SCOTLAND’S unique and widely admired house-buying system is set to protect it from the property market woes affecting the rest of the UK, according to the influential ELPG group of property solicitors.
The Scottish contract process based on ‘Missives’ is being singled out as the reason why the Scottish housing market is remaining robust – and indeed buoyant in some areas – while in England prices are falling and the spectre of negative equity is looming heavily over many homeowners.
And the ELPG, made up of five of the most experienced solicitor firms operating in the Edinburgh and Lothians, believes the system ensures Scotland should again escape largely unscathed from problems crippling the market south of the border.
ELPG member Steve Spence, senior partner with Neilsons Solicitors, said it was important to stress that the Scottish and English markets are two separate entities.
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