Buying a new home
Step 1
The first step is to make sure your mortgage finance is in place and that you will be able to meet the monthly payments. Don't forget to take into account insurance payments, council tax, utility bills, etc. We are happy to arrange advice from an independent financial advisor on mortgages and associated products to ensure you get the best deal available to suit your requirements.
Next step - Find a property
Around 90% of properties for sale in the Edinburgh area (excluding new-build homes) are advertised in the ESPC weekly list which is published on a Thursday, is free of charge and is available from solicitors, banks and building societies. Properties are also posted on the ESPC website at espc.co.uk where new properties on the market can be viewed immediately they come on to the market, prior to their appearing on the Weekly List. "The Scotsman" newspaper runs a property section on a Thursday and some Estate Agents have banded together to publish "The Property Guide" which is published fortnightly.
I've found my dream home - How do I buy it?
Properties are generally advertised at "offers over" or "fixed price". The selling price can be considerably above the "offers over" price. Contact us as quickly as possible and we can advise you how best to proceed. Through our access to "Homeline" (the ESPC database of sale prices) we can advise you of the sale prices of similar properties in the area. This service is available to you at no extra charge.
Normally a valuation or survey will have to be carried out by a Chartered Surveyor. We can instruct this on your behalf using a Surveyor that will be accepted by your lender. There are two main types of inspection a surveyor will carry out - the Scheme 1 valuation or the Scheme 2 Housebuyer's Report. We can advise you on which type of inspection is most appropriate, depending on the property.
I'm happy with the surveyor's report on the property - Can I now offer?
If the property is fixed price the first offer at that price with an acceptable date of entry will normally be accepted. This means you can have to move fast to secure a fixed price property. If the property is offers over and no one else has registered an interest then it is normally best to make an offer and try to negotiate a price with the solicitor for the seller. If there is other interest, a closing date will normally be set at which time you will have one opportunity to offer against the other interested parties in a blind auction. Usually the top offer will be accepted. We can give you advice as to what to offer through our knowledge of the market but the final decision is always yours.
I've bought my dream home - What happens now?
We will negotiate the terms of the contract - the missives - on your behalf and carry out the conveyancing. It is important to remember that the deal is not binding on the seller or the buyer until the missives have been finalised. This process typically takes around ten days to two weeks although it can take longer if there are complicating factors such as unauthorised alterations.
How much does all this cost?
For a quotation of the fees and outlays involved simply contact us, letting us know the approximate purchase price of the property, the area in which you are buting and whether you are obtaining a mortgage to assist you with the purchase. We will let you have a detailed quote by email. If you would prefer to discuss this personally, please feel free to telephone us.