Understanding House Repossession in Scotland

Paving the Way through Property Sales Post-Marital Split

Divorce or separation is frequently a tumultuous period, filled with heightened emotions, stress, and a raft of logistical challenges. One of the most sizeable of these is the division of property, often the marital home. This process is fraught with potential pitfalls and can be time-consuming. If you’re navigating this difficult situation and looking to sell your property swiftly, My Local Property Buyer could provide an ideal solution.

Selling a house after a divorce

What is My Local Property Buyer?

My Local Property Buyer is a cash buying property company that specialises in quick, efficient, and fair transactions. As cash buyers, they possess the resources to purchase properties outright, bypassing the lengthy and often convoluted procedures involved with conventional real estate transactions.

Why Opt for a Cash Buying Company?

The pace and convenience offered by a cash buying company like My Local Property Buyer are critical for those dealing with a marital split.

Rapid Sales: Divorce proceedings can be protracted and draining. The quicker you can manage the division of assets, the better for all parties involved. With My Local Property Buyer, you can typically receive a cash offer for your property within 24 hours, and the sale can often be completed in as little as one week.


Guaranteed Sale: In a conventional house sale, you face the risk of deals falling through, buyers withdrawing offers, or complications with mortgage approvals. This is not the case with My Local Property Buyer. Once you accept their cash offer, the sale is virtually guaranteed.


No Requirement for Repairs: Typically, cash buying companies purchase properties ‘as is.’ My Local Property Buyer will buy your property in its existing condition, saving you time, money, and stress over potential repairs or upgrades to attract traditional buyers.


Removes Third-party Involvement: My Local Property Buyer handles all paperwork and legalities associated with the sale. This not only accelerates the process but also removes the need for estate agents, saving you their commission fees.

The Selling Process

Once you have chosen a reputable property buying company in Scotland, follow these steps to complete the sale of your inherited house:


Initial Contact: Reach out to the company, providing them with the necessary information about your property, including its location, size, and current condition.


Property Valuation: The company will conduct a valuation, either in person or remotely, to determine the fair market value of your property. This valuation is typically free of charge.


Offer: Based on the valuation, the company will make a cash offer for your property. This offer may be below market value, but it will be a fair representation of the property’s condition and the speed at which you wish.


Review and Acceptance: Carefully review the offer and the terms of the sale. If you are satisfied with the proposal, accept the offer. Remember, there is no obligation to proceed if you are unhappy with the terms.


Legal Process: Upon accepting the offer, the property buying company will instruct their solicitors to handle the legal aspects of the sale. They will work with you to ensure all necessary paperwork is completed accurately and promptly. Remember, the company usually covers the legal fees, so you won’t have to worry about any additional costs.


Completion: Once the legal process is complete, the company will transfer the agreed-upon cash amount directly to your bank account. The completion date is typically flexible, allowing you to choose a timeline that suits your needs.


Handover: After the sale is finalised and the funds have been transferred, you will hand over the keys to the property buying company. They will then take responsibility for the property, allowing you to move forward with peace of mind.


Tax Implications

When selling an inherited property in Scotland, it is essential to be aware of the potential tax implications. In most cases, you may be liable to pay Capital Gains Tax (CGT) if the value of the property has increased since the date of death. The amount of CGT payable depends on the increase in value, your tax-free allowance, and your current income tax rate. It is advisable to consult with a tax professional to understand your specific tax obligations and potential reliefs or exemptions.


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