How to buy a home in Scotland
You have decided that it is time to leave home and you want to buy your own flat. Some people you mention it to say it's too difficult or too expensive. However, if you are prepared, it can be exciting and quite straightforward to buy a home in Scotland.
Get a Mortgage
The first thing you will need to do is find out if you can get a mortgage. You can either speak to someone at your bank, go to an independent mortgage adviser, or internet search for the best 1st time buyer deal and then speak to that company.
Ideally, before putting a bid in for a home, you should get a mortgage Approved in Principle. This means that the mortgage company is happy to lend a certain sum to you if the home meets their criteria. To get an Approved in Principle you will need to have some savings as a deposit and be able to prove that you have the income to pay the mortgage.
In some cases, a first time buyer will be able to get a parent to be a guarantor. This is a great way to get a mortgage if your credit rating is still low.
Get a Solicitor
Great homes can be sold quickly in Scotland, especially in popular areas in Edinburgh and Glasgow. This means that when you find your ideal home you want to be in a position to act on it fast. If you have your mortgage ready and have a solicitor, then you can request that they put in an offer as soon as you are ready.
How do you find a solicitor?
You will need a solicitor who deals with conveyancing and property. In Edinburgh you will find that most property solicitors also have an estate agency. It is worth shopping around a little and finding a solicitor with great reviews and then comparing their fees with other companies. You might be able to get a recommendation from family or friends.
You want someone that you feel you can speak to easily and that answers your questions quickly.
If they also have an estate agency, their estate agents will be able to help you find your new perfect home and give good advice on what they expect the property to be sold for.
Finding your Perfect Home
This is the fun bit!
Once you have worked out your budget and have a mortgage and solicitor in place, you can start house hunting. It is worth viewing a few different styles of properties in different areas to see where you feel at home. You may have grown up in a modern home but then when you view a tenement flat in the centre of town you might discover that is your ideal home. Ask the sellers about the neighbours, extra costs, the local buses etc. You will soon get an idea if they really loved living there.
When you find a property you love and want to buy, speak to your solicitor. They will advise you on the next steps. Firstly, they will put in a note of interest, and find out if there is other interest. If there is lots of interest, it is likely the house will go to a closing date. This means that you will need to put in a bid on that date and normally the highest bidder will get to buy the home. Otherwise, they may advise that you go ahead and make an offer. The sellers may reject your first offer but a good solicitor will give you good advice at this stage.
ELP Arbuthnott McClanachan
ELP Arbuthnott McClanachan is a firm of estate agents and solicitors that would love to hear from 1st time buyers in Edinburgh. We know the local market and our team will make the process as easy as possible. We expect you to have lots of questions and we are always happy to answer them. You can check out our reviews on Google, TrustPilot, and our website. We also have a useful Buying a Property Fees Calculator on our website which is a great place to start for 1st time buyers. We look forward to hearing from you.
