[BUYING AND SELLING REAL ESTATE IN SCOTLAND]
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bill, council tax bill, mortgage statement, land registry confirming house purchase, confirmation of house purchase from other solicitor, tenancy agreement or confirmation of address from Electoral Register, or the equivalent from clients residing out with the EU. Clients from the EU and further afield will also be required to provide information about the source of funds to be used for their purchase. If the purchaser is buying or selling as a limited company, partnership, or other body, but not as an individual, we still need to carry out such money laundering checks, as are required by the laws in force at the time. We will supply prospective clients with details of the current requirements at the outset of the transaction. 8. INSURANCE We recommend that buildings insurance on the property and if relevant life policies on purchaser’s lives are effected (provided proper advice is taken and given) and, subject to that, put into force as soon as missives are concluded in any purchase because from that date a purchaser will be under a legal obligation to purchase the property and pay the purchase price. 9. GENERAL Hopefully, we have covered some of the more relevant issues that may arise during a residential sale or purchase transaction. We did not set out in these notes to answer every question but have simply dealt with some of the most often raised questions. 10. Purchase/Leasing of Commercial Property The principles of commercial property practice in Scotland are not dissimilar to English practice. There will be differences in terminology, legal variances where the actual law differs in each country, and the
Land and Buildings Transaction Tax payable. We would refer you to Fladgate LLP’s excellent guide for general information, but should you have a specific query relating to purchase or leasing in Scotland generally, or indeed any planned purchase, sale, lease, or development of commercial property in Scotland, please refer your query to us and our experts will be pleased to assist you. Land and Buildings Transaction Tax is also payable on commercial property purchases above the relevant threshold and is chargeable on many commercial leases - often those with higher rents and/or longer durations. It is important to be aware that Land and Buildings Transaction Tax on commercial leases may not always be due or payable at the outset of a lease, however if the lease is subsequently varied, extended or the rent increased then it may become payable at a later date. Please ask us for a calculation of the tax payable when considering purchasing or leasing a commercial property in Scotland.
ILN Real Estate Group – Buying and Selling Real Estate Series
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