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Words of wisdom wanted regarding buying a property in Scotland please!

5 replies

Onlyaphase · 11/07/2008 16:41

DH and I are looking at several properties in Scotland on Sunday with a view to buying one of them to let to students. Now, although we have bought and sold properties before, these have all been in England, so I don't know how the Scottish system works. I think it is more straighforward and quicker than England?

I know you can note your interest via a solicitor to the estate agent, but when would you do this? Does it commit you to anything? Can you note interests on more than one property at once? When are you legally bound to proceed - I think I am worried in case we offer, it is accepted, and then the mortgage disappears or the survey is crap and we are still bound to buy the house.

And, finally, when it says "offers over" how much over are they thinking/hoping?

Any information or experience would be oh so gratefully received!

OP posts:
CoolYourJets · 11/07/2008 16:43

Note as many interests as you like. It just means your sol will be informed if they set a closing date.

Offer with conditions attached are fine.

Offers over - it depends really.

Where are you looking?

Onlyaphase · 11/07/2008 16:50

St Andrews. Lots of students, limited accommodation = long term buy to let proposition

Thought the offers over situation might be like that! Thanks for other info though. Must find solicitor who knows what they are doing......

OP posts:
lalalonglegs · 12/07/2008 16:37

I think in Scotland you choose a local solicitor who will generally be able to give you an idea of prices achieved and therefore guide you on offers over (I think it is a pernicious system). Once you have made an offer you are legally bound so only offer if you really want to go ahead.

Skribble · 12/07/2008 16:49

It is normal to get a survey done and a mortgage in place before making an offer.

Offers over means it can go for a lot more, but the amout wil be the absolute minimum, I sold my flat for the offers over amount for a quick sale. Look out for fixed price it is a case of first in with an offer on those. Can be a quicker deal.

Fimbo · 15/07/2008 23:23

You can put the offer in "subject to survey".

You don't want to buy in Dundee do you? My parents are hoping to sell their property - lots of students (uni town), within walking distance of a major teaching hospital where parking is a premium.

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