Buying a property in Scotland vs England
Home reports
In England, a buyer might want to carry out a survey on the property they are hoping to buy. Whilst, it is not a legal requirement, its is recommended to have a survey on any property you wish to purchase, but it does come at a cost to the buyer.
In Scotland, however, it is a legal requirement for the seller to pay for a Home Report. This is essentially a pack of information about a property, which includes:
Single Survey: This is an assessment of the property’s condition and accessibility, as well as a mortgage valuation.
Energy Report: This is the Scottish equivalent of an Energy Performance Certificate (ECP). It provides information about the energy efficiency of the property and any improvements that could be made.
Property Questionnaire: This is a summary of other relevant information about the property, such as parking agreements, council tax banding and flood risk assessments.
If you find a property in Scotland you like, you can request the Home Report from the seller before you put in an offer.
Government schemes
Government help-to-buy schemes in Scotland differ slightly to those in England.
In England, there are a range of first time buyers schemes that first-time buyers can take advantage of, including the Equity Loan scheme and shared ownership.
The current scheme in Scotland is the Low-cost Initiative for First-Time Buyers (LIFT), which is similar to a shared ownership in England.
Conveyancing
In England, you tend to instruct a conveyancer once you have had your offer accepted on the property you wish to buy.
In Scotland, however, you will need to instruct your conveyancing solicitor the same time you start looking for your next home. This is because you will need them to explain the Home Report to you, and to come up with and submit your offer. This is particularly important to remember if you are selling in England at the same time as buying in Scotland.
Stamp duty
In England, you don’t have to pay stamp duty on property purchases up to £250,000, with some exceptions, with the percentage rate dependent on which band the property falls into.
The Scottish equivalent is called Land and Buildings Transaction Tax (LBTT), and the banding is slightly different. You’ll also only pay LBTT on properties over £145,000. Visit Revenue Scotland for more information on LBTT.
Terminology
There are few differences in the terminology used when moving home in Scotland compared to England. Instead of ‘exchange’ you will hear ‘conclusion of missives’, and ‘settlement’ is used instead of ‘completion’.
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