MSHB

There are various reasons why you may consider purchasing a second residential property. Maybe you are looking to invest in a buy-to-let property, or maybe you would like to have a holiday home to escape to on the weekends and during the holidays. However, it is important to be aware that owning additional property in Scotland considerably affects how much tax you are liable to pay when purchasing residential property. Land and Buildings Transaction Tax (LBTT) is one of the most significant costs to consider when purchasing property in Scotland and the Additional Dwelling Supplement (ADS) is a further charge which must be considered when purchasing any additional property in Scotland.

Garden predators are taking root in the courts, as householders take action to fight off plant invaders that can be highly destructive and undermine property values.

When a property is being sold, the Title Deeds (the documents setting out legal ownership, boundaries, rights of access etc) will be examined by the purchaser’s solicitor. The purchaser’s solicitor will want to be satisfied that the seller can transfer valid title to the purchaser at settlement and that there are no defects with the title which may adversely impact on the purchaser. A lender taking security over the property will also want reassurance that there are no such defects affecting the value of the property or the lender’s ability to sell should they enforce security in their favour.

Some like shiny new homes. Some don’t. While everyone’s taste differs, demand for properties is so high at present that many potential buyers cannot afford to be overly picky and perhaps require to use their heads more than their hearts. If we leave all predilections at the door, what are the pros and cons of buying a new build property in today’s market?