Scotland has made its own legal system and governing of land and property. Most of the homes in Scotland are being sold on the basis that buyers can gain the right to occupy and use the property until they own it.
However, the concepts of leasehold and freehold elsewhere in the United Kingdom are not applicable in Scotland. The buyers’ solicitor is making a written offer to buy while the seller’s solicitors are accepting it in writing. Solicitors of both the sides then exchange letters called “missives” to clarify the details and conditions of the offer and acceptance.
When the details are agreed upon, both the parties then carry a binding contract. If by chance, the buyer could not fulfill the obligations contained in the missives, then they have to pay sellers thousands of pounds as compensation.
To avoid this, Scotland has clarified that buyers must get legal advice and finance to meet the purchase prices. If the missives are not included, then either the buyer or the seller can withdraw without damage. According to Estate Agency Lanark, Missives in the property buying and selling means that there will be a binding contract and an agreed date of entry.
Most of the homes in Scotland are being sold through a system of blind bidding, in which the sellers are asking for offers over or around the valuation in a single survey report.
This is indicating the minimum price a seller can expect of property. But how much price is literally paid, it depends upon how busy the market is at that particular time. To make a serious offer, solicitors note buyers’ interest with the seller’s solicitor before arranging the finance.