You are prepared to make a significant life change by buying a home. You may be unsure of the type of property you want, but you are certain it is the best next step for you. Owning your own home is a big decision and a turning point in many people’s lives.
There are many stories of new homeowners who had a positive experience throughout the process of buying the right home. Unfortunately, others have had negative experiences that have left them with a lot of regret.
At Scullion LAW, we aim to ensure that you are protected on all fronts when taking this big step. We have compiled a list of essential things to consider throughout your property buying process. These are:
Before making an offer on a property, you’ll need a mortgage lender to confirm that they are prepared to lend you the money.
This ‘Decision in Principle’ involves a credit check and a review of your credit score.
Scullion LAW shares an office in the West End of Glasgow with Mortgage Advice Brokerage and highly recommend them when buying a home.
It is important that you tell us at the beginning where the money is coming from for the deposit e.g., gift from family or personal savings.
You must provide evidence of the ‘source of funds’ which shall be a minimum of 6 months bank statements. Your Solicitor could request more than 6 months bank statements at their discretion. If part of your deposit is a gift, your mortgage lender will need to approve this, and your donor must complete and sign a gift mandate.
Your Solicitor will need to do an ID check on the donor, obtain at least 6 months of bank statements for the donor showing the accumulation of funds together with a bank statement showing the transfer of the gifted funds to you.
Understanding mortgage terms is a great early step in your journey towards buying a home. When you’re trying to make a big purchase, it can be hard to see all the angles. Often, a lot of the terminology (also known as “real estate talk”) used when looking at different aspects of your mortgage can be confusing.
Cut through the noise by answering these essential questions:
The answers will usually guide you to what type of properties you can go for.
You need a Solicitor to submit your written Offer for the property you wish to buy.
Our friendly First Time Buyer team at Scullion LAW have the skills, understanding, and experience required to guide you through the complex legal process from Offer to entry. You can trust in us.
If you are buying a property with another person and one of you is putting in a larger deposit, we would recommend that you enter into a Minute of Agreement.
This will help lay out what will happen should you decide to sell the property, or if one party wants to move and the other wishes to keep the house.
When you view a property, please read the Home Report in detail. This survey tells you the energy efficiency and value of the property.
It also highlights any concerns e.g., state of repair and any alterations undertaken.
Once you are satisfied with the property, ask your Solicitor to submit a written Offer.
This will include the price, date of entry and any extras you want such as white goods (fridge, freezer, dishwasher, washing machine, lighting, curtains etc).
Once your Offer has been accepted, you must notify your mortgage broker who will submit your mortgage application. They will also liaise with your lender to get the loan offer issued in time for your move.
The formal legal process between your Solicitor and the seller’s Solicitor involves checking the title for the property, reporting to you with the title deeds and other ancillary documentation, and doing everything within their power to resolve any issues raised during your transaction.
When all the legal checks are complete and the mortgage has been issued, then missives can be concluded.
Please do not make any plans to move until missives are concluded as the date of entry is subject to change.
Timescales and complexities can vary per property.
Until missives are formally concluded, either side can walk away without a penalty.
When the seller’s Solicitor receives the money – you receive the KEYS!
Notify your energy supplier: Before you move, you should make sure your energy company are aware of your upcoming move.
Let them know the date which you’ll move out as well as your new address for the last bill to be sent on to.
Take a meter reading on the day of the move to avoid being overcharged by your energy supplier. If you currently rent, you should confirm your meter readings with the landlord.
Buildings and contents insurance: Your buildings insurance will usually cover the cost of repairs to any structure or fittings in your home.
Buildings insurance should cover you for any fire damage, flooding, or subsidence issues.
The cost of buildings insurance is based on what it would cost to rebuild the property, and not its purchase price.
Making a Will: We encourage everyone that owns a home to make a Will. The Wills & Future Planning team at Scullion LAW can easily help you.
We’re dedicated to making sure you can get started in your new home as soon as possible.
Do not delay, contact us today on 0141 374 2121, send us an email at info@scullionlaw.com, or fill in our online enquiry form and we’ll get right back to you.
Buying|Conveyancing|First Time Buyer|First Time Buyer Glasgow|New Home|Property|Property Law
Email: info@scullionlaw.com
130 Saltmarket
Glasgow
G1 5LB
0141 374 2121
105 Cadzow St
Hamilton
ML3 6HG
01698 283 265
730 Dumbarton Road
Glasgow
G11 6RD
0141 374 2121