If you currently live in England or Wales, moving to Scotland, with its dramatic landscapes, fascinating history, and rich culture, can seem like an enticing prospect. However, if you are considering relocating north of the border, there are some key differences in the property market that you need to know about.
Navigating the Scottish Property Market
In England or Wales, when you find your dream home, you can immediately call the estate agent and put an offer in. This is not usually possible in Scotland as instead, an 'offers-over' system is commonly used by vendors. When a seller puts their house on the market, they will price it with a minimum acceptable offer and then accept offers from potential purchasers in the form of sealed bids. The process of putting in an offer on a home would normally happen through an estate agent in England and Wales but in Scotland, the offers have to be submitted by a solicitor who is acting on behalf of the buyer.
Another key difference is around surveys. In England and Wales, a survey would only be commissioned after an offer is accepted to confirm the house valuation and to see if the property needs any major work done. In Scotland, a Home Report must be provided by the seller before they put the property up for sale and this report includes information about the house valuation, the condition of the property and an EPC (energy performance certificate). Some people think that this is an improvement on the English system as it reduces the chances of any surprises for the buyer later on in the process and can also help with accurate property prices.
Buyers from England and Wales will also see a change in stamp duty fees when purchasing property in Scotland. In 2012, stamp duty in Scotland was replaced by Land and Buildings Transaction Tax (LBTT). LBTT is essentially very similar to stamp duty and also has varying rates. In Scotland, properties priced below £145,000 are exempt from LBTT, while in England and Wales, regular purchasers only have to pay stamp duty on properties worth over £250,000, and first-time buyers will only pay on properties priced above £425,000.
The term missives isn't used during the home buying process in England and Wales, but it plays an important role in the Scottish property purchasing system. Missives are official letters exchanged between the solicitors of the purchasers and vendors, typically including key information such as the agreed-upon buying price, the closing date and any specific conditions. After finalising and mutually approving all the messages, the contract becomes legally enforceable. In England and Wales, the average duration of work completed by solicitors can range from 6 weeks to two months, with the exchange of contracts typically occurring about a week or two before completion. In Scotland, the process of delivering the missives can take as little as one to two weeks.
Scottish Property Market Tips
Use online resources and try to build a relationship with a friendly Scottish estate agent to understand market trends and property prices in your chosen area. Also, get a recommendation for a reputable solicitor with experience in Scottish property transactions and remember to discuss fees upfront, as their role can be more involved compared to the process in England and Wales.
Finding Your Ideal Location to Relocate to in Scotland
If you are considering a relocation, it is worth considering what stage of life you are currently at as this may affect the location you choose. For Young Professionals, cities such as Edinburgh, Glasgow, Aberdeen or Dundee might tick your relocation boxes. Edinburgh has a thriving tech and financial sector for people looking to build their careers, and it also has a cosmopolitan cultural scene with the Edinburgh Festival happening every summer and a top class University. Popular living areas for young professionals include Leith, Morningside and Stockbridge but relocators should also be aware that Edinburgh is more expensive compared to other parts of Scotland. Aberdeen is another great spot for professional relocators as it is a major employment hub for the oil and gas industries. The West End, Midstocket and Rosemount are all popular areas to live as there are plenty of great amenities, parks and open spaces.
If you are thinking of relocating with a family, the suburbs around Glasgow are a popular choice. East Renfrewshire, Bearsden and Newton Means are great if you want good schools, family-friendly areas and easy links to all the amenities of Glasgow. Smaller towns can also be a great choice for families, and places such as Perth, Inverness or Stirling offer good schools and a relaxed pace of life for young families. If you need easy access to Glasgow or Edinburgh, Perth is a good choice and Inverness is ideally located for the beautiful Scottish highlands.
Retirement can also be a great time to relocate to a Scottish idyll. Retirees should consider the Scottish border region as it has charming villages such as Kelso and Melrose which have a laid-back atmosphere, perfect for your leisurely retirement days. Scottish coastal towns also have a strong retirement pull, and locations such as Portree or St Andrews have stunning coastal views, plenty of fresh air and friendly communities. And if you enjoy golf, St Andrews has a variety of great golf courses to enjoy.
Additional Things to Consider
Typically, the cost of living in Scotland is slightly cheaper than in major English cities such as London. Nevertheless, housing expenses may differ based on the area. Make sure you conduct thorough research to make sure your budget fits with your preferred lifestyle and location. Also, investigate employment options in your industry before moving. Although Scotland's job market is strong, some industries may offer more job opportunities in certain cities, such as finance in Edinburgh and oil and gas in Aberdeen. Furthermore, expect a colder and rainier climate in comparison to the majority of England and Wales. That being said, Scotland also offers pleasant, moderate summers and a unique four-seasonal pattern.
Relocating to Scotland can be the start of an amazing journey. By familiarising yourself with the property market, conducting thorough research on appropriate areas and considering factors such as expenses and job prospects, you can prepare for a seamless move and fully enjoy everything Scotland has to provide. Just remember to bring your hiking boots, a raincoat and a willingness to explore!
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