Buying a property while selling another property at the same time can be tough. As with simply buying or selling a property independently, there are many things to consider. However, when buying and selling at the same time, the amount of stress, pressure and opportunity for things to go wrong can be doubled. With this in mind, it’s crucial to make sure that your property purchase and your property sale run smoothly. A conveyancing solicitor is always necessary when buying and selling a property simultaneously.
Do I need a conveyancer when buying and selling a house?
When buying or selling a house, you need to enlist the services of a conveyancer; meaning that if you’re selling one house in order to buy another, you do need a conveyancer. Your conveyancing solicitor will ensure that the selling one home and purchasing another will be handled efficiently and effectively so that everything goes smoothly.
How will a conveyancer help with purchasing and selling?
When it comes to property, the transfer of ownership can be a complex procedure, especially when buying and selling. Buying and selling is more complex than simply buying or selling; this is because the money received from the sale of your property will often go towards the purchase of your new property. When buying and selling, everything must happen at the right time and in the right order for the transactions to complete.
A conveyancing solicitors’ role is to prepare all the legal documents that are part of any property transaction. Your conveyancer will draw up the contract to transfer ownership of a property to the buyer, be it you (when purchasing), or the purchaser (when selling). Upon completion of the transaction, your conveyancing solicitor will be the one who pays off any mortgages or other expenses on your behalf.
Transferring ownership of properties can be convoluted, especially if you are selling and purchasing at the same time. Homebuyers are advised to consult a qualified legal professional. Our simple online service can help to match you with the best option for your needs and provide a free, no obligation quotation for your Sale and Purchase.
Buying and selling in Scotland
Scottish conveyancing is its own system, and our panel covers it. Moving within Scotland means three differences land on you at once, because you are the seller on one transaction and the buyer on the other.
On the sale, you provide a Home Report before the property goes on the market: a survey and valuation, an energy report and EPC, and a property questionnaire you fill in yourself. That is a cost at the start rather than the end.
On the purchase, the tax is not stamp duty. Scotland charges Land and Buildings Transaction Tax, administered by Revenue Scotland, with its own bands, and an Additional Dwelling Supplement where you will end up owning more than one property.
And on both, there is no exchange of contracts. The binding point is the conclusion of missives, the letters negotiated between the solicitors, after which neither side can walk away. The date of entry is when the keys change hands. Say you are moving in Scotland when you request quotes and the firms quoting will price the Scottish process on both sides.