WIBU to ask for advice on buying property in Scotland?(68 Posts)
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.
cheers going to speak to the solicitors tomorrow so will update. Thanks for the advice one and all!
If you are interested and want it, put in a note of interest. The property won't be sold unless they get back to you first. They have to give you the chance to put in a bid. Ask how long it has been up for sale and go from there. If its been up a while lower the offer. If there are other notes of interest it will go to closing and that is when you put in your offer.
Talk to your solicitor but be aware they are sometimes still a bit wedded to the old ways of doing things (note interest, set a closing date, go in with a high offer). If you really want it, I'd go in straight away with a cheeky offer. If they say no, you can up your offer. There are MILLIONS of one bed and a box flats in Leith. Millions. So don't be afraid to go low. It's not a 'one shot only' thing.
Don't be afraid to ask the seller what they would take (if they do the viewings) we did this, said we were happy to pay that (was less than we expected/would have paid at closing) he agreed, we put in offer next day with solicitor, seller accepted, he got the price he wanted and we weren't in a chain so no delays. There was another note of interest but as he was happy to accept it didn't go to closing date. It's not always about a higher offer if they need to get things moving.
I think the days of sealed bids and closing dates ate somewhat over...many places are sitting for long periods of time etc and the buyer is in a good position at the moment. Make a low bit reasonable offer and work from there...the solicitors will go back and forth. We offered twenty under value for our house and eventually settled on 13 under...depends off course on area etc. I know where my dad lives most houses asking prices are around 40k under value because nothing is moving. Good luck!
Also from reading the property talk boards on here, there should be a homebuyers report as its Scotland with a valuation in it. Depending on the local market people seem to be buying near to this but do put a low offer in first and you can them increase it.
Other thing to remember in Scotland is we have the Edinburgh Agreement. That means once you have had an offer accepted you are obliged to buy the property. Pulling out of a sale in Scotland is far more difficult in Scotland once you have had an offer accepted. This also means gazumping is unheard of. For this reason make sure you have an mortgage offer in place before you bid on a property.
I sold a flat in Edinburgh 9 months ago and the buyers very nearly were stung with extra charges as they didnt have any sort of mortgage deal in place and it took 5 painful months to complete.
9 months ago few places outside of the very desirable areas (morningside, stockbridge) were going to closing and almost all of them were offers under despite saying offers over.
Offer low. You can always put in another offer later if it is rejected. We stay outside Edinburgh now (suburbs) but houses here still regularly go to closing and have multiple bids. However there are literally dozens upon dozens of tenement flats for sale in Leith. £100k seems really high as friends were buying similar at that price before the market crashed. Be canny with what you offer and you will have the money left for the cosmetic repairs.
we have an agreement to lend in principle, is that okay? Yhe news that relatively recently the market wasn't crazy makes me hopeful. DW is calling at lunch today.
Yes...your offer must be made by your solicitor which I think is different from England. They won't let you do something foolish if you find a good local one. You often offer subject to valuation etc and can pull out up until the point where you conclude the missives...at that point you are liable for costs etc. not just when you offer.
I offered for a flat years ago subject to survey and when the survey came back (pre home buyer report) I decided it wasn't worth what I'd offered and just retracted with no issues...its only one you sign those missives that you or the vendor us tied and that's quite a bit down the line.
£100k could be good for a nice top floor, but street-facing ground floors can go for £60-70k.
I would say offer low. It is not your dream house that you are desperate to buy, so don't worry about not getting it. If you don't get it, there are tons of similar flats in Edinburgh area.
The market is quite flat here at the moment, and a lot of houses are going under asking price.
Our house didn't go to sealed bids. We put in a low offer, and it was accepted. I think they are pretty happy to even get a bid.
How old is the home report? If it is over say six months it may not be valued that much anymore as well. We bought our house in Feb, Home Report was 10 months old but when it was revalued by same Surveyor for updated HOme Report after our offer was accepted it dropped £20k. Good for us buying.
Also i would say very few houses are going for offers over, im sure that something like 80% were going around 10% less than asking. Next to none are going to closing, most seem to be sitting on market for a 6 months - a year +.
titty the home report was done in April, so not a vast amount of time ago. Solicitors are going to find out if thete are any notes of interest. fingers crossed!
Ok, so it has been on the market for at least three months if the home report was done in April.
Do you know the situation of the seller? We knew that it was the heirs of the owner who were selling our house, which meant that they were more likely to accept a lower offer. If the owners are buying another property, then they will want as high a price as possible.
By the look of things it was a rental property for a while and the owner is selling up. not sure if that is a good/bad thing.
That's probably a good thing. There are loads of rentals around because when people wanted to move up to their second homes, they couldn't find buyers for their first-time flats, so they rented their first flats out. So either they're testing the market (tenant has moved out and they think 'may as well see if we can get a decent offer) or they need the money.
There's a lot of 'reluctant landlords' in Edinburgh. So a fair offer should probably get it, as they either need the cash or are done with the hassle.
That was my situation. On the one hand it meant that I was happy to sell for any reasonable offer and totally flexible about moving dates etc. On the other hand, it meant I wasn't going to take any sort of cheeky offer (and I got a few) because I knew what I needed to discharge the mortgage and I knew I could rent it again if nobody offered that.
I still stand by my advice of offering a fair price based on the home report and other flats in the area (look on espcc for 'fixed price' flats in the area and compare yours to them) rather than the advice you hear in England of making your first offer so low it's embarassing.
Also, if it's been rented out legally then all the electrics and gas will have been inspected annually which is good to know.
it is...solicitors said they'd be in touch by now, but I guess it is par for the course for solicitors.
right no notes of interest recorded...solicitor says put in a bid of 95. Does that sound okay?
I think that 95 would get it for you. definitely. no question.
I would probably try 92 or 93.... I suspect the seller will want 'in the 90s' so flat 90 sounds a bit low but 92 or 93 sounds better...
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