BUYING A PROPERTY
Introduction
Buying a home could potentially be one of the biggest purchases of your life. At Peterkins, we believe it is of utmost importance that our new and existing clients have a clear understanding of the property purchasing process and receive the best possible service. Various aspects need to be considered, and we can assist you every step of the way, whether you are a first-time buyer, an experienced buyer or exploring buy-to-let opportunities.
If you need a mortgage to purchase the property, you can speak to our independent mortgage advisors. They will secure a mortgage product that best suits your needs. Depending on your circumstances, you may need to arrange a specific type of buy-to-let mortgage.

BUYING A PROPERTY
Note An Interest
When you find a property that you like, one of our dedicated solicitors will note an interest in the property on your behalf. Your solicitor will also keep you informed of any developments with the property. If no other interests are noted, Peterkins will start negotiating on your behalf. Your appointed solicitor can obtain a copy of the Home Report for you. In some instances, lenders may require an additional survey or valuation so the offer can be submitted on a “subject to survey” basis. If two or more noted interests are received from other solicitors, a closing date may be set.
BUYING A PROPERTY
Preparing & Making A Final Offer
Your solicitor will negotiate the price on your behalf and provide you with up-to-date advice on the local market. They will submit the formal written offer on your behalf. The main aspects a seller will consider are the price and date of entry, but other factors, such as what will be left in the property, will also be taken into account. Your solicitor will guide you through all stages of the process.
In Scotland, property must be purchased and sold in writing. The offer and acceptance may initially be done verbally, but this does not confirm anything unless followed by a legally binding written contract from your solicitor promptly afterwards. Your offer must be accepted by the seller, and the missives must be concluded for a binding contract to be in force between both parties.


BUYING A PROPERTY
Carrying Out The Conveyance
Conveyancing is the thorough process carried out to transfer home ownership from the seller to the buyer, involving several different stages.
Missives refer to the exchange of formal letters between the buyer’s and seller’s solicitors, forming a contract in connection with a property. This will include the terms and conditions of the transfer of ownership from one person to another. Usually, there will be some qualifications before the contract becomes binding.
After missives are concluded, the title deeds for the property need to be examined. These are paper documents serving as evidence of ownership. Peterkins will ensure the title you are offered is acceptable. All title deeds are registered with the Land Register in Edinburgh. The disposition is the title deed signed by the seller, which transfers ownership of the property to you.
A Standard Security will be required if you need a mortgage to purchase the property. It will be prepared by your solicitor and signed by you. This is the legal document that entitles your lender to repossess your home should you default on mortgage payments.
Settlement takes place on the date of entry. The deeds are delivered to your solicitor, the purchase price is paid to the selling solicitor, and you will receive the keys to your new home. Peterkins will deal with the registration requirements as well as LBTT payment.
It is important to have your property and its contents insured. We can take care of this for you at Peterkins. It is highly recommended that you make a Will or revise your existing Will once you have purchased a property. For a more comprehensive overview of the process, please read or download our Purchase Guide.