Wherever you are on your property journey – whether you’re buying your dream home, selling your current one or getting on the ladder as a first-time buyer – the process can be complicated and, at times, overwhelming. At Beveridge, Philp & Ross, we strive to demystify the property market, breaking down the jargon of the most crucial aspects of buying and selling to leave you feeling clear, confident and excited about your future home.
So, join us as we discuss everything you need to know about conveyancing in Scotland.
What Is Conveyancing?
Put simply, the conveyancing process covers all the legal and administrative work involved in legally transferring property ownership from one person to another.
A number of legal requirements must be met before a property can officially change hands, and while the process can be complex, the right team behind you will ensure the transaction goes as smoothly as possible – taking care of the details so you can get on with what matters.
Who Carries Out Conveyancing?
Conveyancing is carried out by a solicitor who will manage the legal aspects of buying or selling a property on your behalf.
In Scotland, many solicitor firms, like Beveridge, Philp & Ross, are also estate agents. If you’re selling your property, our expert team can market your home, manage the initial transactions, negotiate with potential buyers and oversee all the legal aspects of the sale for a smoother, streamlined and faster process.
What Is the Conveyancing Process?
The conveyancing process begins once an offer is accepted on a property and ends when the new ownership is registered at the Land Register of Scotland. For a typical transaction in Scotland, conveyancing will include:
- Investigating and reporting on the title of the property
- Preparing the necessary legal documents
- Concluding the missives (the contract for the property purchase)
- Submitting Lands and Building Transaction Tax (LBTT)
- Registering new ownership to Land Register Scotland
To put conveyancing into context, the process of buying and selling falls into three main stages:
Submitting an Offer for a Property
The process begins when an interested buyer submits an offer to purchase the property.
Before this, the buyer may have sent a note of interest via the estate agent, who would keep the buyer informed of any developments (i.e. a fixed closing date to submit an offer). When a closing date is set, all interested buyers are required to officially submit their written bids.
Once an offer is accepted, the process moves quickly. Buyers should ensure they have financial arrangements in place to purchase the property, such as a mortgage in principle from their chosen lender.
After the Offer Is Accepted
With an offer accepted, the buyer’s solicitor will examine the title deeds and report.
Then the solicitors of both buyer and seller will draft the legally binding contract to formalise the sale, also known as concluding the missives.
During this stage, the seller’s solicitor will receive written confirmation of the outstanding balance on the property’s mortgage. In turn, the buyer’s solicitor will request the necessary funds from their client’s lender to cover the cost.
How Long Does the Conveyancing Process Take?
While every transaction is different, with no official timescale, the average time it takes to complete the conveyancing process is between 6 – 8 weeks, depending on factors such as mortgage product availability, the complexity of the transaction and other parties in the chain.
Trust Beveridge, Philp & Ross, Professional Solicitors with Over 50 Years Experience
Buying or selling your home is one of the biggest decisions you’re likely to make – ensure you have the best team behind you, with the seasoned solicitors at Beveridge, Philp & Ross. Our experts can guide you through the entire conveyancing process with ease, so you can focus on your dream home.
Get in touch today through our contact form, call us on 0131 554 6244 or email: firstname.lastname@example.org.