Taking control of debt, free debt advice, improving your credit score and low-cost borrowing. Renting, buying a home and choosing the right mortgage. Running a bank account, planning your finances, cutting costs, saving money and getting started with investing.

Understanding your employment rights, dealing with redundancy, benefit entitlements and Universal Credit. Planning your retirement, automatic enrolment, types of pension and retirement income. Buying, running and selling a car, buying holiday money and sending money abroad. Protecting your home and family with the right insurance policies. Find out how the Scottish property process works and when you will need to pay for various things along the way.

Before you can put in a bid on a property, you need a mortgage lender to confirm that it is prepared to lend you money. Use our Affordability calculator to estimate how much you can borrow, based on your income and outgoings.

Estimate your overall cost of buying a house and moving Avoid common problems. Solicitors are responsible for putting in the offer, negotiating and checking the contract as well as organising the transfer of the Title and money.

Find a solicitor or qualified conveyancer on the Law Society of Scotland website. This shows that you are interested in the property and want to be kept advised of developments such as the fixing of a closing date to submit offers. Your solicitor will undertake searches in the property and personal registers to ensure that there is nothing which might prevent the seller from being able to sell the property. The solicitor will also check with the local authority to see if there are any planning issues that might affect the value of your property and whether any roads next to the property have been adopted by the local authority.

Most solicitors request payment for their work after completion but you might have to pay a deposit, or pay for searches upfront.

You can also instruct your solicitor to carry out the search once the offer has been accepted but this will need to be agreed with the seller as a condition of the sale going ahead. As a result, the seller might be reluctant to agree to this as the findings might give you a reason to ask the seller to lower their price, or even back out from the sale altogether.

Before marketing the property for sale, sellers have to arrange a Home Report to show to buyers interested in their property. When you receive the Home Report for the property you want to buy, make sure to read it carefully.

It will give you a good idea of the running costs of your new home. You can also use it to ask the seller about utility bills.

Your mortgage salaries for stock brokers might rely on the mortgage valuation contained in the Home Report if it includes one or needs an independent one.

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Some mortgage deals come with free valuations. You will also need to decide if you wish to rely on the survey contained in the Home Report or obtain your own survey. The surveyor who prepared the survey contained in the Home Report has a statutory duty of care to the seller who instructed it and to you as the buyer.

Search for a local surveyor on the Royal Institution of Chartered Surveyors website. You might wish to wait until your offer is accepted before having your own survey done, in which case you make your offer subject to survey. The solicitor will also hand over information about the property such as the title deeds and planning papers. Go through everything you receive with your solicitor as they might raise queries about the paperwork.

Neither you nor the seller is committed yet. Both parties are now legally committed to the sale. It is not all that common to be required to pay this holding deposit as there are usually penalty fees in the contract to deter either party from backing out at this stage.

Next, you or your solicitor should contact your mortgage lender and let them know that the purchase is going ahead along with the proposed date of entry.

This will allow your lender to issue their loan and security instructions to their nominated solicitor. In addition, this will also successful property letting how to make money in buy-to-let pdf the lender to prepare the release of their loan monies to allow the sale to complete on the date of entry. After your offer has been accepted, the sale will be completed on the date of entry agreed with the seller. Your solicitor will complete the transaction by paying the Lands and Buildings Transaction Tax LBTT due.

The new rates will only be payable on the proportion of the total successful property letting how to make money in buy-to-let pdf which falls within each band. The Register of Scotland fees calculator.

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Book Review: Successful Property Letting: How to make Money in Buy to Let by David Lawrenson, published by Right Way « Block9 « LandlordZONE

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Buying property in Scotland — a money timeline Find out how the Scottish property process works and when you will need to pay for various things along the way. Check your mortgage and deposit will cover the value of the property you would like to buy.

How much can you afford to borrow? Be careful not to overstretch yourself. Read our guide on how to Find and commit to a solicitor. Read our guide for tips on Protecting yourself and your home. See a full list of Mortgage fees and costs. Did you find this guide helpful? Share this article on Facebook Share this article on Facebook Share this article on Twitter Share this article on Twitter Share this article by Email Share this article by Email.

Thank you for your feedback. Share this article Share this article on Facebook Share this article on Facebook Share this article on Twitter Share this article on Twitter Share this article by Email Share this article by Email. Related guides The cost of buying a house and moving Stamp Duty - Everything you need to know Home-buying process — steps to buying a new house or flat. The cost of buying a house and moving Tax and National Insurance deductions Working Tax Credit.

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