Conveyancing, the legal process of transferring property ownership in Scotland, involves several crucial stages, each carrying its own legal intricacies. This comprehensive guide will illuminate the key points of conveyancing, from the conclusion of missives to settlement, and shed light on critical aspects such as the Land and Buildings Transaction Tax (LBTT), registration, and the importance of the Home Report.
Are you a first-time buyer looking to get on the property ladder? Navigating the property market can be a daunting task, especially if you're not familiar with the buying process. From finding the perfect location to securing the right mortgage, there are many factors to consider when buying a house in Scotland.
A group of landlords have chosen to pursue legal advice to decide whether the Scottish Government's recent rent freeze and evection ban breach their human rights.
COVID-19 has had a significant impact on many businesses, particularly those operating in the hospitality, leisure and retail industries. With income suffering and recovery likely to take some time, rent arrears continues to be an issue for numerous commercial landlords and tenants across Scotland.
It is difficult to think of an area of life that the coronavirus pandemic has not affected. Certainly, every legal service we provide at watersrule Solicitors has been impacted to some extent. In particular, we have seen significant changes happening in the residential property market.
The latest House Price Index report revealed the average property price in Scotland was £145,762 in February 2019. This was a 3.1 per cent decrease on the previous month and a fall of 0.2 per cent on February of last year (£145,982); the first annual drop in average property price in Scotland since March 2016.
As several major retailers are having to downsize in the current economic climate, new figures suggest budget chains such as Aldi and Lidl are driving an increase in take-up at Scotland’s retail parks.
HFD Property Group has secured an £88.9 million development loan to complete the 313,116 sq ft accommodation at 177 Bothwell Street, the final part of the Bothwell Exchange office campus.
According to the latest figures from Knight Frank, recent investment into industrial property, office and retail space has now led Scotland’s commercial property sector to have one of its most active years yet, with £2.5 billion worth of investment.
The latest RICS UK Residential Market Survey has revealed an increase in the supply of Scottish residential properties coming on to the market during April, which is the first increase in three months.
An interesting new piece of research by Lloyds Bank has revealed that first-time buyers in the UK are on average £865 (10%) a year better off with their own home compared to those who rent.
The Scottish Parliament has recently published new legislation that will introduce a supplement on purchases of additional residential properties in Scotland.
The Scottish Government have announced further funding for the Open Market Equity Scheme in the hope that it will provide first-time buyers with more support when getting on the property market.
Figures based on September’s property markets showed a minor increase in the number of properties sold with an increase in the number of properties on the market cited as the main reason.
Following the political change and taxation differences, the Scottish property market is seen by many as a recovering market, or one that is a potential risk. However, according to a new analysis report, the Scottish property market remains a solid opportunity for investment.
The Scottish Government has launched a consultation over proposals to implement a new code of practice for letting agents and the requirement for letting agents to undergo training before they can be added to a register.
According to property experts rural homeowners are attempting to reclassify their homes in order to make their properties more appealing to could-be-buyers.
Property in Scotland have increased at a significantly slower rate than the rest of the UK in the last four years according to a survey from Your Move.
The value of Scottish properties rose by over 3% in the first period of 2015, continuing on the growth seen in the previous year. The growth was similar to that seen at the end of 2014 according to official statistics.
A quarter of all home buyers are willing to pay extra to have a faster conveyancing experience, with figures from a national survey suggesting that conveyancing is considered one of the most stressful experience about buying a property.
The Land and Buildings Transaction Tax proposed by the Scottish Government is to be reviewed following an amendment to the UK stamp duty.
Scotland’s prime property market is experiencing a boom before the alternative to Stamp Duty comes into effect in April.
An expert has blamed the referendum and proposed land reforms for buyers and sellers holding back on buying properties and estates in Scotland.
The Scottish Government has published details of the new Scottish Land and Buildings Transaction Tax (LBTT), which it says will benefit first-time buyers and those at the lower end of the housing market.
The National association of Estate agents has provided some insight on how the “No” vote will affect the property market in Scotland. The Managing Director of National Association of Estate Agents, Mark Hayward said:
Demand for new homes in Scotland has bucked the UK trend, according to the latest RICS Residential Market Survey, with a net balance of 52% more surveyors seeing a rise in new buyer demand.
In recent months, some prospective property buyers have been making their purchases subject to the outcome of the referendum- these provisons are becoming more common as September 18th draws closer, and with the narrowing outcome margins.
The RICS led an independent Scottish Housing Commission which has published its proposals to improve Scotland’s housing market.
According to the latest RICS UK Residential Market Survey, house price gains in June remained positive across Scotland, and demand for property continued to grow across the country.
This week saw The Housing (Scotland) Bill being passed by the Scottish Parliament, marking the end of the right to buy social housing in Scotland. It is estimated that this will prevent the sale of 15,000 social houses across the next 10 years.
New data from the Council of Mortgage Lenders (CML) has revealed an increase in the number of mortgage loans taken out by first-time buyers during April this year.
The first quarter of 2014 saw a sharp rise in house purchase lending in Scotland compared to the same period last year, according to new data from the Council of Mortgage Lenders (CML).
Demand in the Scottish housing market remained steady during April, with a net balance of 23% of respondents reporting an increase in new buyer enquiries, according to the latest RICS UK Residential Market Survey.
In a recent survey of solicitor estate agents across Scotland by SPC Scotland, eight out of ten solicitors active in the property market apparently forecast a continued rise in sales.
Stirling has overtaken Londonderry as the UK’s most affordable city, according the latest Affordable Cities Review by Lloyds Bank.
Since its launch in September last year, Scotland’s Help to Buy scheme has received over 1200 applications, and has helped more than 200 families successfully gain a mortgage and move into their new homes, the Scottish Government has reported.
