SOS! - First Time Buyer

[BuyersBeware0]

Hello wise ones,

I’m looking for a bit of advice about buying a property. I live in Scotland.

Before lock down, I was beginning to get the wheels in motion in order to get on the property ladder. Got an agreement in principle etc and was just about to make viewing appts. When lock down began I halted my search.

I begun looking online again last week and on Friday, a flat on my dream street was put up. These are rarely available. Apparently there was a lot of interest and I was put on waiting list for viewing.

I’ve just been given a slot on Wednesday, but was told offers have to be in on Friday!! I don’t even have a solicitor yet and need to renew and formalise my agreement in principle. That alone is a big challenge.

No big red flags in Home report, but electrics may be old. Evidence of previous subsidence, but it seems ok now.

Is it suspicious that there is only a one week window for viewings and then offers need to be in straight away? My thoughts are that advice to the sellers may have been to get rid ASAP because market will go down and or problems with structure may emerge.

Thoughts?

It’s at the top end of my budget, and that also makes me more hesitant. I can match home report, maybe go a little over.

I'd not touch anything with previous subsidence. House insurance would be a nightmare, never mind the mortgage.
Also, rewiring a property is a dirty disruptive costly business.
I'd avoid it tbh. But only you know if it's an absolute bargain and you can afford the repairs it needs.
Disclaimer - I'm not in scotland.

If they’re going to closing on Friday then they must have a lot of interest and be expecting more than one offer. Given the delays caused by lockdown it’s not unreasonable that the sellers are moving fast - not necessarily a cause for concern.

Re the subsidence - does the home report actually mention subsidence or settlement which appears to be historic? You’ll see the latter in pretty much all reports on an older property.

It doesn’t take long to get a solicitor. I always prefer to go with a local, well-established firm as they know the local market, and are easy to get in contact with. You will need to get various bits of paperwork and evidence that you’re not a money-launderer to them ASAP. It used to be common for offers to be made subject to survey, but that was a few years back. Ask the solicitor about that.

It may be that this one isn’t for you, but get organised so you can move quickly if need be.

Good luck!

What work has been done to remedy the subsidence? Is it under guarantee and is the company who carried it out still operating.

If it is a flat, what is the share to fix such an issue, and other issues that arise?

Is the wiring a building issue or just in the one flat, how much will it cost?

Thanks for your replies.

@Seeingadistance it’s and old building and it’s settlement, historic. I had thought that was the same as subsidence. Relief!

@ThreeFish and @LordOftheRingz
It was suggested in report that wiring gets looked at, some of it may be older than the rest, so maybe not whole flat.

For the building there is common insurance and a shared management company. That might be expensive if the roof is in bad nick!

Think I’ll give it a shot, but deadline is against me.

I’ll get solicitor to say I want a electrics investigated and full maintenance history from management company including roof info. Perhaps own survey. ( buyers may not accept my offer with so many caveats, but need to protect myself!)