Scottish Property Terms Explained: A glossary for UK & overseas buyers

Whether you are in the UK or overseas and dreaming of buying a home in Scotland, or actually planning a move to Scotland, then you will have very quickly noticed that the terminology is quite different to what you are used to. From “home reports” to “missives” and “noted Interests” the Scottish property terms really are their own language.

In this glossary I have tried to breakdown all the important Scottish property terms you will encounter regularly throughout the entire process. From the very beginning when you make your first property enquiry, to the very last day when you collect the keys, this guide will hopefully help you feel more confident, better informed and less overwhelmed.

Under offer

Most sellers will start with an asking price inviting offers over the asking price. It is very common in a strong market but it does not mean you have to offer over the asking price! There is a lot more to consider before deciding where to pitch your offer so speak with your property solicitor.

Home Report

A home report in Scotland is an extensive document required by most sellers before placing their property on the market. The document includes a single survey including valuation, EPC (Energy Performance Certificate and PQ (Property Questionnaire). The purpose of the document is to provide a potential buyer with a clear picture of the condition, energy efficiency, responsibilities and history of the property. Check out – Home Reports FAQ and What is the cost of a home report?

Closing Date

A fixed date & time for which all interested buyers need to have submitted their final offer. There is often no negotiation after this point. Closing dates are more likely used when there are multiple interested buyers. Check out – Closing Dates in Scotland. Top tips for success!

Missives

Letters exchanged between the buying & selling solicitor which, all together, will form part of the final binding contract once concluded. Missives explained more here – What are missives – all the info!

Concluded Missives

The binding contract is now in place and neither the buyer nor seller can back out without legal and financial implications.

Noted Interest

If a buyer notes interest in a property they are simply advising the seller that they are seriously interested and would like to be kept up to date with any other offers they receive. It also indicates that they too would like a chance to offer. A seller is not legally obliged to inform a noted interest of another offer, or give them a chance to offer, but it’s best practice. A noted interest can be given by the buyer themselves or, more commonly, through their solicitor.

Fixed Price

The seller will accept the first offer received at the fixed price level. You will see this in a slower market and often when the seller is looking for a quick sale.

Subject to Survey

A condition in an offer which allows the buyer to withdraw from the purchase if the result of a survey are not satisfactory to them.

LBTT ( Land & Building Transaction Tax)

A tax paid on property purchases over £145,000. Formerly known as Stamp Duty. Check out – What will I pay & when?

ADS (Additional Dwelling Supplement)

An additional tax paid on property purchases in Scotland. This tax applies when the purchaser already owns another residential property. Check out – What is ADS and what will I pay?

Single Survey

Forms part of the home report. This gives buyers a clear picture of the condition of a property and rates specific areas from 1-3 dependent on their condition (1 the best – 3 the worst). Areas assessed include the roof, structure, electrics, plumbing and outbuildings and gives recommendations for potential work required. Importantly, the single survey also includes the confirmed value of the property.

EPC (Energy Performance Certificate)

An EPC outlines how energy efficient a property is and how much the energy use is likely to cost you. Importantly, it also suggests ways you could increase the energy efficiency, which can save you money. An EPC forms part of the Home Report. Check out – What is an EPC? – for more detailed information.

PQ (Property Questionnaire)

A questionnaire completed by the seller and forms part of the home report. The PQ is there to provide any buyer with helpful information that they need to know about a property. This is the only part of the home report that the seller completes themselves and is deemed informative, and not legally binding.

Timber Report

A specialist inspection & subsequent report of a property both inside & out, focused primarily on any timber structures. Looking for signs of damp, infestation and decay.

Solicitor

A qualified legal professional registered with the Law Society of Scotland. A solicitor provides expert professional advice in relation to many legal matters including the sale & purchase of property. Check out – How much will a solicitor cost?

Paralegal

They heavily assist solicitors with a wide range of legal tasks. An experienced paralegal will complete most of the conveyancing work required when buying & selling a property, whilst being overseen by a solicitor. A paralegal is not a qualified solicitor.

Conveyancing

The legal process to change the legal ownership of a property from the seller to the buyer.

RoS ( Registers of Scotland)

The official body in Scotland that records all property ownerships.

Title Deeds

Legal documents outlining ownership of a property, together with all burdens and conditions.

Freehold

Freehold means you own the entire land and any heritable property on it. You have complete responsibility to maintain.

Heritable Property

Defined as the land you are buying together with all things permanently fixed & growing on said land. e.g. house, buildings, trees etc.

Moveables

All items on the land of value which can be moved. e.g. furniture, machinery etc.

Standard Security

A legal document that secures a mortgage against a property. If you do not have a loan or mortgage on the property there will not be a standard security.

Sasine Register

A very old and historic record of land deeds and ownership. It is paper based and no longer used for recording property ownership and was replaced with RoS (Registers of Scotland). If you are buying a property which has not been sold or changed hands for many many years they may still be registered with the Sasine Register. This just means the conveyancing process may take longer and be more complex.

Conclusion: Scottish property terms

Buying a property in Scotland can feel unfamiliar and appear very complex. But understanding the Scottish property terms is the first step to ensure you are knowledgeable and confident. This Scotland property glossary is easy to reach back to at anytime throughout your buying journey to ensure you are well equipped to ask the right questions and move forward with confidence.

Buying a home in beautiful Scotland should be exciting and stress free so please reach out if you need anything explained. Always happy to help!