'Guide Price' in Scotland

[toxic44]

We're looking at a decrepit, large house on the West coast of Scotland, offered at a 'Guide Price'. Is this the asking price or am I supposed to offer more than the figure given? If more, how much more - 10% or less? The EA obviously isn't informative, after all, he works for the vendor. I don't know how the Guide Price thing works. Can anyone help me, please?

I live in Scotland, in a rural area where sales aren't that competitive so people often offer below the guide price. You'll have to work out how much it could sell for once done, cost of renovation, local prices to help with actual offer price though.

In some areas of Scotland, like desirable areas of Edinburgh, sales often go to sealed bids after there is a set closing date.

So, if your area is not as desirable/competitive you can get your solicitor to put in a lower offer than the guide one.

Where exactly? Can you link

Thank you FowlisWester. We're looking at Stranraer and live some 175 miles away so it's hard to gauge the area. I've seen houses on the same road for some 30K more but they're in better condition. This needs new roof, dpc, internal timbers. It's about 140 years old so you can guess. I'll see what info I can dig up. Thanks for your help.

I'm more familiar with a bit further north on the west. Generally things seem quite slow at the moment so I would try to look at right move and see how long things have been sitting for. It'll give you an idea if there's a fast market or not. Where I live most things are on for months and months and often show reductions. My sis is nearer Edinburgh where good properties go like hotcakes

We bought in Scotland just under 3 years ago and the house was on a ‘guide price’. We originally went in at about 25 under and ended up at 15 under. Our solicitor just said it’s basically another term that is used and to offer what you want/feel. It totally depends on the area, if they’ve had other offers too/expecting other offers/want to wait.

I didn't expect so many helpful responses, thank you everybody. The house price was reduced last October and its condition might render it hard to get a mortgage. Do I need to use a Scottish solicitor for preference or did people use their own English one? I know in Eire you have to have an Irish firm.

I'd use a Scottish solicitor as there are differences. The home report should give you an un biased valuation. Is that the guide price?

One thing to think about when buying an 'old pile' to do up. If it is remote then it is so much harder to get trades out (initially to quote and to commit to the work).

Get the home report. It will tell you the mortgage valuation figure.
Stranraer would not be one of the more expensive areas in Scotland, mostly as it is far away from most places. Also the ferry terminal had relocated to Cairnryan a few miles up the coast which reduces traffic/business. It is on a train line and lovely sea views obviously.

Thank you Lizzie, I take your point about the legal differences. The heap is in town, so getting workmen shouldn't be hard; affording them and getting reliable people is different, lol! The Home Report is dated 2009 and lists extensive and essential repairs; I expect the Guide Price given by the EA is based on that. We currently live in a very similar old house in an unappealing area, so we could as easily live in a heap in a nicer place. We've done up places before with some success but circumstances have not been helpful where we are.

Namesallgone, the valuation report is from 2009, and from what I've seen, some of the faults are still current. The valuation figure it gives is much higher than the Guide Price, which speaks volumes. Common-sense suggests that with that discrepancy and the price reduction last October, interest in the property has not been overwhelming. I'll see about finding a local solicitor and hear what he says. It should be an interesting week.

2009!!!!

Has it been on the market that long?

That’s not a valid home report. It has a ‘lifespan’ of three months from going on the market I think. I would ask for another, current home report. Condition will surely have deteriorated?

Wow... nice period features etc. But do you know the area? I would worry that the resale would be impossible when you want to move. It's not in as poor condition as I would have expected!

That’s no use as a home report, as pp said they have a (very short) shelf life. I expect they don’t want to keep redoing them (as it costs money) but they can’t sell here without one.
If it the one I think it is from a hasty google, it does look lovely!

You're looking at a house in the most beautiful part of the country 😊 Stranraer isn't exciting, but the surrounding area is fabulous. Great choice!

With a guide price, I'd go in with a cheeky offer. Especially if it's been on the market a while.

House buying in Scotland is so much more logical, and less stressful 😅 Have you got a solicitor or do you need recommendations?

Scotinoz, I'm not looking for excitement, lol! Digging around, I see it was listed for sale some 30 months ago and has not changed hands in that time. I surely don't want to spend more than I need to; the repairs will be costly.
I don't have a Scottish solicitor and I'd welcome a recommendation to a reliable, reasonably-priced firm. Do you have anyone in mind, please?

Look at Miller Samuel Hill Browm Solicitors in Glasgow. Excellent conveyancing team. Their chairman headed up the GSPC for a long time. Basically, they're shit hot at their job; proactive, don't take any nonsense, incredibly thorough, and all round nice people.

Thank you, Scotinoz. A recommendation is always a good start; how can one have any idea, otherwise? The last local firm I used for UK sale took 20 weeks from date of sale to completion, no chain, straightforward transaction. Had us on our knees.

We have a house in that area. It is beautiful, but unless you have to be in Stranraer then possible look further back, East along the coast, it is just as beautiful, affordable and accessible. ( pass the isle of Whithorn. Lovely but more remote!)
I’d use a local solicitor in Stranraer or Dumfries. The Scottish form of buying is very specific and much less stressful. I’m not going into details, but we signed all the legal stuff over to our Solicitor and only signed one document, at the end of negotiations. It was so easy!

Use a Scottish solicitor. We bought a house in Scotland while selling one in England and had to use two separate solicitors as the systems are so different. Total PITA to be honest.

You'll know already that offers are submitted to solicitors in Scotland rather than through the selling agent, and our solicitor was able to give good guidance about what to offer. They aren't partisan like estate agents - it's in an estate agent's interest to get you to offer high as their commission is a percentage of the selling price. Solicitors are paid a set fee.

Thank you for your input, JT05, Fleurdelacoeur and Francis Crawford. We're not compelled to be anywhere, praise be. My OH is taken by this style of property, wants to be by the sea and preferably in Scotland. He is skilled in practical work and likes to do it when he chooses at his leisure. Having re-read the valuation report I'm questioning how I can organise the essential repairs when I live 175 miles away. He could be there and I here; from experience I know how long a job can stretch. Present house is also decrepit and we've lived here about 15 years. The game is finding a house he likes with not such overwhelming renovation. I'll look past the Isle of Whithorn, as you suggest. He has Aspergers Syndrome (high end functioning) so remote is very appealing to him. I'm very open to any suggestions, please.