Stress? What Stress?
Take a look at our quick guides to buying & selling a home
1. How to find your dream home & buy it
2. Get the most out of selling your home
3. Tick off our Buying & Selling Checklists
How to find your dream home & buy it
Buying a house is probably the most expensive purchase that any of us will ever make. It is exciting but stressful at the same time. At McArthur Stanton, we are here to try and make it more enjoyable and (hopefully) less frightening for you. Take a look through our quick guide and checklist, and if you have any more queries, just let us know.
Finding your dream home
There are many ways to find the house of your dreams, and by now you may have noticed the great number of estate agency websites all covering the area you are looking for.
To save you a little time and effort therefore, we would suggest that the best way to begin your search properly would be at the Glasgow Solicitors Property Centre (or GSPC for short). Basically, GSPC is a very popular weekly list which comes out every Friday, containing all the properties currently on sale via law firms around the area.
It can be picked up from any of our offices below, or from those of other member solicitors in Glasgow and the surrounding areas. The list sometimes contains guides and interesting articles on the housing market and so on, so it is certainly worth a read.
Alternatively, you can search for your new home online at the GSPC website. Depending on how long a property in GSPC has been on the market, you can normally view and print off its schedule (in other words, the page detailing most of the things you need to know about the property) to take with you when you set out to view the place.
You should always see as many properties as you can within the budget you have set. You will soon recognise which ones offer better value and suit your own personal needs, but if you need any specific advice on the property, just give us a call on 01436 678822 and we would be happy to help.
How properties are priced
Most properties will be priced as 'offers over'. This means that the figure quoted in the schedule is lower than the price the seller actually wants to achieve. How much higher the property will sell for depends on the strength of the market in the area, plus the number of other potential buyers who are interested, and you can usually phone the agents selling the property for some useful information on this. For example, houses in some very popular areas such as Bearsden or Helensburgh, can sell for prices much higher than the one you see quoted in the schedule.
That said, a property may be advertised as being on sale at a 'fixed price'. These situations normally occur where a seller is looking for a quick sale, and he or she will usually accept the first clean offer that comes in at the price quoted. However, it would be worth checking with the selling agents how long the property has been on the market, as sometimes, where a property has just not been selling at the offers over price, perhaps because the surveys have been revealing various problems with the property, the seller will decide to change it to a fixed price to attract more interest.
I’ve found a place I like
To make sure that the seller does not sell to someone else while you arrange your survey, you should give us a call and ask us to 'note interest' in the property on your behalf. This lets the selling agents know that you are interested in the property, so that you will then be told if there is a closing date set, or if the seller wants to accept an offer.
If we do this for you, you will not be obliged to follow up the note of interest, so if you change your mind about the property, you are not committed to anything. Nevertheless, noting interest does lessen the risk of the seller taking the property off the market or selling to someone else while you think about what you want to do next.
At this stage, you should also consider instructing a survey of the property. The surveyor can look for defects in the property, as some houses can look lovely but may cost much of your hard earned cash to repair. If you've ever watched Tom Hanks in The Money Pit, you'll know what we mean! Also, your mortgage lender will need to know that the house is good security for the amount you want to borrow, so the surveyor values the house independently. That valuation is very important as your lender will rely on the valuation when deciding what level of mortgage you can qualify for.
There are two main types of survey report, starting at a basic valuation for mortgage purposes. This is of course the cheapest option, but it is a very limited report so it may not be the best one to choose. For older properties, we always recommend a more detailed survey report, as you will want to be sure whether the property is damp, if it suffers from dry rot or has a roof which require urgent attention.
Of course, if you're not sure about which survey to instruct, we can point you in the right direction.
Can I afford it?
Most people need to borrow large sums of money to purchase a house, with a secured loan or mortgage over the house itself. These are provided by banks and building societies, but the choice of loans on the market can be fairly bewildering.
However, you don't have to worry about that. At McArthur Stanton, we collect under one roof all the things you have to think about in buying your new home. Therefore, if you need to know what kind of mortgage would suit you best, who to go with, how much to borrow and so on, our in-house Independent Financial Advisor will be able to help you out.
We can provide impartial advice on the best mortgage deals for your own needs, and most importantly, get the application process started straight away, without you having to trail up and down the High Street for hours on end! One of the interesting things about speaking to our Independent Financial Adviser that not many people are aware of, is that if we arrange a mortgage for you, it is likely that you will have the option for us to be paid by your lender on a commission basis. Have a look at our page on this and give us a call for more information.
