First time for us

[Firsttimer]

Hi,

I am looking into buying a home for cash. At present, we are living in rented accommodation so not relying on sale of our own house. I wondered if anyone could give me a general idea of how the process would work. When I woould need to hire a solicitor, a rough guide to conveyancing fees or any other fees invoved etc.

Completely new to this and could use "idiots guide from start to finish".

Any and all advice gratefully received. It is all a bit daunting, not having done any of this before.

We are in Scotland and looking to move locally.

[Dan S]

Hi Firsttimer

There's no such thing as a stupid question! Most resources on the internet don't seem to deal with how to buy a house from start to finish. Most assume scattered prior knowledge. There are some good resources out there though. I don't want to spam this forum so feel free to PM me and I'll send you a link for a specific 'idiots guide' as you say!

[drhouse]

Originally Posted by Firsttimer

Hi,

I am looking into buying a home for cash. At present, we are living in rented accommodation so not relying on sale of our own house. I wondered if anyone could give me a general idea of how the process would work. When I woould need to hire a solicitor, a rough guide to conveyancing fees or any other fees invoved etc.

Completely new to this and could use "idiots guide from start to finish".

Any and all advice gratefully received. It is all a bit daunting, not having done any of this before.

We are in Scotland and looking to move locally.

Firstly you are a cash buyer so you don't have to get a mortgage in place first - sellers will love you.
Find a property you want to offer on and get a copy of the Home Report or more than one if you are trying to choose. You can make a verbal offer to the agent and get agreement or get a solicitor to offer for you and negotiate. How much to offer - a good solicitor should advise you but do some comparables of what is on market, how much others have sold for, how long has your favoured property been on the market and what are the circumstances of the vendor but only offer what it is worth to you. If it's a been on a long time offer less than you would if it was new on. Solicitors should have access to up to date sales prices if sold through a solicitor property centre. Don't offer more than the Home Report value unless you are in a closing date situation and you desperately want it.
Choosing a solicitor. Speak to family, friends, colleagues for their experiences and get quotes from several as prices can vary loads. There should be a fee + vat and then standard outlays which should be the same for every solicitor (but aren't) Standard outlays are the searches, etc. Btw solicitors in smaller towns can be cheaper than bigger cities and just about everything can be done by email.
Don't be daunted by this. You are in control and you have the money, enjoy it and I hope it all goes well.

[Firsttimer]

Thank you to both for your replies.
I can't send a PM yet Dan as I don't have enough posts.
I think I am getting the idea of what order things should be done.
What I was not so sure of was the actual process of transferring the money when the time is right to the solicitor we use. With it being a large sum, do I need to go into my bank and make arrangements for it to be transferred to the solicitor's account and how long does this usually take to "clear"?

[Dan S]

Not to worry, generally you won't need to transfer funds to your solicitor until fairly late in the process, so you'll have several weeks between finding your home and paying for it.

[Paul Green]

Firstimer,

Alas this is too big a decision to ask for just a little bit of advise - your need proper education - this is a BIG INVESTMENT.

I'd suggest a nice book/video from Amazon.

I hope this helps,

Paul Green.

[Firsttimer]

Thanks again for replying Dan.
I realize that once I involve a solicitor, they will advise on how to proceed. I just wanted an idea of the order of events etc.
There is a lot of information available but not so much for a cash buyer and not so much for Scotland where the system is a bit different.
Whilst I could purchase a book as Paul suggests, I find the feedback from a forum invaluable, whether from people who have done the same or a professional in the field.
I am grateful for any input.

[New Homes Expert]

Originally Posted by Dan S

Not to worry, generally you won't need to transfer funds to your solicitor until fairly late in the process, so you'll have several weeks between finding your home and paying for it.

You may need to find 10% to "exchange contracts" within 28 days, especailly if buying a new build house!

[drhouse]

Originally Posted by New Homes Expert

You may need to find 10% to "exchange contracts" within 28 days, especailly if buying a new build house!

Generally you don't have to pay over anything prior to entry in Scotland. However, new builds could have a substantial reservation fee and may charge in advance for extras if any required. Some sellers do ask for a deposit but this is rare.

[Dan S]

NHE expert is right, new builds are different kettle of fish, as is buying through an auction, where you'll need to put down a deposit straight away. But for the average second hand home, there's a bit of at time gap.