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Buying a home in Scotland comes with its own set of challenges, including its own property jargon. Below we take a look at some of the terms you're likely to encounter when buying a property in Scotland.
Scottish property terms explained
3 min read
The countryside and culture of Scotland are big draws for those looking to make a move. Here we gather the key terms that you're likely to encounter whilst buying a home in Scotland.
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- Home
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- Conveyancing
- Scottish property terms explained
Home Report
The equivalent of a survey in the English property market. This is the seller's responsibility and is a requirement before properties in Scotland are put on the market, with the only exception being for New Build homes. The Home Report is made up of three parts:
Single Survey – Conducted by a professional surveyor, assessing the condition and value of the property.
Energy Report – Conducted by the surveyor, reporting on the energy performance of the property.
Property Questionnaire – Filled out by the seller, noting all useful additional information about the property such as parking agreements and council tax banding.
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Land and Buildings Transaction tax
The equivalent of English stamp duty, paid to Revenue Scotland when you buy a property.
Check how much Land and Buildings Transaction tax you would have to pay on a Scottish property using our Stamp Duty calculator below.
Stamp Duty Calculator
The stamp duty calculator gives an indication of the stamp duty rates for freehold residential property purchases.
Closing Date
The date set by a seller by which all offers from potential buyers must be submitted.
Noting Interest
Verbal indication from a potential buyer's solicitor that they're interested in a property.
Missives
A series of offer and acceptance letters sent between the buyer and seller's solicitors, collectively forming a contract. When an agreement has been reached between the two, the contract is formed, and the missives are described as ‘concluded’.
Standard Security
An important document that forms the Scottish equivalent of a mortgage in England.
Disposition
The legal document that transfers ownership of a property from the seller to the buyer.
Date Of Entry
The agreed date where the buyer legally takes ownership of the property.
For more detailed information on the process of buying a house in Scotland ready our article.
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