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CONVEYANC I NG
I N SCOTLAND
The first stage in all purchase/sale transactions is for a formal offer
to be made by the purchasers’ solicitor to the sellers’ solicitor. That
offer will then be accepted by the other party and on an exchange
of letters there is a legally binding contract.
It is very important to realise that this happens at the very beginning
of the whole transaction and both parties are legally bound as soon
as the offer and acceptance letters have been exchanged.
Unlike other systems, the property is not sold/purchased subject to
contract – the contract in Scotland occurs at effectively day one. It
is therefore, essential that your solicitor is in control of matters at this
time to ensure that no commitment is made without all the details of
the transaction having been agreed.
All the formalities involved in the conveyancing are designed to
protect your interests and to ensure that, so far as possible, you
have all the facts in front of you before the transaction completes.
Nothing can be worse than to move into your new home to find that
there were matters which, had you been aware of them at the time,
would have prevented you proceeding.
The conveyancing process may sound fairly simple but in fact is
very complex.
It does require meticulous attention to detail and, of course, up to
date knowledge of not only the conveyancing process but how local
authorities and lenders operate.
All financial aspects are taken care of and it is the remit to ensure that
your funds are available in time for settlement and that completion
takes place on the agreed entry date.
There is a great deal more to buying a house than you may have
at first appreciated and there are many areas which need expert
attention.