Buying a Property
We deal with all aspects relating to property transactions including
buying, selling, remortgaging, leasing, transfers of title and providing
advice on general property related matters. We act for the purchase of
residential and commercial property throughout Scotland.
With years of experience in the property market and with our knowledge of
local price trends, we can help you with the purchase of your new home by
advising you on the correct type of survey you should obtain and on the price
to offer. By negotiating with the selling agents, we can save you money when
it comes to purchasing your new home.
Throughout the course of your property transaction, whether it is buying or
selling your property, you will be supported by a friendly helpful team who
will remove much of the stress usually experienced in moving home. We pride
ourselves in offering a personal and efficient conveyancing service.
Thinking of buying a new house this year?
You may be thinking of buying or selling a house his year. Whatever your
intentions, do not do anything until you have taken advice from NRBS who
can provide specialist advice in residential property transactions.
Whether you are buying or selling a house, re-mortgaging or arranging
your personal affairs by having a Will prepared, we can assist you in
each of these areas. Buying a house may be the biggest single investment
which most people make in life. It is very important therefore to have
someone you can trust to help you through the whole process to explain
all the various steps involved and also to make sure that the transaction
proceeds as smoothly and efficiently as possible.
Buying or selling a house can be a thought provoking experience
particularly as this may involve eating into a large proportion of your
personal savings or committing yourself to repayment of a large mortgage
for many years.
If you are buying we will advise you about obtaining the most appropriate
survey report (there are different types of survey) and give you the benefit
of our extensive experience by advising you on the price which you offer for
the property. As soon as you advise us that you are interested in a particular
property we telephone the seller’s solicitor or estate agent and “note your
interest”. It is accepted practice for the seller’s solicitor or estate agent
to inform us of any closing date for offers for the property in which you
are interested and it would normally be the case that no competing offer
would be accepted without you first having had the opportunity to submit
your offer. Please note, however, that the seller is not legally bound
to recognise a noted interest or accept the highest offer where there
is competition or indeed any offer!
Once you have decided that you wish to follow up your interest and make an
offer for the property, we will then prepare and submit a detailed offer
on your behalf in appropriate legal terms and thereafter take steps to
complete the transaction.
Expert guidance is essential at this point and a number of factors
have to be examined with you, including the following:-
- Valuation and asking price
- Cost of carrying out any repairs to the property
- The current state of the property market
- The demand for the type of property in that location
- Competition for that particular property
In the event that the seller’s solicitor has received a number of “notes of
interest” in a property, a “closing date” for offers will normally be fixed.
The date of the “closing date” will be given to us by the seller’s solicitor
(or indeed the marketing agent). We will submit your offer along with all
other offers at the closing date where all parties offer at the same time.
None of the parties offering for the property should have received any
information about any other offers which may have been lodged with the
seller’s solicitor. Should your offer not be the highest there will be
no second opportunity to offer at the “closing date”. However, if there
are no other notes of interest it is then possible to open negotiations
or submit your offer immediately in the knowledge that, if the sellers
turn down your first offer, that you will probably have the option of
reviewing it.
The offer which we prepare for you deals with a number of matters other than
the purchase price including the following:-
- The date of entry (i.e. the date on which the purchase price is
payable in exchange for the keys). This date will normally be between four a
nd twelve weeks after the offer. The date will often be agreed following
upon negotiations between the purchaser and seller.
- Extras. Any “moveable” items to be included in the price, such as
carpets, curtains, shed, etc. should be detailed in the offer.
- Should your survey report disclose that alterations have been
carried out to the property there will normally be a requirement that all
necessary planning and building control consents be delivered by the seller.
- Should the access to the property be by means of a private driveway
or access road, rather than directly from the public road, the offer would
normally contain a requirement that the seller’s title deed contains a
right of access for pedestrian and vehicular purposes to and from the property.
- Any particular requirements you may have for the property’s use. It
is of course essential that you make us aware of such matters in advance of
the offer being submitted to the seller’s solicitor.
Normally, if the price is acceptable to the seller, the seller’s
solicitor will send us a written acceptance of the offer. The written
acceptance will normally contain a number of qualifications to the offer.
A binding contract is entered into only when there is a written agreement
between the solicitors acting for both purchaser and seller in relation
to all the conditions of the contract. The conditions are normally
contained in a number of letters (“missives”) which are exchanged between
the solicitors. Once all of the conditions contained within these letters
are agreed on both sides then the stage of “concluded missives” is reached
which means that neither the purchaser nor the seller can normally
withdraw without becoming liable in damages to the other. The various
letters passing between the solicitors which make up the contract are
normally signed by the solicitors as agents on behalf of their clients.
Our Property Purchase Service includes:
- Initial introduction and discussion of market.
- Noting interest.
- Instructing surveys.
- Advising on price and other terms of offer.
- Submitting offer on your behalf. (NB While we are happy to pursue up to two
properties for you, including the submission of offers, thereafter we do make
an extra charge for each additional property you instruct us to investigate
on your behalf).
- Negotiating and concluding the contract.
- Examining title and search reports and reporting to you.
- Preparing loan documentation for principal mortgage.
- Liaising with lender.
- Preparing title deed in your favour; revising seller’s drafts.
- Arranging settlement of transaction; co-ordinating finance, obtaining
and delivery keys to you.
- Attending to stamping and registration formalities.
- General advice and assistance throughout.
If you require any further information or assistance, please do not hesitate
to speak to Noemaan Butt who is the Principal responsible for the residential
property services provided by this firm.