Welcome to this months HSPC blog where we catch up with our solicitor firms to give you valuable information and advice for everything property in the Highlands.

Findlay Boyd, partner at Ledingham Chalmers, incorporating Anderson, Shaw & Gilbert, gives us an in depth guide to how the conveyancing process works.

Buying and Selling a Residential Property in Scotland

Moving home is one of life's major milestones. That's where we come in. The HSPC has everything you need in one place to make it happen: from straightforward, friendly advice to get you started, to experienced legal specialists who will negotiate the best deal on your behalf.

The legal process involved in purchasing or selling a property in Scotland can be quite involved and I have set out the key steps of each process as follows:-

What to Expect When Buying

Every purchase of a residential property is different, and your solicitor will keep you updated and informed throughout, but here are the typical steps you can expect:-

Step 1: your solicitor will take your initial instructions and give initial advice.

Step 2: once you have found a property, your chosen solicitor will carry out some initial research on the relevant property such as reviewing the Home Report.

Step 3: your solicitor will discuss and advise you on how much you should offer to pay and submit that on your behalf to the estate agent. The solicitor may also negotiate the offer terms with the sellers' agents if required.

Step 4: once an offer is accepted in principle, the solicitor will enter into an exchange of contractual letters (called missives), with the sellers' solicitor. Those missives set out the terms of the deal. When all of those terms are agreed, you will have a contract (known as concluded missives).

Step 5: the solicitor will examine and report to you on the terms of the title to the property.

Step 6: the solicitor will check and examine searches, and check any ancillary documentation such as Building Control and Planning Consents and Timber Reports and Guarantees.

Step 7: the solicitor will raise any title issues or points of concerns with the sellers' solicitor and work towards resolving.

Step 8: the solicitor will prepare the relevant deeds to transfer the title to you.

Step 9: if you are obtaining a mortgage your solicitor will prepare all the necessary documentation and request the funds from the lender for completion.

Step 10: if you are making use of a Government Assistance Scheme your solicitor will also liaise with the scheme providers and their legal advisors to prepare and complete all documentation and arrange for the drawdown of funds on your behalf.

Step 11: your solicitor will work with you to ensure all relevant documents are signed in advance of the completion date.

Step 12: your solicitor will confirm to you the additional funds required before completion. These include your deposit, all costs (such as Land and Buildings Transaction Tax (LBTT), if applicable), land registration dues and your solicitors' agreed fee.

Step 13: your solicitor will arrange for payment of the purchase price to the sellers' solicitors on the completion date and make arrangements for the handover of the keys.

Step 14: post settlement, your solicitor will finalise all legal documentation.

Your solicitor will make any necessary return to Revenue Scotland and pay any LBTT due. Your solicitor will also deal with the registration of your title in the Land Register of Scotland together with your mortgage lender's security.

Step 15: finally, your solicitor will provide you with a copy of the updated title sheet once this has been made available by the Registers of Scotland and pass final details to any mortgage lender.

In line with the Anti Money Laundering Regulations, you will need to provide proof of identity and address. You will also be required to provide proof and source of funds for any deposit you are putting down on the property.

How Long Will it Take?

The average process takes between 6 – 8 weeks, but it can be quicker or slower depending on the number of parties in the chain, the length of time a mortgage lender takes to issue your offer, or if any complexities crop up.

Selling A Home – Estate Agency and Legal Services

Member firms of the Highland Solicitors Property Centre offer a complete estate agency service – from pre-sale valuation through to completed sale.

With in depth local area knowledge, our property experts work with you to develop a marketing strategy for your property to achieve the best sale price possible in the shortest time.

What to Expect

In the first instance, your chosen HSPC estate agent will carry out a property appraisal and provide advice on the current market and the best way to present your property for sale. Before you can actively market your property, you will need a Home Report and you will also need to complete anti money laundering documentation. Once you have instructed your HSPC estate agent to sell your property they will arrange a Home Report through a Chartered Surveyor. It is a legal requirement in Scotland for a seller to provide the Home Report before the property is marketed. Usually the cost is paid directly to the Surveyor and it is based on the property's value.

Your estate agent will offer a range of marketing packages covering website listings, property schedules, professional photography, virtual tours, virtual staging, aerial shots and selective advertising campaigns. Your estate agent will recommend one that suits your property and your budget.

The Conveyancing Process

Every sale of a residential property is different and your solicitor will keep you
updated and informed throughout, but here are the typical steps:-

Step 1: your solicitor will obtain your title deeds and have these ready on file awaiting an offer.

Step 2: your estate agent will discuss with you the level of noted interest and set any closing date if appropriate. When an offer has been received, your solicitor will contact you to discuss the offer terms.

Step 3: your solicitor will then take your instructions on the offer and then issue a formal written acceptance to the purchasers' solicitor along with the title deeds for them to review.

Step 4: your solicitor will deal with any title queries from the purchasers' solicitor and liaise with you on any further property queries.

Step 5: your solicitor will obtain a redemption statement from your current mortgage lender and deal with the repayment of the mortgage at completion of the sale.

Step 6: once the purchasers and their solicitor are happy with everything, they will issue a concluding letter. At this point, the contract (or missives) become legally binding for all parties.

Step 7: your solicitor will liaise with you on the signing of all relevant documentation in relation to the sale and ensure that this is all signed in advance of the completion date.

Step 8: your solicitor will receive the purchase price from the purchasers' solicitor and deal with the repayment of your mortgage and deduct their estate agency and conveyancing fees and any outlays.

Step 9: the net sale proceeds will be paid to your designated bank account or if applicable transferred to your onward purchase.

Step 10: your solicitor will deal with the repayment of your mortgage and have this discharged from the title once the mortgage has been repaid.

How Long Will the Process Take?

The average process takes between 6 – 8 weeks, but it can be quicker or slower depending on the number of parties in the chain or if any complexities related to the title or other details arise.

Thinking of buying or selling? Get in touch with HSPC to get you started. We have the largest portfolio of properties in the Highlands.