If applying for a mortgage, you should remember that you will normally require to produce copies of a number of recent wage slips as proof of income, along with your passport, driving licence or other photographic ID, and a copy of a recent utility bill or bank statement to confirm your identity and current address.
How do I actually buy my new home?
Once you have sorted out your mortgage offer and survey, we will submit on your behalf a written offer to the agent acting for the seller. This will be in the form of a letter which contains a number of clauses (rather like a shopping list), including the purchase price, the date of entry (in other words the date the price is payable and the keys made available), plus details of any extras such as curtains and carpets which may be included in the sale.
If more than one person wants to submit an offer, a 'closing date' may be fixed, and as we mentioned earlier, you will be advised of this date if you've asked us to note interest in the property. Once the closing date has expired, and we have submitted your offer, the seller can elect which offer he or she wishes to accept, which will depend largely on the prices offered but also on how suitable the dates of entry are. Unfortunately, there is no guarantee that any particular offer will be accepted.
And what is the solicitor's role in all this?
Many people wonder why a solicitor is necessary in this process. Wouldn't it be easy if we could just phone the seller up, offer a price and move in when it's convenient?!!
However, the role of the solicitor is absolutely vital to the successful purchase of a house. Once you instruct us we will have two main tasks:
Firstly, we will have to negotiate a legally binding contract between you and the seller, by the exchange of lawyers’ letters (commonly known as 'missives'). The starting point is the offer which we mentioned earlier, and which is then partially accepted by the seller in writing via a 'qualified acceptance'.
Many detailed letters may be exchanged before the contract is concluded, and the completed missives that you end up with will set out in full the basis upon which the property is bought and sold, ensuring that neither party can walk away without penalty.
Secondly, we will also have to carry out the actual 'conveyancing' of the property. Your new home sits on a plot of land which is described in various title deeds. We will need to check that those deeds are correct and that all is in order. We will also draft the 'disposition' (or deed of transfer) which is the formal legal document changing the ownership of the house over to you.
At this stage, we will be looking to complete the mortgage documents on your behalf, so it is vitally important that you apply for your mortgage finance as soon as you see the house you like, and again we can help you do this to ensure everything goes through smoothly. Needless to say of course, you must have the funds in place in time to pay the price on the date of entry.
When do I get the keys?
The keys are made available once the price is paid. Having sorted out the mortgage funds and so on, we will pay the price on your behalf using your mortgage funds plus any deposit you are paying, and will attend then to the registration of the title deeds for you. Once we receive confirmation from the seller's agents that the purchase price has been paid, you will get the call you've been waiting for to collect the keys.
So all in all, buying your dream home may well appear daunting at the outset, but if you give us a call today to get the ball rolling, we'll be sure to make the whole experience as swift and hassle-free as possible, leaving you free to pack the goldfish and tick off the checklist below!
Contact our property team today
Get the most out of selling your home
Selling your house can be a daunting prospect, but is something which we can help turn into a positive (and hopefully profitable) experience. Between us, we have many years experience in guiding clients through the property minefield, and will help you ensure that you obtain the best possible price for your property.
Picking a selling agent
Property can be sold either by solicitors or estate agents. If you were to instruct McArthur Stanton, we would place your property on the market and advertise it not only in our windows and website, but also via the Glasgow Solicitors Property Centre (or GSPC for short).
As we indicate in our quick guide to buying property, the GSPC is a very popular weekly list which comes out every Friday, containing all the properties currently on sale via law firms around the area. It can be picked up from any of our offices below, or from those of other member solicitors in Glasgow and the surrounding areas.
To ensure that your property is advertised in the best way possible, our marketing department can help you prepare the schedule (in other words, the page detailing the description, price and location of your home), and will guide you through the process of advertising and showing your home. Simply give them a call today on 01436 678822.
How your home will be priced
Setting a value for your home can be difficult, and that is where the experience and knowledge of our property department can make a difference. With access to records of sales, and a knowledge of the local market, we can suggest what a property should be marketed at, and what you might expect to achieve in a sale. Do remember that prices can fluctuate, and we will not guarantee that you will achieve a particular price, but if you present your property well, and make it look its best, you may well be surprised at the results!
