a risk that informal letters between buyer and seller directly could create a contract, which without the advice of a Solicitor may put one of the parties at a disadvantage.  You can only offer for one property at a time.

Concluding Missives (Agreeing the Contract)

Once an offer has been submitted, the seller and their solicitor negotiate its terms or start to prepare the formal acceptance if the terms are already acceptable to the seller. 

Once all outstanding points have been agreed, a binding contract will have been formed, known as ‘concluding missives’. Once missives are concluded, although you may not have signed anything personally, at this point you will be bound by the contract. Neither party can now get out of the contract without penalty.

Transfer of Good Title to the Property

The documents of ownership, known as Title Deeds must be checked by your Solicitor. These will provide a description of the property, any rights relating to the property and any conditions known as ‘burdens’ which must be observed by the owner of the property. A buyers Solicitor will report to the buyer on these aspects and highlight anything which may be of concern.  Queries may be raised with the sellers at this stage.

The deed to transfer title from the Seller into the name of the Buyer is called a Disposition. This deed is signed by the Seller.  

Completing the Sale / Purchase

The transaction is deemed to be completed or settled on the agreed date of entry. The Title Deeds to the property will be sent to the buyer’s Solicitor, the price will be paid to the seller’s Solicitor and the keys to the property will be handed over to the buyer.

The buyer’s Solicitor will then deal with all the Land Tax and Land Register requirements.

How much does Conveyancing cost?

At Williamson and Henry we will provide you with a personally tailored breakdown of all the anticipated costs involved with your transaction for a sale this will include the costs of marketing, to the costs and outlays involved specifically with the conveyancing.  For purchasing it will include fees and outlays to purchase as well as any taxes payable to Revenue Scotland for Land and Business Transaction Tax.

Although the purchase price is the main consideration payable by buyers in a property purchase, there are other costs which need to be taken into account. Land Tax must be paid to HMRC by the buyer. Your Solicitor will advise you on how much Stamp Duty will be payable on the purchase of your property.

A contract to Sell / Buy

In Scotland the contract to purchase or sell is known as missives.  There are generally 3 elements to missives.  A) Offer B) Qualified Acceptance C) Concluding Missives.  If you do not know which stage you are at your Solicitor should keep you informed.

You can become bound to the contract at any stage so unlike contracts in England.  It is the Solicitors acting for each party that sign the missives not the seller or purchaser.

Land and Buildings Transaction Tax & Additional Dwelling Supplement.

This is a land tax payable by the purchaser on the purchase of land over a certain value.  The amount you pay depends on the value of the property and your circumstances.  Revenue Scotland have guidance on this.  https://www.revenue.scot/land-buildings-transaction-tax/tax-calculator/lbtt-property-transactions-calculator