Can you buy a house in Scotland without a mortgage?
Yes. If you have enough funds available to cover the purchase price and associated costs, you can buy a property in Scotland without taking out a mortgage. You might be using savings, an inheritance, proceeds from selling another property or another source of funds. Whatever the circumstances, buying with cash doesn’t mean skipping the usual legal process.
Do I still need a solicitor?
Yes. Even if you’re a cash buyer, you’ll still need a solicitor to handle the legal side of your purchase. Your solicitor will carry out the necessary conveyancing, including checking the property’s title, dealing with the missives and completing the legal work required to transfer ownership.
Do I still need a Home Report?
Yes. Buying without a mortgage doesn’t mean you can skip the Home Report. The Home Report provides important information about the property, including the Single Survey and valuation, Property Questionnaire and Energy Report.
Do I still pay LBTT?
Potentially. Being a cash buyer doesn’t mean you’re exempt from Land and Buildings Transaction Tax (LBTT). Whether you need to pay LBTT depends on factors including the purchase price and your circumstances. Additional Dwelling Supplement (ADS) may also apply if you’re buying an additional residential property.
Is buying with cash quicker?
It can be, as there’s no mortgage application or lender approval to wait for. However, the legal process still needs to be completed, including the necessary checks and conveyancing. You’ll also need to provide evidence of where your funds have come from as part of the checks involved in the transaction.
Thinking of buying a property with cash?
Whether you’re buying your first home, an investment property or your next home after a sale, getting your solicitor involved early can help make sure you’re prepared for the process ahead.
If you’re buying a property in Scotland, the Conveyancing team at Kaur Sutherland can guide you through the conveyancing process from offer to settlement. Get in touch with us to discuss your purchase.
