Buying or selling property can be a daunting task. To make things that bit more straightforward, our team have put together a list of the most common estate agency and conveyancing terms that you may come across during the process.
Having an understanding of the most common terms will help to fill you with confidence and certainty, in turn allowing you to make informed property decisions.
Buying and selling property in Scotland
Before you buy or sell a property in Scotland, it’s important to understand what these terms mean.
- Residential conveyancing is the term for the legal process of buying or selling a residential property
- A Mortgage in Principle is an estimate from a lender of how much you can borrow to buy a house. This can also be known as an Agreement in Principle
- If you find a property that you are interested in buying, your solicitor can place a note of interest on your behalf to let the sellers know that you want to be kept in the loop about the sale of the property
- A Home Report is a three-part document detailing what you need to know about a property that is for sale. If you are selling your house, you are required to produce a Home Report by law
- An EWS1 Form is a document that assesses how at-risk to fire the external wall of a building are. This is completed by a qualified engineer or surveyor, and some lenders now require this document as proof before they approve a mortgage for buyers hoping to purchase a property with cladding in Scotland