Conveyancing - Scotland

 

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Conveyancing in Scotland

Under Scottish law conveyancing contracts are generally concluded at a much earlier stage than under the English legal system. Indeed, once the initial offer has been accepted, the transaction is legally binding. Due to this system, buyers often have a survey made before a bid is offered to the seller’s solicitor or conveyancer.

The process of conveyancing in Scotland.

• Offers will be taken by the seller and a closing date will be set for interested parties.
• A contract is agreed upon in the form of letters between the buyer and seller’s solicitors. These legal letters are known as ‘missives’.
• Once the terms of the missives have been agreed upon the sale is now legally binding.
• The contract should show that the seller has good title to the property as well as revealing clear searches from the local authority and the property registers.

Conveyancing in Scotland: Pros and Cons

One of the main advantages of the conveyancing process under Scottish Law is that parties cannot drop out at the last minute. This helps both parties to avoid unwanted financial and emotional stress

One of the main disadvantages is that the buyer will have to pay for surveys whether the property sale is successful or not. One way of tackling this problem is for sellers to arrange one survey for all potential bidders. In addition the ‘Home Report’ which comprises of a Single Survey, an Energy Report and a Property Questionnaire, allows buyers to understand the property more fully before making a bid.

 

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