THE CONVEYANCING PROCESS

In the buying process the first important issue will be the “Noting of Interest” on your behalf with the Selling Agent. This step means that, in the normal course of events, you will be given the opportunity to make an Offer for the property should other interests come forward and the Sellers seek to bring the matter to a head. When you wish to submit an Offer, this requires to be in writing and we would take your detailed instructions on the terms of your Offer in all circumstances. The written Offer would be the first step of the contractual stage of the transaction.

A Contract of Purchase and Sale is achieved through the exchange of letters known as “Missives”. This firm subscribes to “The Dundee Missive” which is an informal arrangement between the majority of the leading Solicitors in Dundee whereby the essential parts of the Missives can, in most cases, be simplified with a view to reaching a binding Contract within a relatively short time. This speedy contractual arrangement makes the whole buying and selling process far less stressful in that the Contract is made binding at an early stage with each party being able to rely on the terms of the Contract without the matter being left “up in the air” for an extended time. The Contract being made binding means that the purchaser and seller have agreed that the purchase price be paid at a specific date agreed between both parties.

Following the contractual stage, the buying Solicitor has to examine the title deeds to make sure that everything is in order with the Title and that there are no unusual conditions which would affect the buyer’s enjoyment of the property.

Where a Mortgage is required, the loan papers will be received from the Mortgage Lender and the necessary security documents prepared so that the Mortgage is valid and enforceable by the Lender. On the date of entry, the transaction is due to complete with the price being paid and the keys exchanged along with the documents making up Title.

There are penalty clauses written into the Contract which will specify what charges are to be paid in the event of either party failing to live up to the Contract on the date of entry. After the transaction is settled, the documentation for the transaction has to be dealt with.

First of all, details of the transaction have to be reported to the Stamp Duty Land Tax Office and any Duty paid before the Deeds can be sent to Edinburgh for registering on the Land Register.

Once the registration procedure has been completed, a Land Certificate is issued in the buyer’s name and then sent to any Lender for safekeeping.

As you will appreciate, this is a very brief description of the House Purchase and Sale procedure written from the buying perspective and we would be happy to discuss this in more detail with our clients if you wish to get in touch.

Contact us for more information on 01382 202060 or alternatively email us at property@campbellboath.com