If getting onto the property ladder is your preferred option there are a number of steps that you will have to follow to buy a home.
Think about your finances
- The first thing you need to do is work out how much you can afford to borrow for a mortgage
- Be honest, add up all the costs involved in buying a home and how much you think it will cost to live there
- Remember, your home may be repossessed if you do not keep up your payments on your mortgage
Choose and arrange a mortgage
- There are lots of different types of mortgage on offer e.g. fixed rate, variable rate, repayment, endowment
- Make time and do your research to find one that meets your needs
- There are step by step guides and mortgage calculators on the internet and all the banks and building societies have information leaflets in their local branches
- A good place to start is the Financial Services Authority (FSA) website
Appoint a solicitor
- You should appoint a solicitor to be your legal advisor and act on your behalf
- One of the best ways to choose is ask family, friends or colleagues if they can recommend a solicitor. If you know someone who was happy with a solicitors services throughout the process this is a very good indication of their quality.
- You can find details of solicitors in the Dundee area in the Yellow Pages or local newspapers and the following website www.lawscot.org.uk.
- There is no set scale of fees for buying a house, so contact more than one solicitor and ask for an estimate
- Usually the same solicitor cannot act for both the buyer and seller of a property, but two solicitors of the same firm may do so as long as there is no clash of interests between buyer and seller
Find and view properties
There are a number of ways you can find a property to buy:
- Estate agents or solicitors' property departments
- Tayside Solicitors' Property Centre
- Advertisements in local newspapers
- Companies building new properties in the area
Once you have found properties you are interested in you can make arrangements to view them.
- Make up a list of questions you want to ask the seller, including the date of entry
- If you really like a property, visit it two or three times before deciding to make an offer
Getting a survey and making and offer
- Before making an offer, you should arrange to have a survey carried out to see if there are any defects
- There are different levels of survey and you will have to pay the cost of the survey and report
- You mortgage lender will insist on a survey before releasing any funds
- In December 2008, all sellers of properties will have to provide a 'Home Report'.
- The report will be made up of; a Single Survey, an Energy Report and a Property Questionnaire
- For more information visit the Home Report website
- If your offer is accepted, you will be in a legally-binding contract
- Your solicitor will then carry out the legal work and you can move into your new home
The following booklets contain information and advice about buying property in Scotland.
- Thinking about buying - A guide to house purchase in Scotland (147KB PDF)
- Buying a home in Scotland (2.29MB PDF)