If you’re looking to buy your first property in Scotland, the phrases used can be quite confusing for someone who has come from overseas, England or Wales, or just never bought a property before. If you’re confused about what all these terms mean, then below is a jargon buster to help you through the process:
Death is not a topic that is often discussed openly and freely, but it is one that we must all consider at some point. Planning for the future might not be something you’ve considered if you’re in your 20’s or even your 50’s, but it is something to consider before life takes a turn for the unexpected. Wills are the ubiquitous method of controlling assets after your death; planning for the division of your assets on death is the most common thing people think of when they think of planning for death, but what about your wishes and desires for treatment before death? How you would like to be treated in the event of an accident, or a terminal illness that causes you to lose your capacity to make decisions for yourself is not something that is covered by a will.
New rules on income tax relief for let residential properties will have a huge impact on small landlords. The Government announced that an additional 3% surcharge would be added to Stamp Duty / LBTT for those who own second homes and would be applied as of April 2016.
It is not just mortgage costs that you need to consider, there are a number of other major upfront costs associated to buying a property. From legal fees and surveys, to deposits and removal costs, have a look at our handy guide to find out what it really costs to buy a house.
There continues to be a high demand for properties in Edinburgh, and together with a spike in the value of city properties, it makes it a very attractive market for sellers.
With an increasing number of first time buyers finding it difficult to get on the property ladder, many are turning to buying with their friends. If you are buying a property with a friend or a family member, with the purpose of investing together, you should always make sure you have the appropriate agreements set up in advance.
Whether it is setting up a Will, financial planning in case you or your relative needs long term care or to go into a nursing home, or having a Power of Attorney in place, the time to take action is the present, before you need it. McQueen Legal, members of Solicitors for Older People Scotland, is currently offering a 10% discount on Wills and Power of Attorneys.
From saving a deposit to getting a mortgage to then getting your keys to your very first property, buying for the first time can be an exciting, and somewhat daunting, process. With years of experience finding clients their dream home, McQueen Legal has put together their top tips for those new to the process.