Conveyancing is the umbrella term for the legal work involved in buying or selling a home. It is one of those words that can sound a bit daunting if you’re not used to the process of buying and selling property. The essential thing to remember is that when a property transaction takes place in Scotland there a few things that your solicitor must do on your behalf. Here are some things to remember.
Notes of Interest
When you decide to make an offer on a property, it is your solicitor’s responsibility to tell the buyer that you are interested in doing so. This is then followed up by a formal offer.
Much of the work involved in conveyancing involves the exchange of missives. In simple terms this basically a series of letters between the solicitors of property buyers and sellers. Missives are there to make sure that both buyer and seller agree upon all aspects of the property sale. This includes things like date of entry, title deeds and other issues such as whether the building complies with local regulations.
Conclusion of Missives
Once the contract of sale and purchase has been agreed upon, then comes the conclusion of missives. At this point money is transferred from the buyer and their mortgage lender to the buyer’s solicitor.
Date of Entry
It is only on the date of entry that money is transferred from the buyer’s solicitor to the seller’s solicitor. Once this has taken place, the seller provides the paperwork that ensures transfer of ownership. If all the documents are in order and the requisite funds have been delivered to the seller the property deal is ‘settled’.
Land Registers and LBBT
The final piece in the puzzle falls to the buyer’s solicitor who must inform Land Registers about the new owner of the property. At this point, for residential properties above £145,000, Land & Buildings Transaction Tax must be paid to the government. You can find out more about LBTT by clicking here.
This is a whistle-stop tour of the Conveyancing process – for a more information or if you thinking of buying or selling in Edinburgh get in touch!
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