BUSINESS Buying in Scotland Sandy Henry and Sally Orr, Solicitors, MacPhee & Partners
“Of course, you’ve got a fun- ny system in Scotland” is a statement we often hear from house-purchasers from south of the border looking to buy a home in Scotland. Such a statement is usually countered with the reply that our system the border which is the “funny one”. However, there are fun- damental differences between the two legal systems and the purpose of this article is simply to give a brief outline of what happens north of the border. When buying in Scotland, the purchaser will instruct a Solici- tor to submit a formal offer for the property.
The two main
points in the offer are the price and the date of entry. The date of entry – when the purchase price falls to be paid - is usu- ally 6 to 8 weeks after the date of the offer. However, the offer will also include many other, usually “legal” clauses, which are geared to protect the pur- chaser’s interest, because, at this stage, the Solicitor acting for the purchaser has not seen
the title deeds to the property etc. If the purchaser requires a mortgage, the offer will usually contain a condition that the of- fer is subject to a suitable offer of loan being made. If the offer is to be accepted, the Solicitor acting for the seller will send a formal acceptance back to the purchasing So- licitor. Usually this acceptance takes the form of what is known a written acceptance, but con- taining clauses which delete or amend some of the clauses in the offer. For instance, the offer will usually contain clauses to the effect that there are no Lo- affecting the property or that
there are no unusual or unduly onerous burdens or conditions in the title deeds. In accept- ing the offer, the selling So- licitor will usually delete those clauses and enclose the Local deeds, to enable the purchas- er and his Solicitor to satisfy themselves on those matters. This process of exchanging formal letters – “adjusting the missives” – continues until all points have been agreed and concluding missive – is ex- changed. It is not until that been exchanged that a bind- formal letters are signed by the Solicitors – the purchaser does not sign any contract. Thereafter, matters proceed to the conveyancing stage. This includes the preparation of the title in favour of the purchaser – but, if the reader can con- tain his or her excitement, we think the conveyancing stage should be the subject of a later article!
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