Market overview
The property market in the UK as a whole continues to go from strength to strength, although the differences from one region to the next can be quite staggering. Average property values in London have spiked, but as the capital city moderates, Scotland has begun to outperform its southern neighbours. Following the referendum’s decision to remain part of the UK, the country’s economy and housing market are both doing extremely well. Major cities like Glasgow, Edinburgh and Aberdeen are thriving, while tourism has never been healthier.
From business lets to investment in student housing properties and right through to year-round tourism, Scotland’s cities may not be quite on-par with London, but they have their own strength that is undeniable.
The Selling Process
Marketing your property
The normal means of marketing a property is via an estate agent who can also value your property. If you used an agent to buy your property, it would make sense to use the same one to sell it as they will already know the property.
Legal Representation
You will need either a solicitor or conveyancer to carry through the selling process and navigate the legal processes. These can vary in cost and expertise.
Home Report
You are legally required to provide a Home Report on your property when placing it on the market. This will consist of three parts: a survey, an energy report and a property questionnaire. The person marketing the property is responsible for creating it: if you are selling privately, this is you. If you are using an estate agent, this will be their responsibility.
Energy Performance Certificate
You are obligated to provide an EPC to potential buyers for free. Failure to do so will cause a penalty of £500 from your local authority. This should be included n your Home Report.
Provisional offers and viewings
Ensure that your home is as presentable as possible for viewings. After viewing, a buyer may make a provisional offer on your home.
Legal checks
Your solicitor or conveyancer should now carry out the requisite legal checks on the property. During this period, the terms of the offer will be negotiated, but the sale is not yet legally binding.
Completion
Once you have signed and exchanged the finalised contracts, you are legally committed to complete the transaction. On the agreed completion date, you must have vacated the premises and handed over the keys to your solicitor, who will deliver them to your buyer with a Disposition, which officially transfers ownership to them.
Discharge
If you still have an oustanding loan on the property, this should now be discharged by obtaining a “redemption statement” from your lender. Your solicitor will be able to take of this and ensure that the money from the sale goes towards repaying the loan.
Average selling prices
1 Bed Apartments
£71,961
2 Bed Apartments
£103,649
3 Bed Apartments
£142,548
2 Bed Homes
£112,846
3 Bed Homes
£162,045
4 Bed Homes
£290,976
Selling Costs Checklist
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Once you have met these costs, you have paid to sell your home
Estate agent fee – this will vary with each estate agent
Legal fees – this will also vary+
CGT – Applicable if you have more than one home or it is a buy-to-let property. (From 6th April 2015, foreign owners will have to pay CGT, most likely 18% or 28%, depending on their tax bracket.)
Photos: AJC1, Stuart Caie href=”http:>
