FTB in Scotland(13 Posts)
Can anyone direct me to a good step by step (idiotproof...first time buying for dummies) link to buying first house in Scotland please?
cant point you to a guide but having gone through the process I can try and answer any questions if you have any. I dont think there is much difference from a FTB to any other buyer imo, other than there might be a preferential interest rate from certain lenders.
I'll try my best. Am Scottish, living in Scotland and bought last year so here goes.....
Many properties are marketed as 'offers over', basically meaning that vendors would expect you to offer above the marketed price. In the good old prosperous days it wasn't unusual to expect 20-30% over the advertised price. I once sold a flat for just under 50% over marketed price, but that was a bit extreme even for those days.
Fast forward a few years and a gigantic recession and we sold our last property last year for about 7% over asking price. It's also becoming more common to see fixed price and offer in the region of....
It will very much depend where in the country that you're planning to buy, popularity of the area, catchment schools etc.
Vendors are also expected to provide a Home Report for viewers when they put their property on the market. This covers a valuation, surveyors report of the property and vendor questionnaire. Any viewer can request a copy of this at no cost to themselves and does away with he previous system where viewers had to pay for a survey of a property they were interested in buying.
Traditionally the Scottish system seemed to be a fairer one for the buyer and the gazumping (sp?) thing didn't really ever happen up here and much less likely to be in a collapsing chain, although I'm not too sure what the situation is now with the recession and mortgage availability etc.
Trying to think of anything else... Ask me anything else you think of and I'll try my best. HTH!
Thanks Titty (love the name!) and Mint. So where Im at now...have viewed house and have Home Report - couple of 2s rest rated 1s. Ive appt next week for mortgage approval in principle and checking for nursery/school spaces tomorrow. Ive read that I should consider a 'note of interest' - what is it, who does it go to, can I do it or do I pay solicitor (who I dont have yet, how much does it cost? Questions questions lol
A note of interest just ensure that you are kept in the loop. The vendors agent is supposed to keep you posted of any activity e.g. another offer on the property, to allow you the opportunity to respond. If there was a lot of interest in a property and they decided to take it to a closing date for offers, then you should be kept informed of that.
It's usually submitted by your solicitor to their agent.
Hope that makes sense.
Oh and a note of interest doesn't cost anything.
You may qualify for a government grant called LIFT ( low cost initiative for first time buyers) Have a look on www.scotland.gov.uk/LIFT.
Shop around for a solicitor and consider using an independent financial advisor/ mortgage broker rather than going direct to a lender. Www.lifetimeplanning.co.uk are good.
Most properties are selling now for below the Home Report valuation.
Me again - fact sheets here may help
Also depending on where you live Seller may accept lower. Do you know how long the property has been on the market for and if it is someone selling their home or an Executry property? Were i live, i think about 85% of properties selling are going for between 5% and 10% under asking. We are away to put an offer on another house and i think we are going in about 12% under. IMO All they can say is no. If there is no closing date either yourself or your solicitor can put in a verbal offer, which should work out cheaper than formal offer. My solicitor never charges me for verbal offers.
http://scotland.shelter.org.uk/get_advice/advice_topics/finding_a_place_to_live/buying_a_home/first_time_buyers Shelter]] for basic info.
Money saving expert house buying forum can be good too.
Resurrecting for a quick update 3 weeks before Xmas...Monday-spotted house, Tuesday-viewing, Wednesday-offer accepted and mortgage approved, Thursday-2nd viewing for DP (fortunately he's a man of simple requirements-double glazing, GCH and SKY lol).
Cant believe how smoothly its all gone!! Due to get keys 22 February...its a deceased estate and didnt want to pressure the daughter to empty place over holidays...also meant another 2 paydays each before the move...all good
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