Property Glossary Archives | Page 2 of 3

What is a Repossession in Scotland and are Repossessions in Scotland a Bargain for the Buyer?

September 2, 2011

When somebody with a mortgage doesn’t keep up repayments on their mortgage, they will be in breach of the agreement that they entered into with their lender. The lender, to recover the money that they have lent to the borrower, can insist that the property is sold. The process of the lender taking full control…
Read the article: What is a Repossession in Scotland and are Repossessions in Scotland a Bargain for the Buyer?
Gazumping in Scotland – How Does It Affect Property Buyers and Property Sellers in Scotland? In Particular, How Do the Little-Known Law Society Anti-Gazumping Guidelines Affect Property Sellers in Scotland?

June 20, 2011

The ‘G’ word is one of the dirtiest words related to property sales. It blights the reputation of estate agents, puts fear into the hearts of property buyers and causes a whole heap of additional headaches to solicitors north of Hadrian’s Wall. This article will address some fundamental misunderstandings that exist amongst the majority of…
Read the article: Gazumping in Scotland – How Does It Affect Property Buyers and Property Sellers in Scotland? In Particular, How Do the Little-Known Law Society Anti-Gazumping Guidelines Affect Property Sellers in Scotland?
What is a Mortgage in Scotland? What is the difference between Interest Only and Capital Repayment? What Type of Mortgage Should I Choose

September 23, 2011

Many property buyers in Scotland simply don’t have enough cash sitting around to purchase a property without taking a loan. The most common form of a loan that property buyers in Scotland take is a mortgage. But what are the different types of mortgage: interest only vs. capital repayment, variable rate vs. fixed rate, and…
Read the article: What is a Mortgage in Scotland? What is the difference between Interest Only and Capital Repayment? What Type of Mortgage Should I Choose
What Does Offers Around Mean in Scotland? What Does Offers in the Region of Mean in Scotland? How Much Should You Pay for Offers Around or Offers in the Region Of?

June 27, 2011

‘Offers in the Region of’ and ‘Offers Around’ are, at the time of writing, probably the most common price ‘prefixes’ that you’ll find when you’re looking for a property in Scotland. In the ‘old days’, it tended to be either ‘Offers Over’ or ‘Fixed Price’. Unless you were selling a massive estate with salmon fishing…
Read the article: What Does Offers Around Mean in Scotland? What Does Offers in the Region of Mean in Scotland? How Much Should You Pay for Offers Around or Offers in the Region Of?
What Does Under Offer Mean in Scotland? What Does Sold Subject to Conclusion of Missives Mean in Scotland?

July 20, 2011

When a seller’s estate agent or solicitor/estate agent accepts an offer from a buyer, even verbally, the property is ‘Under Offer’ or ‘Sold Subject to Conclusion of Missives’. Legally, this status means very little. Until there is a binding, written contract (in other words, ‘missives are concluded’) then the sale is little more than theoretical.…
Read the article: What Does Under Offer Mean in Scotland? What Does Sold Subject to Conclusion of Missives Mean in Scotland?
What is a Closing Date in Scotland?

July 21, 2011

A Closing Date is a day and time, set by the seller’s estate agent, by which time the seller’s agent must have received an offer from anyone who wishes to submit an offer on that property. Most often, buyers’ solicitors will fax the offer prior to the time of the closing date, on the day…
Read the article: What is a Closing Date in Scotland?
What is a Note of Interest or Noting Interest in Scotland? How Do I Note Interest in a Property?

July 21, 2011

If you are interested in buying a particular property but are not yet ready or willing to offer, a Note of Interest is a first step towards ensuring (but not a guarantee) that you get an opportunity to make an offer on that property before it is sold to somebody else. A buyer who wishes…
Read the article: What is a Note of Interest or Noting Interest in Scotland? How Do I Note Interest in a Property?
What Are Solicitors Property Centres and Property Portals? Where Should You Advertise Your Property and How Should You Look for a Property in Scotland?

July 22, 2011

In many cities in Scotland, marauding non-solicitor estate agency chains entered the Scottish estate agency market in the early 1970s and mounted a very serious challenge to the traditional dominance that solicitors had in the marketing and sale of property in Scotland. For those of a younger generation, particularly in areas dominated by these national…
Read the article: What Are Solicitors Property Centres and Property Portals? Where Should You Advertise Your Property and How Should You Look for a Property in Scotland?
What Does the ‘Asking Price’ Mean in the Scotland?

August 11, 2011

Quite simply, this is the amount of money that the seller is asking any potential buyer to pay for their property. However, to complicate things, buyers put prefixes in front of the asking price. For example: “Offers Over”, “Fixed Price”, “Offers Around”, or “Offers in the Region Of” and even “Offers Under”.
Read the article: What Does the ‘Asking Price’ Mean in the Scotland?
What is a Home Report in Scotland? Are Home Reports in Scotland a Good Thing?

August 26, 2011

Since 1 December 2008, any seller who is marketing a property for sale in Scotland must obtain a Home Report. There are limited exceptions, for example newly-built properties and genuinely off-market sales where the property is not advertised. However, in the vast majority of cases the seller must obtain the Home Report prior to the…
Read the article: What is a Home Report in Scotland? Are Home Reports in Scotland a Good Thing?

Category: Property Glossary

What is a Repossession in Scotland and are Repossessions in Scotland a Bargain for the Buyer?

Gazumping in Scotland – How Does It Affect Property Buyers and Property Sellers in Scotland? In Particular, How Do the Little-Known Law Society Anti-Gazumping Guidelines Affect Property Sellers in Scotland?

What is a Mortgage in Scotland? What is the difference between Interest Only and Capital Repayment? What Type of Mortgage Should I Choose

What Does Offers Around Mean in Scotland? What Does Offers in the Region of Mean in Scotland? How Much Should You Pay for Offers Around or Offers in the Region Of?

What Does Under Offer Mean in Scotland? What Does Sold Subject to Conclusion of Missives Mean in Scotland?

What is a Closing Date in Scotland?

What is a Note of Interest or Noting Interest in Scotland? How Do I Note Interest in a Property?

What Are Solicitors Property Centres and Property Portals? Where Should You Advertise Your Property and How Should You Look for a Property in Scotland?

What Does the ‘Asking Price’ Mean in the Scotland?

What is a Home Report in Scotland? Are Home Reports in Scotland a Good Thing?

About Us

Selling

Buying

Legal

Contact Us

Property Alert Emails

Request a viewing

Request the Home Report

Aberdeen City
Aberdeenshire
Angus
Argyll & Bute
Clackmannanshire
Dumfries & Galloway
Dundee City
East Ayrshire
East Dunbartonshire
East Lothian
East Renfrewshire
City of Edinburgh
Falkirk
Fife
Glasgow City
Highlands
Inverclyde
Midlothian
Moray
North Ayrshire
North Lanarkshire
Perth & Kinross
Renfrewshire
Scottish Borders
South Ayrshire
South Lanarkshire
Stirling
West Dunbartonshire
West Lothian