Buying and selling property can be a stressful experience, especially for first-time buyers or those unfamiliar with the Scottish legal system. A large part of this may be due to confusing terminology, and a lack of understanding of the process.
It would be reasonable to argue that 2023 was not a good year to buy property; mortgage rates were typically ranging between 5% and 7% depending on the product - a significant increase on previous years where mortgage rates were averaging between 1 and 3%. There was also a growing concern that a crash in house prices was looming. A combination of these issues resulted in a highly unstable market, with buyers finding it increasingly more difficult to secure a mortgage.
Whether you are both first-time buyers or purchasing your first property together as a couple or with a friend or family member it is undoubtedly an exciting but daunting time. You may get caught up in picking the furniture and counting down the days until you pick up the keys, however, it is important to not just think about the exciting parts but to also think practically about the consequences of buying property jointly with another person.
The Scottish Governments has introduced the Land and Buildings Transaction Tax (Scotland) Bill which is set to replace the current Stamp Duty Land Tax system currently operating in Scotland on land and property transactions.
The Scottish legal profession is entering a brave new world which will eventually change the way in conveyancing is practised in Scotland beyond virtually all recognition.
You may now be able to buy a home with just a 5% deposit thanks to two Government Schemes both called “Help to Buy”.
Virtually every day you open the paper there are articles about the property market, reporting, for example:-
A new assisted purchase scheme to help first-time buyers has been launched by the Scottish Government. It is called the First Home Fund and is designed to help first-time buyers get on to the property ladder. It is a shared equity scheme and provides up to £25,000 towards the purchase price of new builds or existing homes. Available to first-time buyers only, it runs up to March 2021 alongside other shared equity schemes. It does not replace the current Help To Buy Scheme which will run until March 2021.
It is crucial that you seek legal advice as soon as you decide you sell your home. In addition to instructing a Solicitor, you will also have to instruct an Estate Agent to market your property. To ensure the sale proceeds as smoothly and as efficiently as possible, it is sensible to instruct a Solicitor whose firm also has an Estate Agency practice. There are several key advantages to you in doing so:
Following a surge of sale transactions in the northeast and East Lothian, the Scottish housing market had collective sales of £3.4 billion during January-March 2019; the highest figure recorded since the credit crunch in 2008, according to Aberdein Considine’s Property Monitor report.
According to the latest data from the Landbay rental index, Scotland recorded the highest annual rental growth across the UK at 1.78 per cent of the yer to end April 2019, and the best monthly increase of 0.15 per cent to £750. This compares with the national average, which grew just 0.96 per cent in the year, and 0.07 per cent month on month to £1,218.
During 2018, there were 34,519 first-time buyers in Scotland; a rise of 56 per cent from the 22,100 recorded ten years ago, according to recent research. Up from 37 per cent in 2008, first-time buyers now make up 50 per cent of all house purchases with a mortgage in Scotland, the Bank of Scotland data reveals.
A recent survey of more than 1,000 individuals revealed that half of Scottish homeowners expect the value of their house to fall after Brexit, while only three per cent believed their house value would rise.
Developer Drum Property Group has announced plans for the new G3 Square development on Minerva Street, Finnieston, which will feature a selection of apartments and penthouses set within a landscaped outdoor space.
Property portal Zoopla announced that Scotland was the fastest-rising region in the UK property market, with property prices up by 6.43% since January 2018 and an average value of £195,739. Wales came second with a price jump of 3.9% to £192,362, and West Midlands followed where prices increased by 2.91% to an average property price of £220,746.
The average price of a property in Scotland reached £153,309 in August 2018, which is an increase of 4.1 per cent compared to August 2017, and an increase of 0.3 per cent compared to July 2018.
The Southside of Glasgow is set to benefit from a massive £15.4 million regeneration project created by Southside Housing Association.
Following Phillip Hammond’s recent announcement in the budget of a tax break for first-time buyers which could see savings of up to £5,000 for buyers in England it would appear that the Scottish system is being considered ahead of the new budget proposals to be announced in the coming weeks.
Concerns have been raised over the safety of twelve blocks of flats in Glasgow which were built using an outdated construction method.
Housing provider, Serco, has declared it will pause its plans to change the locks on the houses of 330 refugees who were refused asylum and are currently living in Glasgow.
