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How to buy a property in Scotland | ESPC's first-time buyer guide

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In this episode, Paul & Megan are joined by Amy Howard (Neilsons) and Caitlin Keegan (Gillespie Macandrew) to get the best advice for first-time buyers.
Amy & Caitlin share invaluable insights and advice for first-time buyers in the Scottish property market. They discuss the crucial steps to take, including appointing a solicitor, finding a mortgage broker, and understanding affordability. They also dive into questions to ask during property viewings and the process following an accepted offer, emphasizing the importance of clear communication and early preparation.
Discover the current opportunities for first-time buyers in Scotland and gain a deeper understanding of the property buying process in this latest episode.
If you are first-time buyer, sign up for our in-person first-time buyer event here: bit.ly/45XQ3YO
Enjoy the episode? We'd love to hear from you! Send your questions and comments to us directly on marketing@espc.com or via our social media channels. You can also help other people find us by sharing the episode or leaving us a review and rating from wherever you're listening!
To find out more about ESPC and our solicitor estate agent member firms, you can head to our website: www.espc.com
You can read our most recent house reports here: bit.ly/3CQlEQw
Read the latest news from the property market in Edinburgh, the Lothians, Fife and the Scottish Borders here: bit.ly/3IPOR1T
Skip to the part relevant to you:
0:00 Introduction
01:30 What's the first thing a first-time buyer should do in Scotland?
03:30 When do you have to pay for a solicitor estate agent?
05:25 How would a first-time buyer know they are ready to buy?
07:30 What can you use your Help-to-buy money for?
08:20 Which areas in Edinburgh would you recommend for first-time buyers?
11:59 What questions should buyers ask at a property viewing?
14:20 How do you make an offer on a property in Scotland?
15:30 What does a "note of interest" mean in Scotland?
16:55 When should you tell your solicitor about a property viewing?
19:25 What happens after an offer is accepted in Scotland?
20:33 How long do missives take in Scotland?
22:55 Is there any good news stories for first-time buyers?
25:24 Can you mortgage for fixed price properties?
26:00 Is Edinburgh a good place to buy for first-time buyers?
ESPC is more than just a market leading property website. We are the home of property and are here to help you at every stage of your property journey.
ABOUT ESPC
ESPC is more than just a market leading property website. We are the home of property and are here to help you at every stage of your property journey.
Whether you are buying, selling, a property investor or renting, ESPC is here with expert advice and thousands of properties for sale across Edinburgh, the Lothians, Fife, the Scottish Borders, central Dumfries and Galloway, and West of Scotland.
www.espc.com

Опубликовано:

7 авг 2024

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Комментарии : 5

@espc.property 4 месяца назад

If you've watched the episode and still have any questions, please let us know below and we will ask at our next first-time buyer recording! ⬇⬇

@bagel080 9 месяцев назад

Great show, excellent information. From Vancouver, Canada.

@leilaloder8097 4 месяца назад

is it possible to change solicitors after the conveyancing process has started?

@CagedPaps 3 месяца назад

My questions are: (you touched on this a bit) if I'm saving for a deposit and I think I'll have at least 5-10% - when should I make first contact? Should I go before so they can tell me - hey you could buy sooner! Or forget it, boyo. It's a pipe dream and you're skint? Or wait until I think I have enough? Second you touched on fixed price, so if it's an 'offers in excess of', my mortgage doesn't cover that, right? So Let's say it's 10k over the listed price is what's needed and it's a 100k property. If I Save 10k thinking it'll cover the deposit for a mortgage, really I'm screwed as I don't have another 10k to pay the difference. Is this right? And I assume there's some report that says the property is worth X. That's all my mortgage lender will pay towards, is that right? I guess I'm really asking, how much cash do I really need? Deposit amount, then paying solicitors, any reports, any cash on top of the value? What are we talking here?

@espc.property 14 дней назад

Hello! Our advice is to always go as early as possible to speak to a mortgage advisor and a solicitor - that way you can get tailored advice early in the process and learn how much more you have to save or if you have enough. Mortgage advisors can advise on your affordability and how much deposit you may need. Solicitors can provide you with a quote up front on how much their fees and how much LBTT (formerly Stamp Duty) you may need to pay. After chatting to both the mortgage advisor and the solicitor you should have a clear idea of all the costs involved and how much money you will need to have saved. You're right that if you make an offer on a property and it is higher than the value stated in the Home Report, the excess will need to be paid from your savings and not from the mortgage lender. Hope that is helpful!