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Misconceptions when buying property in Scotland

Posted by HSPC on Tuesday, 05 November 2024

When it comes to buying property in Scotland, several misconceptions can lead to confusion or misunderstandings for prospective buyers. Here are some common misconceptions to be aware of:

Assuming the Scottish Process is the Same as in England:

One common misconception is assuming that the process of buying property in Scotland is identical to that in England. While there are similarities, there are also significant differences in terms of legal requirements, conveyancing procedures, and terminology. It's essential for buyers to familiarise themselves with the unique aspects of the Scottish property market and seek advice from professionals with expertise in Scottish law.

Believing Home Reports Guarantee Property Condition:

Home Reports, which are mandatory for most residential property sales in Scotland, provide information on a property's condition, energy efficiency, and valuation. However, some buyers mistakenly believe that a satisfactory Home Report guarantees the property's condition or eliminates the need for further inspections. It's important to review the Home Report carefully and consider additional surveys or inspections to assess the property thoroughly.

Thinking Offers Over Prices are Fixed:

Another misconception is that the "offers over" price listed for a property is fixed and non-negotiable. In reality, the offers over price is typically set by the seller as a starting point for negotiations, and buyers can submit offers above, below, or at the listed price based on market conditions and their assessment of the property's value. Sellers may also be willing to consider offers below the offers over price, especially if the property has been on the market for an extended period.

Believing Property Surveys are Unnecessary:

Some buyers may underestimate the importance of property surveys and inspections, especially if a Home Report is available. While Home Reports provide valuable information, they may not uncover all potential issues with a property, particularly structural or hidden defects. Investing in a more detailed survey conducted by a qualified surveyor can provide additional peace of mind and help identify any significant problems before committing to a purchase.

Assuming All Properties are Freehold:

In Scotland, the concept of freehold and leasehold ownership, common in England, is different. Most properties in Scotland are held on a "feuhold" basis, which is similar to freehold ownership but may include certain conditions or
obligations. However, some properties, particularly flats or apartments, may be held on a leasehold or commonhold basis, which involves different rights and responsibilities for owners. It's important for buyers to understand the tenure of the property they're interested in and any associated implications.

By dispelling these misconceptions and seeking accurate information and advice, buyers can navigate the process of buying property in Scotland more confidently and effectively.

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