Buying a home in Scotland? Here’s the property jargon you need to know!

06 February 2025

Thinking about buying a home in Scotland? Exciting times! But if you’ve already started browsing listings, you’ve probably come across some confusing property jargon. What on earth do “missives” mean? And what’s this “LBTT” everyone’s talking about?

Don’t worry - we’ve got you covered! Here’s a quick and simple breakdown of the key terms you’ll need to know when navigating the Scottish property market.

1. Offers Over

If you’re scrolling through property listings, you’ll notice most homes are advertised as “offers over” a certain price. This is basically the starting point - it’s what the seller would like as a minimum, but in reality, homes often sell for more. So, if you’re budgeting, keep in mind that the final price could be higher, and any money offered over the home report value has to come out of your own pocket; this will not be covered by your mortgage lender.

2. Home Report

Think of this as a property’s report card. A Home Report includes:

• A survey (so you know the condition of the property)
• A valuation (how much it’s officially worth)
• An energy efficiency rating (good for budgeting future bills!)
• A property questionnaire (details filled out by the seller)

Every property for sale in Scotland (except for new builds and uninhabitable property) must have a Home Report before going on the market - so make sure you read it carefully before making an offer!

3. Closing Date

If a home is super popular, the seller might set a closing date. This means multiple buyers are interested, and you’ll have to submit your best offer by a set deadline. There are no second chances, so it’s all about putting your strongest bid forward.

4. Missives

Once your offer is accepted the legal stage begins. “Missives” are the formal exchange of contracts between your solicitor and the seller’s solicitor. Once these are concluded, the sale is legally binding - which means no last-minute backing out without consequence.

5. LBTT (Land and Buildings Transaction Tax)

Scotland doesn’t have stamp duty - instead we have LBTT. This is a tax you might have to pay when buying a property, depending on the price. First-time buyers get some relief, but it's worth checking the latest LBTT rates to budget properly.

6. Fixed Price

A property listed at “fixed price” means the seller wants exactly that amount - no bidding wars. The first person to offer it usually gets the home, so if you love a property at a fixed price, be ready to move fast!

7. Under Offer

Seen a home listed as “under offer”? This means the seller had accepted an offer, but the sale isn’t official yet. Sometimes, deals fall through, so if you love a property that’s under offer, it might still be worth registering your interest.

8. Entry Date

This is the exciting bit - your move in day! Your entry date is when you officially get the keys and take ownership of your new home. Time to start planning where your sofa’s going!

Buying a home in Scotland doesn't have to be overwhelming - understanding these key terms will help you feel more confident in the process.