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Original poster

Buying and selling in Scotland

158 replies

Onebabyandamadcat · 07/03/2021 07:25

Ive seen lots of threads about buying and selling but I know up here it's a bit different from the English system so thought I'd start a new thread if anyone else wants to join.

We've spent the weekend getting our house sorted to sell. Estate agent is coming tomorrow. This was our first home so I've never sold a house before so don't really now what to expect. Two houses I've loved have been put on the market and sold in the past fortnight. Irrationally worried ours won't sell and also that it sells too quickly and we don't find somewhere we like to buy 😣. Anyone else?

OP posts:
Original poster
Onebabyandamadcat · 23/04/2021 14:27

Thanks @IONA it has totally varied but you're right it's a case of just keep trying

OP posts:
AC12theletterofthelaw · 25/04/2021 11:14

A friend of mine sold a few weeks ago in Murrayfield. The HR was £565,000. At a closing date, she got £701 and a few pence. Utterly mind blowing.

I0NA · 25/04/2021 12:20

So 24% over HRV?? Bonkers.

Good for your friend of course , unless she is trading up in the same market.

Isittimenow · 25/04/2021 12:22

I honestly don’t know how we are going to get a house right now. I’m so upset by it, I just want to move.
How are others coping?

LoopyGremlin · 25/04/2021 12:38

It’s well documented that houses round my area are going for up to 20% over HR but I nearly fell off my chair the other day when I discovered that one that was offers over £370k sold for over £525k. It came up on sold prices on ESPC. For a bungalow that needs extending and complete modernisation...Confused

LoopyGremlin · 25/04/2021 12:39

That’s 40% over!!

randomsabreuse · 25/04/2021 13:06

Got unbelievably lucky with our house. Got it under HRV against the run of the market. I think this is because it's "well" maintained but because of current use looks very dated, despite everything being up to date. Layout isn't amazing either, local school is unfashionable but has been great for us - but we would have been much less happy buying the house if we didn't already know the school.

We've just agreed our entry date for next month, hopefully but feeling a bit lost in the process as I've only done English purchases before.

They only had 2 notes of interest and didn't go to closing date because the house is different to most in the area and very much falls between the relatively cheap project ex council semi (cheap even well over HRV) and ready to move in family homes.

I think the school catchment is an issue as the ready to move in detached houses definitely don't go as high as the cheaper houses. I think they mostly go to local families who know the area and school.

Callisto1 · 25/04/2021 13:12

Wow Gremlin that is just insane! I think if things keep going like this we will never be able to upgrade even in 5 years. Really hoping this is a blip...

I0NA · 25/04/2021 13:21

We've just agreed our entry date for next month, hopefully but feeling a bit lost in the process as I've only done English purchases before

@randomsabreuse please try not to stress too much, it’s a great deal simpler and safer than the English process. Once you have concluded missives it’s very very rare for people to pull out and you don’t get last minute renegotiation of price or gazumping.

And congrats on your new house.

Isittimenow · 25/04/2021 15:58

Can someone tell me is it a legal requirement to go to closing date if more than two notes of interest?

AC12theletterofthelaw · 25/04/2021 16:00

@Isittimenow

Can someone tell me is it a legal requirement to go to closing date if more than two notes of interest?
No it is not.

Example being one buyer is cash and the other needs to still market their house and obtain a mortgage. That said, you’ve no guarantee what the offers would be so the cash buyer could have offered less than the one still to sell.

Isittimenow · 25/04/2021 16:05

Thanks AC!

whyhell0there · 25/04/2021 16:16

Jumping on this bandwagon too... Selling our flat and we've had lots of interest so far but there's so little to choose from on the market and even completely dilapidated houses (eg. no heating whatsoever, no updating since the 70s, asbestos etc...) are going for stupid amounts of money. We'd be paying what we'd imagined paying for a home plus £20-30k on top to make it just habitable! ARGH!

I0NA · 25/04/2021 16:52

@Isittimenow - exactly what @AC12theletterofthelaw said.

A note of interest is just what it says - your solicitor indicating that you are seriously interested. In today’s market a seller could often get more than half a dozen notes but still not set a closing date if there’s a lot of interest . They may want will let the viewings run for another week or 10 days. Unless they are under some time pressure of course.

There’s nothing to stop you making an offer even if there are other notes. The agent will probably advise the seller to decline but it’s still their decision. Some people really really hate all the viewings and will accept the first offer that hits their magic number. Or they might be in a hurry. But usually they listen to the estate agent and solicitor and go to closing.

They are not bound to accept the highest or indeed any offer at closing.

