Buying Property in Buying in England vs Scotland

Both Scotland and England can be part of the UK. But when it comes to buying real estate, there are some key differences between the two nations.

If you live in England but are buying a house north of the border and are looking houses for sake Kirkliston or vice versa we will outline differences here so you know precisely what to be expecting.

Make an offer

In England, the property is marketed at an offer price, but this is negotiable and buyers can bid on a property depending on what they are willing or able to pay

In Scotland, buyers will ‘remember “. Your ‘interest’ in the properties, means that offers for the property and any closing dates for future offers will be tied to it.

Property in Scotland is marketed at a fixed or asking price. The price they are willing to pay is over and above the asking price and their deadline to complete the purchase.

After all bids are received in a sealed envelope, the seller decides based on the offers and deadlines of the prospects.

Property in Scotland that is marketed at a fixed price, usually when the seller wants a quick sale, will normally be sold to the buyer who offers that fixed price first. Has been accepted, both for your safety and to know if major work is required

The only documentation as to the condition of the property required by law for the sale of property in England is an Energy Performance Certificate (EPC).

In Scotland, however, the seller is required to submit a home report before they can put their property on the market unless the property is a newly built house.

The home report is a survey of the condition of the property, but it also includes information about his energy efficiency.

When a sale becomes legally binding

Buyers in England will already be aware of the importance of exchanging contracts with their sellers.

Until the solicitors of both parties are aware of this exchange, both the buyer and the Seller withdraw from the transaction.

The exchange of a property purchase in England can take as little as six weeks, although at the other end of the scale some transactions may take months to reach that transaction Stage.

In Scotland, there is no single contract that binds both the seller and the buyer to the transaction.

Instead, attorneys for both parties will exchange a series of officially signed letters regarding the sale, known as “Letters.” Letters are complete, the sale is legally binding, and that can come about in a week or two week.

Closing of the sale

Real estate transactions in England are usually closed a few days or one to two weeks after the contract is signed.

On closing day, the solicitor acting on behalf of the buyer will transfer all monies to the appropriate parties and once this is complete the buyer will receive the keys to the property from the seller’s real estate agent.

In Scotland, the closing is referred to as the ‘Date of Entry’ although the process is very similar to that of an English sale.