What to Expect on Settlement Day: A Guide for Home Buyers in Scotland

After weeks (or even months) of searching, viewing, offering, and negotiating, settlement day – also known as the date of entry – marks the final step in your journey to becoming a homeowner in Scotland. At Matheson Lawson, we know how exciting (and sometimes stressful) this milestone can be. Here’s a quick guide to help you understand what happens and how to prepare.

1. What is Settlement Day?

The settlement day is the day the property legally transfers to you, the buyer. It’s also the day you receive the keys and can officially move in. This date is agreed in the contract (the missives) and is legally binding for both the buyer and the seller.

2. Final Checks and Transfers

• Your solicitor will complete final checks on the legal paperwork.
• Funds from your mortgage lender (if applicable) and your deposit will be transferred to the seller’s solicitor.
• Once the full purchase price has been received, the seller's solicitor will confirm settlement and release the keys.

Tip: Make sure your deposit is with your solicitor in advance and that your mortgage funds are scheduled to arrive on time. Delays can cause complications.

3. Key Collection

Keys are typically collected from the estate agent or, occasionally, directly from the seller’s solicitor. Once your solicitor receives confirmation that the money has been received and the transaction is complete, you’ll be notified to pick up the keys.

Important: You cannot move in until settlement is confirmed – plan your moving day around that.

4. Utility Readings and Insurance

• Take gas and electricity meter readings.
• Contact utility providers to register the accounts in your name.
• Ensure your home insurance is already in place – your solicitor will usually require this as a condition of settlement.

5. Post-Settlement Essentials

• Update your address with your bank, GP, DVLA, and others.
• Check heating, plumbing, electrics, and other mechanical systems to ensure they are working as expected. Inform your solicitor immediately if you notice any defects or damage.
• Settle into your new community – introduce yourself to neighbours, and explore local services.
• Keep all legal documents related to the purchase safe.

Why Choose Matheson Lawson?

At Matheson Lawson, we guide clients through every step of their property journey – from making an offer to turning the key in the door. We understand how important your home is to you, and we treat every client’s transaction with care, clarity, and expertise.

If you’re buying or selling a home in Scotland, get in touch with our friendly team. We’ll make sure your next move is smooth and stress-free.