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Ready to enjoy some sunshine in the property market?

Published: 12/04/2018 Last Updated: 31/05/2018 15:29:50 By: Heather Mackay Tags:

Spring came early to the property market this year. Buyers and sellers are feeling the warmth, and a good conveyancing solicitor could set you up nicely for a summer move

Closing dates on sales have been coming thick and fast in the first three months of 2018. This is earlier in the year than traditionally expected, and a sign that spring has come early in Glasgow.

Another sign of early spring comes from sales figures for flats – a good indicator of the property market in Glasgow. Not only were winter volumes higher than 12 months earlier, but they were up on summer/autumn 2017 volumes too.

When the property market is moving fast, you want a solicitor ready to move quickly. Someone who knows the market and who won’t blind you with jargon or drag their feet.

So, what is really behind the jargon? The first step for your solicitor when you find a property you like is to note interest, and, when the time is right, put in an offer. They can advise you what price to offer, whether to make your offer subject to survey, and whether to include any moveable items (eg carpets and curtains). Good advice here may save you significant amounts of money.

If your offer is accepted, the solicitor will negotiate the terms of the ‘missives’ (the sale contract). Only when these are concluded is the contract legally binding. Next step is for the solicitor to check the ‘seller’s title’, and a few other aspects such as whether any alterations have the necessary local authority consents.

The solicitors will then draw up a ‘conveyance’ (ie the legal documentation that transfers ownership of the property), and handle any security paperwork with your mortgage lender. This will make sure that mortgage funds for the property are released at the right time.

And now we reach D day, the date of entry, when financial transactions are completed and loan funds transferred. Your solicitor will receive all relevant paperwork, such as the title deeds (that show you own the property). The keys, the property, and possibly the carpets and curtains too will be yours.

If you’d like more advice about buying or selling a property, we’d be delighted to help. We’ll do everything possible to avoid jargon, avoid unnecessary delays, and make the conveyancing process a walk in the park.