Solicitors and Estate Agents
This is the million dollar question! Ultimately, settlement takes place once the purchase price has been received by the seller’s solicitor. However, it is not easy for your solicitor to predict an accurate time as to the time you will be able to collect your keys. There’s difficulty in estimating timing for a number of …
What time will settlement take place on the date of entry?Read More
If you are buying or selling a house in Scotland, when does it all finally happen? The “settlement date” is the date on which the purchaser will pay over the price for the property they are buying and the day that the seller will release the keys to the purchaser. This is also known as …
What is the “settlement date” and what happens then?Read More
On the day of settlement of a house sale in Scotland, an exchange is made between the purchaser and the seller. The purchaser pays the price for the house and the seller releases a key. This process is done between the solicitors who will inform their respective clients as to when the price has been …
What is “vacant possession” if you’re buying a house?Read More
Quite often, Offers are made by purchasers who either still need to secure a mortgage or sell their own property. In order to be transparent to the seller and to protect their own position, they will make an Offer conditional on them obtaining a mortgage and/or selling their own property. At the stage of making …
What is meant by a “conditional offer” for a house or other property?Read More
Are you worried about the time limit on your formal letter? It is common practice for formal letters to contain a clause at the end to state that its terms should be accepted in writing within 5 working days, failing which the Offer/Written Acceptance shall be withdrawn. What’s the reason for the time limit? The …
Should you be worried about the time limit on your formal letter when buying a house?Read More
The short definition of conclusion of missives… When there is agreement between the buyer and seller as to the price and date of entry. As well as any other ancillary legal matters (e.g. the fact you’re buying the cooker in the house too). And this is documented in “formal letters” sent between their respective solicitors. …
What does “conclusion of missives” mean in house buying and selling?Read More
When you are considering buying a property, it can be difficult to work out what to do first. See a mortgage adviser? Find a house? Contact a solicitor? There are no rules but it is a sensible idea to see a mortgage adviser or a bank first. That way you can find out (a) if …
Should you find a solicitor before you look for a house?Read More
