Buying a house in Scotland: What you need to know
Are you thinking of buying a house in Scotland? There are a number of things that differ from buying in the rest of the UK and buying in Scotland that you should bear in mind.
In this blog post, we take you through the different stages of the buying process in Scotland.
It is important to note that there are different processes between buying an old home and buying a new home in Scotland (read more about buying a new home here). Where the differences are significant, we have clearly signposted this so that you can have as clear an impression as possible of buying a house in Scotland.
Here is what you need to know…
Viewing and Home Reports
When you view an old home in Scotland, a copy of the home report – a basic survey of the house and its condition – will already be available. The home owner is responsible for paying for this survey rather than the buyer. This means that you already know whether any major repairs or refurbishments are necessary and you can bear this in mind when considering the price of the property.
The system is different with new build homes as they must always meet certain criteria in order to be passed by Local Authorities and Warranty Providers. That means that you can be assured that no repairs will be necessary when you move into your home. This also means that no survey is necessary prior to purchasing - only for lending purposes.
New build homes also come with an NHBC 10-year warranty for the structural integrity. In addition, many new home providers will offer additional warranties against defects – for example Campion Homes provide a 2-year warranty from date of move-in and many appliances come with standard manufacturer’s guarantees.
Help to Buy
The Help to Buy (Scotland) scheme is available for select new build homes in Scotland. The Help to Buy scheme is funded by the Scottish Government, who are able to offer new build buyers a 0%-interest loan up to 15% of the value of the home.
This makes purchasing a home easier – especially for potential buyers who might struggle to raise enough money to put down a deposit on their dream home – that extra bit of support has already helped so many buyers in Scotland.
Head here for a quick and easy guide to Help to Buy (Scotland).
Making an offer
Old homes usually have a blind bidding system – potential buyers who have registered their interest in a property before its closing date will submit a bid without knowing how much other interested parties have offered. The benefit of this is that there is less potential for a last-minute offer from another buyer, as well as a drawn-out bidding war – these homes are taken off the market after offers have been received and the property will usually go to the highest bidder.
However, some parts of Scotland have seen houses sell for significantly more than their advertised value, thanks in part to the blind bidding system. This makes buying a house in Scotland particularly difficult for those who do not have additional funds available as mortgage lenders will generally not lend more than the Home Report value of the house.
The system is a lot more straight forward with new build houses – the value of the home is what you pay. All new build homes are a fixed price – this means no bidding process and no need to stump up extra cash – you pay what has been advertised.
There are many differences when it comes to buying a house in Scotland compared to the rest of the UK – and many differences in living in Scotland too! Learn more here.
Got a question about buying a new build home? Speak to our helpful team at Campion Homes – they are happy to help answer any queries you may have. Or, learn more about our beautiful selection of new build homes.