Podcast: First-time Buyer Special - Part 2
In part two of our First-time Buyer Special, Paul & Megan are again joined by Tzana Webster (Head of Estate Agency, Ralph Sayer) and Aileen Venables (Partner, Harper MacLeod) who chat through what happens after an offer is accepted as well as busting some property myths. Join us for essential tips and insights designed to help first-time buyers navigate buying a home in Scotland.
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Key Insights
Post-offer acceptance process and legalities
Once an offer is accepted, the buyer is notified by their solicitor and must immediately contact their mortgage advisor, after which the process enters a quiet period while solicitors work behind the scenes. Buyers will receive a detailed Report on Title outlining key property information and any conditions, but the purchase is not legally binding until missives are concluded in writing, meaning either party can still withdraw, even though almost all transactions ultimately complete. During this time, the solicitor also processes mortgage papers, which buyers should review carefully with their financial advisor.
Financial and administrative responsibilities
Buyers need to be highly proactive in supplying all documents requested by their mortgage advisor, as delays can slow the entire process. Any gifted funds must be declared and verified through strict anti-money-laundering checks on the person providing the gift, including ID and bank statements. Buyers should also be aware that LISA withdrawals can require up to 30 days’ notice, while the Help to Buy ISA is no longer available.
Costs and fees
Solicitors must provide clear terms of engagement and an upfront cost estimate, and most charge a fixed conveyancing fee when the transaction is straightforward. Buyers are usually required to transfer fees, LBTT (if applicable), disbursements, and the deposit at least two working days before completion. Importantly, solicitors typically do not charge for submitting offers on properties that do not proceed.
Underestimated moving costs and property expectations
First-time buyers often expect perfection, but older homes usually require some maintenance and cosmetic improvements. Sellers are only responsible for defects costing more than £500 to fix, typically relating to major systems rather than appliances or minor wear and tear, and any claims must be made within five days of moving in. Buyers should therefore budget for small repairs and general upkeep, especially with older properties.
Practical moving advice
To minimise stress, buyers are advised to avoid completing on a Friday and instead aim for early-week move-ins, which offer more flexibility with removal firms. Renters should not give notice until the contract is legally binding and should ideally plan a two-week overlap to allow time for cleaning, painting, and a smoother move. Sellers, meanwhile, should vacate the property the night before completion so the keys can be handed over as soon as funds transfer.
Essential tips and myth busting
Before viewing a property, buyers should download the home report, discuss it with their solicitor, and thoroughly research both the area and the advert to avoid surprises. The panel debunk myths fuelled by property TV shows and clarifies that not all homes go to a closing date, though once set, no further offers are taken. Building rapport with sellers during viewings can sometimes influence outcomes, and buyers should set realistic expectations, remembering that their first home may not be their forever home and that considering slightly less-than-ideal properties can help them onto the ladder.