Switching Airlines in Edinburgh

If you have 2 tickets that is exactly what you have to do, in addition to immigration.

I think the majority here would suggest at least 3 hrs between the scheduled arrival and departure times.

How much 'cheaper' is the 2 ticket plan?

I just don’t know of another way to do this, aside from buying all one way tickets, which is significantly more expensive for whatever reason! Open to all suggestions

Am I missing something? How else would your bags get on your flight if you have two tickets on two different airlines? I'm not aware of a way to check bags AFTER going through security. I guess you could carry them on.

Can't you do open jaw/multi city on the same airline outbound to Munich, return from Edinburgh with a flight on Lufthansa or Easyjet between the two cities on the day you switch cities, so when you can be sure of making the flight you have booked.

I can add a couple other considerations. How far in advance are these tickets before your trip? Regardless, keep in mind that both flight times could change. I don't think I have had a flight not change in the past year!
So, I did what you are thinking about, flying leg #1 to Vancouver BC on Alaska Air and, with a 3 hour layover, changing to an Air Canada flight on to Montreal. Both flights changed! The first flight was moved up to depart an hour later and the Air Canada flight to 3 hours later- it made for a very long day, but at least it worked. Had it been moved back that much, it wouldn't have.
My Delta flight from Lyon to Amsterdam was moved back 3 hours, and although on one ticket as a code share with KLM I ended up with a 7+ hour layover rather than 4.
I would suggest carry on luggage only because that will save time on your departure flight. But like others said I use multi city or worst case, two separate one- way trips there and back. I think you have to balance $ saved against potentially missing the flight to your final destination.

So just to be clear you plan on a RT ticket between home and Edinburgh, then separate RT tickets between Edinburgh and Munich?

Have you looked at doing a multicity ticket Richmond to Munich then Edinburgh to Richmond, with a one way Munich to Edinburgh on one of the budget airlines?

Doing it your way is risky in that your first flight could be delayed or cancelled, meaning you lose your second flight and then need to buy a new ticket to Munich. Yes, if you have checked luggage and 2 separate tickets you been to clear Immigration, exit the secure area and check into your next flight, then go back through security to your next gate. You need to allow several hours and pray for no delays.

Yes, @CJean, that’s correct! I’ll look into the multi city option. Seems many folks have mentioned that - I just have never done it .

And don't forget your flight from Richmond to Edinburgh will include a change of planes. No nonstops. A delay of one of those could mean a night spent in Edinburgh.....on your dime.

As you haven't done this before, start by looking at options. Go to a booking site like Google Flights or Skyscanner and choose Multi city (same are you would find 'return' or 'one way'. Enter RIC to Munich with date, then there may be the need to 'add a flight', so enter Munich to Edinburgh and the date. Add another flight, and enter Edinburgh to RIC.
Then book on the airline website.