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WIBU to ask for advice on buying property in Scotland?

(68 Posts)
ComposHat Mon 15-Jul-13 19:57:49

Due to two pieces of unanticipated good fortune we've found ourselves in a position to buy a flat in Leith.

As neither of us were expecting to be on this position we are a wee bit naive about the whole scenario. We will be speaking to a solicitor tomorrow as we have found a flat that will be perfect for us. It is listed as offers around 100, 000. Will the solicitor talk us through the process and what to offer etc? If not I would appreciate any savvy mumsnetters with a good knowledge of the Scottish system to twlk me through the process and what we should be offering.

Eilidhbelle Mon 15-Jul-13 20:02:47

It depends. The people selling will have to pay for a home report which will tell you if the flat needs any work done to it. If it does, you could use that to negotiate on price. Is it offers over/in the region of....? will tell you how long it's been on the market for and again, you can negotiate if its been up for sale for a while.

Apart from that, unless there is something dramatically wrong with it, and if its a decent size, I'd think £100,000 for a flat in Leith is probably quite a good price!

Almostfifty Mon 15-Jul-13 20:08:50

Is it offers around, or offers over? If it's offers over, they expect you to offer at least 10% more for it.

We only found this out when we offered what we thought was the asking price for the house we wanted to buy. Being English home owners that's what we'd been used to.

Mind, we got it for that price as they were struggling to sell...

ComposHat Mon 15-Jul-13 20:13:06

Cheers Eli, the home report lists the value as 100000 and it offers around, rather than offers over 100000. It needs lots of superficial things doing painting tiling, possibly a new kitchen and loo. They are serviceable but knackered.

NewAtThisMalarky Mon 15-Jul-13 20:20:48

The system is different in Scotland. Its usually a closed bid scenario, where you offer what you want to pay. The seller sets a closing date and on that date all bids are considered and usually the highest bid wins.

badguider Mon 15-Jul-13 20:27:50

Most flats around that price are not going to closing in Edinburgh right now (but it will if the vendor gets more than one simultaneous offer).
Speak to your solicitor who will help you work out what to offer but I'd say 90-95 if you really want it. You could go down to 88ish if you want a bargain but be prepared for them to decline that and get a better offer.

ComposHat Mon 15-Jul-13 21:01:40

okay thwnks everyone. not sure if ive got this right: if it says offers over that means it is the old style blind auction whete everyone submit s a sealed bid. if it is offers around it is like the English system where you submit a verbal offer and then haggle?

PatsyAndEddy Mon 15-Jul-13 21:06:52

No it's still a closed bid situation, notes of interest and closing dates, just not expecting much over the price asked.

Have to say, Leith and 100k, if be watching what area it is. It's not all pizza express on the shore, it can be beyond grim and at that price I'd be wary!

cozietoesie Mon 15-Jul-13 21:09:36

Is is a new build flat or an older tenement ?

ComposHat Mon 15-Jul-13 21:14:24

okay cheers- I think a poster said that flats weren't going to closing at the moment, what does that mean? the flat is on the Leith/Abbey hill border betwixt easter road and leith road. we know snd like the area!

ComposHat Mon 15-Jul-13 21:15:14

oh it is an older tenement flat.

badguider Mon 15-Jul-13 21:18:35

So anybody can offer an offer around or offer over at any time. When the housing market is slow the solicitors just pass these on one at a time for consideration.
When the market is moving faster you put in a note of interest which says you intend to offer, if the sols get more than one note of interest they set a closing date and you all put in sealed offers on that date.

badguider Mon 15-Jul-13 21:20:30

How many beds? 100k is about standard for a 1bed in that area. If its bigger than that it might be a better deal and likely to go quicker.

badguider Mon 15-Jul-13 21:22:30

I sold a 1bed in abbey hill for 88 about a year ago. Home report was 100 but there was no gch or dg and others on with them at same price so I didn't really expect more than 90. We didn't go to closing.

ComposHat Mon 15-Jul-13 21:23:02

cheers bad thst makes sense. so in the first scenario you describe, does the seller then accept/reject the offer there and then and is that offer your one amd only shot at biding?

Soupqueen Mon 15-Jul-13 21:23:42

I have two friends who've accepted offers on one bedroomed flats in the last month, both went to closing. One of the properties was on the market a year ago and didn't get a single viewer. The market appears to be picking up.

OP, your solicitor will have a reasonable idea of what similar properties ae going for and can guide you.

ComposHat Mon 15-Jul-13 21:24:24

one bed plus a boxroom, could probably squeeze a diddyman in to boxroom.

badguider Mon 15-Jul-13 21:29:47

You can put in another offer if your first is rejected but its solicitor to solicitor and they don't really go for the whole haggling thing like EAs do down south.
Because people don't expect the haggling thing putting in a silly low offer could scupper your chances.
But really, talk to your sol - they're not like EAs, they will not play you, your sol works for you and has your interests in mind.

ratspeaker Mon 15-Jul-13 21:31:23

Your solicitor should talk you through the process.
It's possible to make an offer have it rejected then make another offer.

PatsyAndEddy Mon 15-Jul-13 21:33:18

I don't think I could cope with estate agents blabbing on about a house they know nothing about, I like getting down round by the home owner, the way it's always been here.

PatsyAndEddy Mon 15-Jul-13 21:35:39


ratspeaker Mon 15-Jul-13 21:37:23

Was there not a thread on here the other week about some one selling a flat in Leith-they'd had no viewers? Which would imply the market is still a bit slow in some areas
As for value for money it depends on where in Leith.
I take it you've had a good look around the area and have looked at other flats.

Rangirl Mon 15-Jul-13 21:38:57

Your solicitor will talk you through the options but basically your solicitor will note interest in the flat If there are no other parties who have formally noted interest put in a lowish (not ridiculous) offer If they reject it ask what they would accept Then you can negotiate between the 2 If there are other interested parties and it goes to a closing date then basically the best offer wins

ComposHat Mon 15-Jul-13 21:44:09

we have. had a right good shufti at other things. immaculate one beds seem to be on for 100000, but this is scruffier and needs a good deal of work superficial work done on it, but does benefit from the boxroom and a separate kitchen.

chocolatesolveseverything Mon 15-Jul-13 22:33:56

Yes, speak to a solicitor. They may know stuff about how often similar properties are coming up, how well they're selling, etc and that will guide you as to offer tactics. I work in that part of town and haven't noticed places selling particularly quickly. During the summer the market goes quiet too, so if the sellers are keen to move, you may be in luck and get an acceptance for less than the home report value.

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