Buying a Property
At DM Property, we aim to make buying a property as stress-free and as simple as possible. Whether you are a first-time buyer just starting on the property ladder, adding to your growing property portfolio or somewhere in between, you can trust us to deliver more when it comes to making sure that buying a property is as straightforward as can be.
When buying a property you will need to go through a process known as ‘conveyancing’. At DM Property, we have a team of experienced conveyancing solicitors, who are well equipped with all aspects of conveyance and property law. With expert knowledge of the Scottish property market, combined with our negotiating skills and dedication, you'll always get the best possible service and results.
What is 'Conveyancing'?
Conveyancing is defined as the legal transfer of property from one owner to another. There are a number of stages involved in the conveyancing process, from negotiations and confirming details of the property purchase in the form of missives to carrying out searches on things such as title deeds.
The Conveyancing Process
As with any legal procedure, conveyancing can be a complex process. However, our experienced solicitors will be there to guide you through this process at every step of the way and take away the stress of buying your property.
There are a number of stages in the process, which starts when an offer is accepted on a property and ends once property ownership is transferred from seller to buyer. Here is a general breakdown of the conveyancing process:
Initial Instruction: The first stage in the process is for you (the buyer) to instruct us (the solicitor) when you are ready to offer on a property. We can then contact the seller’s solicitor and get the ball rolling, carrying out tasks such as requesting a copy of the draft contract, the property’s title and other standard forms.
Enquiries, Searches & Funds: The next stage of the process is where the bulk of the legal work takes place. Your solicitor will request a contract and copies of the legal title from the seller's solicitor and will raise enquiries to clarify points and make sure everything is as it should be.
From your side, this is the time to organise your funds. If you need a mortgage to buy the property, you need to make sure you get an 'agreement in principle' from your lender and give a copy of your mortgage offer to your solicitor.
This is also the stage at which searches are carried out (e.g. local authority searches) to make sure there isn't anything that will have a detrimental impact on the property.
Missives: After the searches have been carried out and any arising issues have been resolved, and your mortgage offer and funds have been proven, the contract that contains the terms and conditions of the transfer of ownership can be created. This is called 'The Missives'.
Concluding Missives: Once all points have been agreed in writing, a binding contract will have been formed. This contract is known as concluded missives. It is worth noting that although you may not have specifically signed anything, you will still be bound by the terms of the contract.
Settlement: This is the day that you get the keys to your new property. Settlement occurs when the seller's solicitor confirms that they have received the balance of the money that is due.
Post Settlement: Once you have moved in, your solicitor will take care of any legal 'legal loose ends', such as paying your LBTT payment (stamp duty), forward on title deeds to your mortgage lender (if applicable) and ensure you have copies of all your legal documents.
How long does the Conveyancing Process take?
As we mentioned earlier, conveyancing can be a complex legal process and on average it takes 6 to 8 weeks to complete from the moment of an offer being made to the sale being completed. However, individual circumstances will dictate whether it will be quicker or slower than the average. For example, it can be quicker for cash purchasers who don't have a property to sell.
The buying and selling process can be complex which is why it’s important to choose an expert that you can trust to make the process as smooth and straightforward as possible.
At DM Property we have developed a client-focused approach with communication and understanding at the heart of our service. We take into account the needs of each buyer and we will tailor our services to you, whether you are a first-time buyer, looking for a second home or expanding your property portfolio. We charge a fixed fee for our services, so you can be sure you won’t be faced with any unexpected legal fees down the line.
Free Buying Consultation
In order to take the confusion out of the buying process, we offer a free, no-obligation buying consultation which includes:
- A choice of a face to face meeting or telephone appointment with one of our experienced solicitors who will advise you on the buying process, clearly outline the costs involved and discuss your individual requirements to help us tailor our services to you.
- Advice on how to find your ideal home, what questions to ask at viewings and how to put in notes of interest and make offers on properties.
- If you have a property to sell we will be able to advise you on the best strategy to get your property on the market and sold as quickly as possible and for the best price.