How Long Does it Take to Buy a House in Scotland?
, by Matt Stevens
Property transactions in Scotland generally take between 12 weeks and 8 months to complete, but the process can be even faster, around six to eight weeks, if it is a straightforward purchase.
However, you’ll also need to take into account the time needed for finding that perfect home which you want to buy, in addition to all the various preparations you should make before putting an offer down.
Timing is very important when you’re getting your foot onto the property ladder, and therefore it can be useful to know how long certain things take so that you can create a defined schedule and plan. For this reason, we’ve put together this piece which will take you through every step of the homebuying process, ultimately answering how long it takes to buy a house in Scotland.
The House Buying Process in Scotland
1. Getting a Mortgage in Principle
How long it takes: minutes
Before setting out on your Scottish property search, you should ensure that home sellers take your bid seriously. The primary way of doing this is by getting a Mortgage in Principle (MiP). A MIP is a document which provides an indication of what you can afford to borrow from a mortgage lender. A MiP is not a legal requirement, but it does help in showing that you are a genuine buyer.
2. Finding a Solicitor
How long it takes: a few days to a few weeks
You’ll need to find a legal professional who can arrange certain parts of the process for you like conveyancing, property searches, and contract exchanging. This means appointing a solicitor, and in England is a step typically carried out later down the line. However, in Scotland solicitors are responsible for submitting your property offer, necessitating your having one at a relatively early stage.
3. Searching for Properties
How long it takes: a couple of weeks to several months
After fulfilling the prerequisites, you can begin your property search. It’s a bit harder to set a specific time period for the property hunt because it ultimately depends on how soon you find a house which you like enough to buy. There are various factors which will influence the time taken here, such as the availability of homes in the area in which you want to settle and whether or not you can find a house that aligns with your budget.
4. Requesting the Home Report
How long it takes: a few hours or days
A Home Report is a factor exclusive to buying a house in Scotland. Before a seller can list a property, they must have had a Home Report done. This document will contain a property survey, an energy report, and a questionnaire.
You can request a Home Report from either the estate agent or the seller, which you should definitely do because it’s important to know if the house will potentially need any renovations or repairs in the future and how much you can expect to spend on gas, water, and electricity. If the seller deems that your offer isn’t serious, then they may refuse to give you a Home Report.
5. Making an Offer
How long it takes: a day to a couple of weeks
When you’ve found a suitable potential home, you can inform your solicitor of the fact, who will then make a formal note of your interest with the seller. If you are eager, then your solicitor is able to submit an offer in writing on your behalf, where you’ll await a decision with the chance of a back and forth until a satisfactory figure for both parties is arrived at.
If the seller accepts your offer, you’ll receive a letter stating your “qualified acceptance”. Negotiations between your solicitor and the seller’s will follow, chiefly concerning conditions like what is included within the sale. For instance, certain fixtures and fittings.
Note that if there is collective interest in the property, then you may be asked to make an offer by a selected closing date. This means that the best offer submitted up until the deadline will win, although this doesn’t necessarily mean the highest offer will always be chosen.
6. Applying for a Mortgage
How long it takes: two to four weeks, occasionally longer
One of the most decisive parts of the home buying procedure is applying and getting approval for a mortgage loan. Unless you’re buying in cash, you’ll need a mortgage to fund your purchase. Being wholly determined by your personal circumstances and individual financial situation, the act of getting a mortgage can vary in complexity.
In brief, you’ll need to gather all the correct documents and paperwork you need to fill in the application, which a mortgage broker can confirm the validity of. Secondly, once submitted, your mortgage application will go under for review. Afterwards, it’s possible that your lender will ask for further information, which will cause a slight delay, and finally, you’ll then be presented with a mortgage offering if your application is successful.
See our guide on how to get a mortgage for more in-depth details on this topic.
7. Arranging a Property Survey
How long it takes: between two to four weeks
While your mortgage application is being reviewed, it’s a good idea to be ahead of the curve by arranging for a property survey to be carried out on your prospective house. Although the Home Report does include a survey, this is comparatively basic and it’s advised to have more comprehensive detailing on the property’s condition before you make such a large investment. This can save you money which you’d have to otherwise spend on repairs in future, as well as give you leverage during any renegotiations that take place.
8. Conveyancing
How long it takes: six to twelve weeks
Conveyancing is entirely handled by your solicitor and refers to the legal process of transferring a property to its new owner, officially making them the title holder. While your mortgage application is underway, your solicitor will carry out the property searches necessary for conveyancing. These include local authority searches and environmental searches.
For a full explanation, feel free to read our piece on what searches are done when buying a house.
9. Conclusion of Missives
How long it takes: four to eight weeks
In Scotland, the conclusion of missives is one of the final steps in the home buying process. Once each party is satisfied, your solicitor will sign a document indicating that the conditions of the agreement have been met.
The concluding missive is a binding contract between you and the seller. Subsequently, the date of your entry into the property will be confirmed, and then you’ll transfer the funds to the seller before receiving your keys. Given that this is legally binding, it’s likely you’ll face a penalty if you back out at this point in the transaction.
10. Completion
How long it takes: up to four weeks
Lastly comes completion, where you’ll obtain a statement from your solicitor highlighting what you owe. This comprises your deposit, Land & Buildings Transaction Tax (Scottish Stamp Duty), and any extra fees and charges. Before your date of entry, you will be requested to transfer your deposit to your solicitor’s bank account, after which they’ll then obtain the remaining funds from your lender before sending the full amount to the seller’s solicitor. Once everything has been cleared, you will have bought a house in Scotland and you’ll be able to move into your new home!
If you’d like any more information on what it takes to buy a home, then be sure to get in touch with one of our expert brokers at The Mortgage Genie by calling 01915809890. And why not see how much you could borrow up to today by using our mortgage calculator?
Additional note: Under current Scottish law, every home must have interlinked fire alarms installed. These alarms can be either mains-powered or fitted with sealed long-life batteries, and must be placed in designated rooms.
The above blog has information contained within which was correct at the time of publication but is subject to change.
FAQs
What is the procedure for buying a house in Scotland?
The process for buying a house in Scotland is as follows:
Get a mortgage in principle: to show sellers you’re a serious buyer.
Appoint a solicitor: they’ll handle the legal work and submit your offer.
Review the Home Report and arrange a survey: to understand the property’s condition.
Submit a formal offer: your solicitor will negotiate on your behalf.
Conclude the missives: the agreement becomes legally binding.
Complete the purchase: funds are transferred, and you receive the keys.
Is it quicker to buy a house in Scotland?
In many cases, yes. The Scottish system of conveyancing tends to be faster than in England. Once solicitors have concluded the missives, the agreement becomes legally binding at an earlier stage compared with the exchange of contracts south of the border, often resulting in a quicker completion while reducing the likelihood of sales falling through.
How hard is it to buy a house in Scotland?
The process has its own particularities, but it isn’t more difficult than elsewhere in the UK. What sets Scotland apart is the way properties are usually purchased. Many sales involve sealed bids, meaning buyers submit offers without knowing what others have offered. In addition, both parties must be represented by solicitors, who handle the legal work from start to finish.
