Settlement (in Scotland) and completion (rest of the UK) is the final step in buying a property.
In
Scotland, your solicitor will:
- Confirm to your mortgage provider that the property you're buying is officially in your name.
- Receive the loan (mortgage) from the mortgage provider.
- Receive your contribution to the property (deposit, LBTT (if applicable) and other associated solicitor's costs).
- Receive the disposition (document that transfers ownership to you from the seller), the deeds (documents which prove property ownership and the history of ownership) and the keys to the property.
- The mortgage provider will be given the deeds.
- Add your details to the land register (a register of who owns land and property in Scotland).
In the
rest of the UK, the difference in the above process is when
your contribution is received. You will have provided the deposit at the
Exchange of Contracts stage. Normally, you'll settle the remainder of the balance (such as conveyancing fees and
SDLT (if applicable)) once completion has taken place.
