What is a ‘Date of Entry’ in Scotland When it Comes to Property? Scottish Property Guide.

What is a ‘Date of Entry’ in Scotland When it Comes to Property? Scottish Property Guide.

This is the date on which:

  • the property buyer pays the purchase price to the property seller, and
  • the property seller gives the keys and legal ownership to the property purchaser.

It’s sometimes also referred to as the ‘settlement date’, ‘date of settlement’, ‘completion date’ or ‘date of completion’. It is a very important negotiating point when selling or buying a property as it is the date by which the seller has to move out and both parties will often want this date to correspond with the date when they move out of, or move into, another property.

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I'm Robert Carroll, Managing Director of MOV8 Real Estate, Estate Agents and Solicitors. MOV8 is an innovative and forward-thinking estate agency and solicitor firm with its Head Office in Edinburgh, UK. It is one of the fastest growing firms in the east of Scotland. I see first-hand every day what is actually happening in the property market and am regularly quoted in the Scottish Press in property stories. Through this blog I aim to give an honest, fresh and sometimes light hearted take on what is happening in the Scottish property market for anyone who is interested in that kind of thing...

6 Comments

  1. Jens U. Roesner 7 years ago

    Question: what does ‘fixed price’ imply in Scotland?
    No room for negotiations?
    Please let me know.
    Kind regards
    Jens Roesner

  2. Author
    Robert Carroll 7 years ago

    Useful article here Jens: http://mov8realestate.com/blog/item/92-what-does-the-asking-price-mean-in-the-scottish-property-market.html

    No matter what the asking price, there’s always potentially room for negotiation.

    It depends on a number of factors but can be summarised as: is the asking price too high and, even if not, how good is the seller’s negotiating position? If they’re in a strong position: don’t have to sell in a hurry or at all, lots of interest in the property and the asking price is set at a realistic level then there won’t be so much room for negotiation.

    The flip side is that if the seller is in a bit of a hurry (financial pressure, relocation, bought another property already), the asking price is too high or there has been no interest in the property for quite a while, they’re much more likely to come down from the asking price.

    Ultimately, the property is only worth what it’s worth: it doesn’t matter how much the seller is asking for it. And it’s only worth what someone will pay for it. Might sound a bit glib, but it really is true. If you’re the only person interested in buying it, it’s the price that they are prepared to accept that sets the value. And that might just be the price that you offer!

    Hope that helps.

  3. lucy 3 years ago

    My Brother has bought a flat in Glasgow and he was due to get his keys today…now the lawyers are saying he can’t get them yet. Surely if everything has been done on his side he is entitled to the keys the day they originally stated? It’s the sellers who are now holding up – he personally believes that the sellers have not found another house yet and don’t want to move out! he has ordered furniture, broadband installation all for the next week and will have to cancel everything. Nightmare! Can they do this? Surely they must vacate the property before the stated ‘date of entry’?

    • David Marshall 3 years ago

      Many thanks for getting in touch Lucy, and I’m really sorry to hear about the issues that you have been having. I can appreciate just how frustrated yourself and your brother must be feeling.

      It is unfortunately difficult to offer guidance on your own case as there are a number of possible reasons why the date of entry could be delayed, some of which are outwith the control of the seller and indeed their solicitor.

      I would recommend, in the first instance, that your brother gets in touch with his solicitor to find out exactly what is causing the delay. They should be able to speak to the seller’s solicitor to find out what, if any, issues exist and thus provide a clear picture of what has caused the delay and how long it is likely to take to resolve.

      I hope that is of some help, and I hope to hear that your brother is able to get moved into his new home soon.

      If there’s anything else you need, do please feel free to give us a call on 0131 202 5444 and we will be happy to do what we can to assist.

      All the best,

      David

  4. Sophie Eccles 10 months ago

    My cousin is buying a flat in Glasgow but his deposit from his last house isn’t gonna be available until three days after the entry date. We told his lawyer and he said that everything is up to the seller.
    Can he still move in? the mortgage is all ready to go at the planned day.
    thanks

    • Author
      Robert Carroll 10 months ago

      Thank you for your comment! I’m afraid that, as your cousin is already represented by another firm of solicitors, we are unable to advise as to the specifics of this case. Delays in obtaining mortgage papers are one of the most common reasons for settlements being delayed though and the resolution will depend on whether missives (the contract for the purchase of the property) are concluded or not. If they are concluded, the sale will generally go ahead but the buyer will have to pay some damages, defined in the missives, as a result of the delay. If missives aren’t concluded, it will be up to the seller as to whether they are prepared to change the agreed Date of Entry or whether the delay is likely to be significant enough that they seek to remarket the property and find another buyer. Hopefully this is helpful!

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