Citizens Advice – How to Get a Dream Home in Scotland

Planning to buy a home in Scotland?  This article will help you through your endeavor.  Home buying in Scotland is not easy as you  may think. However, all the information here can help you get your dream home.

The issues and procedures when buying your dream home are explained here.  However, there are problems in buying and selling a home such as;

•    Hiring of real estate agent

•    Building lenders and societies

•    Issues with the buyers

•    Issues with the sellers

•    Property issues

•    Discrimination

Here are the following questions you must know before buying a property;

How much you can afford to buy?

•    Work on your budget first

The initial step you need to think is your budget.  You have to set up a budget that comes from your existing income and also from the expenditure.  By knowing all, you can determine how much money you can spend in your dream  home and the mortgage that you should pay.

•    How much cash you need to borrow

Find out first how much cash you need to borrow. There are lots of financial institutions in Scotland that could help you through. They offer affordable loans to residents who want to buy a property. The lending institutions in Scotland usually include banks and building societies. You need to go out and find if you are eligible to borrow from them and how much loan you can get.

Once you have an idea how much cash you can borrow, work out for your new budget.   This advance planning can protect everyone from getting debt later on.   There are building societies that provide home buyers a certificate of the loan availability. Before starting to search for the property, check out several building societies.

•    Additional costs when buying a home

Before you decide how much you should spend on the property, be sure to have enough cash for the payment of the additional costs such as;

1.    Survey costs

2.    Valuation fees

3.    Stamp duty

4.    Mortgage lender’s fees

5.    Solicitor’s fees

6.    VAT

7.    Removal expenses

8.    Final bills like electricity and gas

9.    Council tax

10.    Heating bills

11.    Insurance costs

•    Summary of home buying steps

Step 1 – Choosing a conveyancer or solicitor

Step 2 – Investigate a mortgage

Step 3 – Find a property

Step 4 – Decide on a property

Step 5 – Get a home report

Step 6 – Get survey (optional)

Step 7 – Make an offer

Step 8 – Set up a closing date

Step 9 – Acceptance of an offer

Step 10 – Completion

How to choose a conveyancer or solicitor?

When somebody wishes to purchase a home in any situation, it is ideal to use a conveyancer or perhaps a solicitor to help you in terms of legal works.  It is also advisable to approach the local firms of conveyancers or relatives, and friends to recommend a dependable company.  Before choosing a solicitor, ask first for their estimated price in terms of home buying. It is important, to call many solicitors to have a cost comparison. Here’s how;

•    Make sure the quoted figure is fixed and the work is being involved.

•    Check figures like search fees, stamp duty, land registration costs, VAT expenses, and breakdown of costs.

•    Find out the charges when there is a fall in sales.

Remember, do not hire the same solicitor or conveyancer that works for both seller and the buyer. The solicitor cannot work to both  buyer and the seller.  You can get benefits in hiring local conveyancer that has enough knowledge in terms of the housing market.

What is the work of the conveyancers or solicitors?

•    Discuss the needs of the buyer and explain the process in terms of home buying as required.

•    Explain various surveys, home report, and arranging surveys for the home.

•    Inform the solicitor of the seller if the customer is interested to make a house offer.

•    Prepare documents of the home mortgage.

•    Check the property’s legal ownership and prepare deed that confirms the ownership of the buyer. The deed is a kind of document that proves who is the owner of the property.

•    Check the certificate of the property from the local council to know if there are renovations that affects the house.

•    Check if the house alterations followed a proper agreement from the local council.

•    Get the money and pay to the solicitor of the seller.

•    Check if the property is insured.

•    Negotiate to the seller's solicitor for any dispute.

Where to get mortgage in Scotland?

•    Building societies

•    Banks

•    Huge building companies

•    Insurance companies

•    Mortgage companies

•    Finance houses

However, if you are a first time home buyer in Scotland, you can get a mortgage from other government sources.  The rest of cash can also be obtained from the building society or mortgage lender.

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