Most properties are priced as 'offers over'. This means that you expect to achieve a price higher than that stated in the sales particulars. If you get several people expressing interest in the property, you may choose to set a closing date. At the deadline, all the interested parties submit a formal legal offer, and you are free to choose your preferred offer. Please remember that you do not have to take any of the offers, and can choose to go back to the market, or withdraw the property. You cannot however play one buyer off against another, unlike in England.
If you are anxious for a quick sale, you may prefer to put the property on the market at a 'fixed price'. The first clean legal offer for the property at that price should then be accepted, so you should think carefully about the price which you set. Have a look at our quick guide to buying a home to see what the prospective purchasers will be thinking about.
Presentation and the House Doctor
You may have noticed a whole swathe of programmes on TV and articles in magazines almost every week about how to present your property for sale. If you've been ignoring them up to now in favour of Eastenders or Coronation Street, we would suggest that you have a look, as some of them contain many helpful hints and tips to assist you in selling your place quickly for the price you want to achieve.
To cut a long story short however, remember that first impressions count, so it pays to clean up the front garden, touch up the paint with neutral colours, and generally make the house look welcoming. Wherever possible, remove clutter, toys and personal effects and keep children and pets out of the way, no matter how annoyed it makes you feel living in a home that looks as though it's come straight out of a catalogue! By doing this, you will increase your chances of having the place sold quicker anyway.
Potential buyers will be trying to imagine their own furniture in your home, so try to make it look as spacious and attractive as possible. Do think carefully about what you will leave in the house, such as white goods in the kitchen, curtains, fires etc and let us know this so that it can be stated clearly in the sales particulars.
What happens when an offer is made?
When a viewer has seen your home and wants to take things further, they will be advised by their solicitor to 'note interest'. This lets us know that there is a buyer who may want to make an offer. The buyer may then go on to instruct a survey before making their offer, or may make an offer 'subject to survey'. If you have several people who have noted interest, we would normally suggest setting a closing date, in other words a deadline on which all offers are to be submitted to us.
Once you have accepted an offer, the paperwork will be handed on to us, and following your instructions we will issue a written response to the offer that has been submitted. There may be several letters between the buying and selling solicitors (which are commonly known as 'missives') before all the terms of the contract are agreed and the bargain is tied up. Once the bargain is concluded, neither party can withdraw from the bargain.
If an offer is accepted 'subject to survey', then the buyer will have a reasonable time (usually a few days) to get their survey instructed and to consider the report. If the survey shows up any problems, they may either amend their offer or withdraw it. If the survey is clear however, that clause will be deleted from the offer and the solicitors will carry on with the exchange of letters.
What does the solicitor do in all this?
First of all, we will check through the successful offer and make sure that it contains the conditions which you want or need to protect your interests. We will discuss with you the price offered, the date of entry, and the other clauses, and incorporate any changes which you need or would like in the formal reply. Whether or not the purchaser has a property to sell, or has their loan arranged in advance, will dictate how quickly a binding contract can be achieved.
We will also carry out the 'conveyancing', which includes the preparation of formal documents and checking those produced by the purchaser’s solicitor, to make sure that the title is transferred to the purchaser when the price is paid.
Also, we will deal with your current mortgage company or lender to make sure that your loan is paid off at the date of entry. Please make sure that you let us know as early as possible the name of your mortgage lender and account number, so that your title deeds can be ordered up to get the ball rolling. Please also tell us of any other loans which you have secured against your home, as these will also need to be paid off.
On the agreed date of entry, we will collect the purchase price from the purchaser's agents, pay off all the secured loans and the expenses of sale, and will then release the balance of the money to you. Once the price is paid, the keys will be handed over to the purchaser and they will move into the property.
You will then be free to move on to bigger and better things!
At McArthur Stanton, we can help you every step of the way, and would be delighted to discuss with you any aspect of your proposed sale to ensure that you get the best out of selling your home.
Contact us today by calling 01436 678822 or by using our convenient form.
Tick off our Buying & Selling Checklists
Having read our quick guides above, please feel free to download & print off our easy checklists to make sure you don't forget anything when you pack and go.
And if all else fails, we go through this with clients every day, so just give us a call on 01436 678822 and we will be happy to help.
To download the checklists, all you need to do is to make sure firstly that you have the free Adobe Reader, then right-click the link to the checklist you wish to access, save it in your computer and open it up safely.
If you have any difficulties downloading either, please call us and we will help where we can.