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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 or selling property in Scotland.
Home report
The equivalent of a survey in the English property market. The Home Report is a legal requirement that must be available before for almost all properties in Scotland are put on the market, with the only exception being for New Build homes. It is the seller's responsibility to organise and pay for. The Home Report is made up of three documents:
Single Survey: A detailed report carried out by a professional surveyor that assesses the condition and market value of the property.
Energy Report: Prepared by the surveyor, reporting on the energy performance of the property, including the energy efficiency rating (EPC) and environment impact assessment.
Property Questionnaire: Filled out by the seller, giving useful additional information about the property such as parking agreements, property alterations, and council tax banding.
Find out more about how to sell a house in Scotland.
Offer over/ fixed price/ guide price
The main pricing methods used when selling property in Scotland.
Offers over: The property is marketed at a minimum price, with the expectation that buyers will bid higher. Commonly used to encourage competitive bidding.
Fixed price: The seller sets a specific price, and the first buyer to offer that amount usually secures the property.
Guide price: An indication figure showing the property’s likely value, often used at auction.
Property factor
A property manager who is appointed to manage the shared areas of a flat or building, such as stairwells, gardens, and other communal spaces.
Noting interest
A formal indication to the seller’s solicitor that a buyer is seriously interested in a property. If enough people submit notes of interest, the seller may set a closing date.
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Speak to our Move Specialist team to get a personalised cost for your conveyancing in Scotland today.
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