The property market in the UK has been talked about and analysed on many occasions, particularly in the last few years in light of the economic peril. England and Scotland naturally account for a huge amount of the UK sector but what are the differences between the two countries when it comes to making a purchase?
Scotland is actually different from the whole of the rest of the UK in certain aspects of property buying. Out of all the property that changes ownership in Scotland, the majority of it is sold by estate agents who work for firms of solicitors. Scottish properties are separated into three categories in the way they are sold. With those that are marketed as ‘offers over’, the seller understandably looks for more than the price stipulated. ‘Fixed price’ properties are sold to the first one to match the value, whereas ‘price guide’ listings are rough figures relating to what the seller wants.
In England you get ‘sealed bids’ but in Scotland it is a ‘closing date’. This is a deadline for those who are interested to go ahead and give their best offer. In Scotland, a solicitor has to submit your offer and it is a written legal one signed on your behalf by them. This then goes to the seller’s solicitor and amendments are made in writing by both sides until an agreement is reached.
When a property sale is made in Scotland it has to be registered in the Land Register for Scotland, which is much like the Land Registry in England.