Scottish House buying system - idiots guide please!(10 Posts)
Have seen a fab house for sale somewhere I've been keeping an eye on for ages.... it says offers over 290,000
i have bought and sold in England but have no idea how it works in Scotland except its different and generally thought of to be better
Do you offer that price or x% over - its a place stuff doesnt come up much and somethings (houses like this one) seem to go fast and other things (flats) are on for ages..
when do you do surveys etc How do you sort mortgage timing do you have to have one before offering?
Help and I maybe able to move back
(was born in Scotland but lived in England since a child)
The first thing to do is get a solicitor to represent you. All EAs ( or most ) in Scotland are based within solicitors offices. You solicitor will then write to the vendors solicitor with a 'note of interest'. There will be a cost attached to this, our charged £50. This ensures that you are told if other offers have been made. If there are other offers the property will go to a 'closing date'. You then make your offer through your solicitor in a formal document. Your solicitor should be able to advise you on how much over asking price properties are going for.
If the house has been on the market some time with no offers, then just make an offer.
We then signed a document allowing our solicitor to deal with all the paperwork, keeping us informed. Once the searches and survey are done, called The Missives', then there's no going back.
It was all very clear and stress free, much better than our English house purchase.
Thanks will try and find one to start the process... fingers crossed
I'm shocked you were charged for noting interest! That's dreadful.
Firstly have you seen the home report? Included within the HR is the survey and mortgage valuation report that your lender will use for mortgage purposes. Are you happy with the content and what's the valuation? Where is the property? Offers over in Edinburgh usually means they are expecting over other areas may just be hoping to get HR valuation.
How long has it been on for? You shpuldnt need your own survey. That's what the HR is for. Some lenders will ask for their own but that doesn't happen often. Most will use the survey in the home report.
You do not need a solicitor to note interest for you if you are keen. You can verbally do that yourself.
You can verbally offer yourself too. Your solicitor can follow an agreed verbal with a formal offer and then deal with missives.
Searches are usually back within 48 hours. It can all be done very quickly those are done when you have an agreed offer and missives and well underway.
If you can tell me a bit about the property I can help PM me if you prefer.
I have never heard of paying to note interest
But would recommend solicitor for noting interest and certainly for putting in Offer
The key re what to offer is whether there is a closing date or not
No closing date offer low(but not ridiculously so)
Seller says no looking for X The negotiate between the 2
Closing date Normally only get one shot so needs to be your best offer
Read the home report thoroughly and ? anything you don't understand
Get a good local solicitor who knows the market
Just to add we never charge for noting interest and never charge for submitting a formal offer. We only charge once offer is accepted and we are proceeding with missives.
Interesting Daily it was 9 yrs ago, we were buying long distance, from England. The house had been on the market for ages, put on before the HR was obligatory. It was riddled with asbestos, so we had our own survey done. Then gutted it!
Thanks for clearing up any mis information I had given.
We didn't pay for putting offer in on a property. Contact the estate agent and they will supply the home report and the value will be on that. The value in there is what the seller will accept and is usually £5-£10k offers over price. Estate agents are not attached to solicitors, or certainly the 8 we dealt with weren't. You make an offer verbally to the estate agent then once accepted the solicitor will follow up with a written offer. The written offer will contain conditions such as fixtures and fittings and any white goods or furniture etc.
Great will contact the agent next then...to check out the report.. hopefully nothing like asbestos!
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