Buying a home is an exciting yet daunting step. As experienced property solicitors, we understand the mix of eager anticipation and nervousness you likely feel. Deciding on the right place can be tough when you’re not yet sure what you want. But you know in your gut that now’s the time to buy. Homeownership marks a major life milestone.

We’ve heard plenty of glowing stories from new homeowners. But also cautionary tales from those left with regret after things went wrong. After seeing how convoluted or rocky the process can get, we realised that knowledgeable support makes all the difference.

The team here at Scullion LAW has guided countless buyers. We’ll arm you with need-to-know basics, anticipate hurdles, and ensure you make informed choices. That way, you can feel confident at each step of the journey.

Owning your slice of stability stands within reach. Together, we’ll make sure you end up with the happy outcome you deserve. One where the keys to your perfect new place opens the door to this exciting new chapter.

Decision in Principle

Before even house hunting, it’s smart to get a pre-approval letter from a lender. This allows them to assess if they’d give you a mortgage loan based on your financial profile.

Pre-approvals require a glance at your credit score and history to see if you’re in solid standing. Our partners at Mortgage Advice Brokerage handle these with ease from our shared Glasgow office. Their guidance here is invaluable.

Deposit

When kicking off the buying process, we’ll need to verify where your deposit money comes from through bank statements. Whether it’s personal savings or family gifts, it’s mandatory to document the paper trail. Typically, six months of statements do the trick, but occasionally more is necessary.

If you receive deposit funds as a gift, extra forms ensure the lender formally approves. We also ID-check the donor and collect their statements, which must show the gifted sums transferred to you. Handling these details upfront makes everything smoother.

Understanding Mortgage Terms

I get that terms like APR, fixed rates, and loan-to-value ratio can blend together into alphabet soup when you first start researching mortgages. But grasping these key concepts opens doors.

To cut through the jargon, get clear on:

• How much do I need to borrow?
• How much deposit do I have?
• What can I afford to repay each month?
• When would I like to pay your mortgage off?

Having those pillars defined makes picking the right mortgage approach much simpler, minus noise or confusion. I’m happy to decode any terminology questions throughout the process too! Knowledge is power when making this big move.

Finding a Solicitor

Submitting an official written offer requires having a solicitor in your corner. Our First-Time Buyer team here guides countless new owners through each legal intricacy leading up to move-in day. With years under our belt, you can trust us to navigate even the most complex transactions with ease.

If purchasing with another, we also suggest a Minute of Agreement outlining “what-ifs” around selling or one party staying put. This keeps things civil and drama-free should life take you in different directions someday. But let’s not worry about that now!

Understanding the Home Report

Make sure to thoroughly read any provided Home Reports when touring places that catch your eye. These outline everything from energy efficiency and home value to repairs needed or layout changes made over the years.

Essentially, they’re a property’s resume. Anything questionable deserves a deeper dive before committing to making an offer.

Making an Offer

Found your perfect match? Let me know when you’re ready to make it official with a written offer! This specifies your proposed sale price, ideal move-in date, and any extras like appliances you hope to keep.

We’ll handle submitting the legal paperwork and negotiations from there to take any stress off your plate.

Applying for a Mortgage

With an offer accepted, it’s time to connect with your mortgage broker to submit the loan application and get approval underway. We’ll coordinate efforts on both sides so there are no gaps for your move-in date to fall through! Just focus on packing boxes.

Concluding Missives

Behind the scenes, the seller and the solicitors ensure all legal boxes get checked, reporting back on title deeds and paperwork and addressing any transaction hiccups that arise.

Once those are smoothed over and the mortgage is sorted, we officially finalise agreements. We won’t tell you to schedule movers or change addresses yet though! There can still be last-minute setbacks until missives are 100% concluded. Patience pays off.

Date of Entry

Missives complete = here come the keys! You made it!

Remember to snap metre readings and alert your energy and insurance companies about the address change.

Additional things to do

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 on which you’ll move out as well as your new address for the last bill to be sent 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 metre 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, not its purchase price.

Making a Will

We encourage everyone who owns a home to make a Will. The Wills & Future Planning team at Scullion LAW can easily help you.

Contact our conveyancing solicitors in Edinburgh, Hamilton & Glasgow

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 out an online enquiry form and we’ll get right back to you.