The only time they need to accept the first unencumbered offer is when it’s a fixed price. But most offers are conditional eg on a survey or mortgage.

Isittimenow · 25/04/2021 18:18

Thanks very much @I0NA that’s really helpful.

We had a bad experience this week and I don’t know if I’m cut out for this market!

Anyone got any thoughts on how long this craziness can continue? If you’ve not already sold are you better off sitting tight? All thoughts appreciated!

I0NA · 25/04/2021 18:53

I have no idea who long it will last ☹️

I know that many people are improving their current home - decorating, putting in new kitchen/ bathrooms and doing up the garden . I assume that’s with the money they have saved over the past year not going on holiday or out at weekends.

So that’s a finite source of money, a one off. Unless people are really going to change their lifestyles and stay home more / go out less or swap expensive hobbies for cheap / free ones.

I’d love to think that those who used to spend every weekend in pubs / clubs will now take up hill walking / running / gardening but I very much doubt it.

Lots of people seem to want a spare room ( to work from home ) or to move to a house rather than a flat for some outside space ( for self or pets ).

That seems to be fuelling the demand at my end of the market (one bed flat to 2/3 bed, flats into small houses ) .

I don’t know what’s driving things at the top end. Perhaps supply / demand and lower mortgage interest rates ? It can’t be LBTT now.

I can understand why people who only have to commute once a week / month might want to move out of the city into the country. But that doesn’t explain the crazy prices for city properties.

I’d love to know what others think?

Callisto1 · 25/04/2021 19:37

I know mostly families with kids and the ones that moved wanted more outdoor space and an extra room or two. They probably would have moved soon anyway, but lockdown and working from home has made them act quicker. Some moved out of Edinburgh all together to get more space, the rest went from smallish flats to houses. The demand for family homes is huge, but there is very little available here.

I am hoping that once everyone who is desperate to move after Covid has done their thing the housing situation will settle down by the end of this year. But maybe by then the prices will have gone through the roof Sad.

AC12theletterofthelaw · 25/04/2021 20:08

The thing is all of these people who moved between July last year and now will never get that money back. It will be like the financial crash. The price they paid will forever be inflated due to Covid. When they come to sell in in the years to come the values will have settled again.

Original poster
Onebabyandamadcat · 25/04/2021 20:58

Wow lots of posts today! Some of those prices are insane - I don't believe any house is worth 40% over home report. That's just utterly, utterly insane!

I'm feeling so fed up of this game just now. And that's exactly what it feels like - a game where you don't know the exact rules or how to win. Was venting to my parents today and none of us can work out where the money to put such high bids are coming from. DH and I earn ok money (nothing to shout about but better than many) and are looking to buy a 3 bed house near Glasgow. Home report values are usually £140-170k. When they go for £10ks over home report who is buying them?! Who has £40-£50k just lying around to add to a bid?

We're now considering a new build as the fixed price is becoming much more appealing.

Keeping fingers and toes crossed for everyone this week

OP posts:
Isittimenow · 25/04/2021 21:47

That’s exactly what I’m thinking @Onebabyandamadcat! We’re in a ‘good’ position with hopefully a 20% deposit but then a house goes for £15/20k over and all of a sudden we’re not in such a good position after all.

MaryLennoxsScowl · 27/04/2021 07:34

My flat went on the market yesterday and I’m praying for lots of interest. We’ve already had an offer accepted on a bigger flat but if we don’t sell then that will fall through. But before we found ours (needs lots of work and IMO was priced very high already and we paid 8% over home report), we tried for a small house that went for 40% over! I wonder if it’s the one mentioned upthread - except I think that poster was in Portobello and this was in Leith. All the small houses seem to have gone crazy.

Grumpycatsmum · 27/04/2021 07:46

We buy bid for a house last week. Offered more than 20k over HR. It went for about 18% over HR we were told. We are now looking at much cheaper houses that we can compete on and do up. But we wouldn't pay the huge percentages over mentioned here.

Littlemissweepy · 27/04/2021 19:40

Some of these figures are eye watering.

About to put my house on the market. Any tips on what to look for in a good agent? What’s the going rate of commission and fees they charge?

AC12theletterofthelaw · 27/04/2021 19:45

@Littlemissweepy

Some of these figures are eye watering.

About to put my house on the market. Any tips on what to look for in a good agent? What’s the going rate of commission and fees they charge?

Depends where you are.

When they visit, do they make you feel at ease, answer all your questions, don’t bull shit and waffle. Know their area and can back up their valuation thoughts with comparable evidence.

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