Whilst the legal systems of Scotland and England vary and there are some specific differences with respect to the purchase and sale of property, both systems have advantages and disadvantages.

In Scotland, solicitors have a much more significant hold on the housing market and it is not unusual for solicitors to also sell the property, effectively taking on the role of estate agent. In the past, unlike in England where a contract for the sale is negotiated and then signed and exchanged, the buyer and seller of Scottish property exchange several documents relating to the transaction. These documents are known as missives.

In England and Wales, the terms of an offer are made subject to contract. This means that no-one is legally obliged to continue with the transaction until the formal contract has been signed and the parties have exchanged the contracts. In Scotland, an exchange of letters (missives) may make a transaction binding early in the process. However, nowadays, it is not unusual for offers to be made with dozens of conditions, thus making the process longer and more drawn out in Scotland also.

In England the survey is commissioned by the prospective purchaser. In Scotland this may be undertaken by the seller’s surveyor and then relied upon by the buyer and the mortgage provider, as long as the surveyor is on the mortgage provider’s approved ‘panel’. This latter option can reduce the potential for several abortive surveys being undertaken by unsuccessful buyers, but it does mean that the buyer can make sure the survey is done by an approved surveyor.

In the past, much of the work was undertaken by the seller’s solicitor prior to marketing the property. This meant that a sale might take less time to conclude. However, in recent years the time frame for Scottish conveyancing has stretched and the two systems are now likely to take a similar time period.

There are other differences to be aware of, including the different laws relating to tax and Stamp Duty Land Tax (SDLT) in particular. In Scotland there is no SDLT but they do charge a Land and Building Transaction Tax (LBTT).

Download our Free First Time Buyers Guide

Recent posts

We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.

Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.

Did you know that buying a house, or relocating is in the top 10 most stressful life events?

Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!

There are lots of effective ways to manage and reduce stress, check out our tips to help you.

With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove. 

Are you looking to purchase your first home but unsure where to begin? Here are some tips to get you started.

Choosing which fixed rate to go for has been a dilemma for many of our clients so far this year. There really isn’t a right or wrong answer, but below we will look into the pros and cons of a two-year and five-year to help you make the right decision for you.

Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.

Call us for more information: 01628 507477 or email: team@mortgagerequired.com.

According to Rightmove, a whopping 500,000 UK homebuyers are rushing to finalise their home purchase before the new Stamp Duty rules change in April.