Buying a property in Scotland

Discussion in 'Finance, Property, Law' started by brettarider, May 20, 2013.

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  1. Background both me and the new Mrs Brettarider are selling up our respective properites and looking to buy a gaff together, My property should be on the market by the end of the month hers should be on this week or early next week. We have seen a property we like, Now I have a mortgage in princeable arranged and the cert should be out this week.

    Now can we make an offer on the property as hers will be on the market without having to take on another mortgage on the subject that once hers is sold we will purchase the other house or will either or both properties need to be sold first? I know I can express an ofer of interest but would like to nail the place down if I could as I think it will sell very soon.
  2. The way it works in Scotland is that you make an offer (usually through your lawyer) to the seller with a price and a date. If the buyer accepts - that's it - you have to cough up and have occupation on that date..

    What usually happens however is that houses are advertised showing the minimum price a seller will accept ("Offers over") - your lawyer "notes interest" with the sellers lawyer. The seller's lawyer will then inform your lawyer of the closing date by which your offer needs to be lodged. The successful bidder is then informed after the closing date. Deals are binding...

    On occasion, a seller will advertise a "fixed price" sale. If you make the price, you get the property...

    Whatever happens you as the buyer needs to be able to complete the sale by the agreed date. The acceptance of an offer is legally binding. If you need to take out a bridging loan, that is your problem..
  3. DieHard

    DieHard LE Book Reviewer

    Its a fickle and valid question, At the end of the day its all down to wether you can pay, ie mortgage, if a mortgage is in place then thats fine, we made an offer before selling ours on two properties, both fell through a failed survey and gazumped on the second.
    Are you using an agent?
    Have the sellers found a place?
    You can make an offer subject to a mortgage.
    I could be out of date but if you make an offer and cant follow up because of circumstances beyond your control i wouldnt worry about it, nothing is binding until contracts are exchanged on moving

    Posted from the ARRSE Mobile app (iOS or Android)
  4. The most important part of HE's post is the last bit. I know a bloke who was almost ruined when he tried to pull out after he had made an offer. Bridging loans aren't cheap.

    Edited to add:
    Ignore DieHards last bit, the law in Scotland (as I'm sure you know) is quite different to that in E&W regarding offers.
  5. DieHard

    DieHard LE Book Reviewer

    yes you are right, i based my post on a move 15 years ago.

    Sent from my GT-I5500 using ARRSE mobile app
  6. Which obviously didn't involve a property in Scotland, as the law here has been different to that in E&W forever. Gazumping does not exist in Scotland, as the offer is binding. The case of the bloke I mentioned before was a situation of his own making (and his stupid wife's) as he refused to listen to the advice he was being given regarding the law in Scotland, preferring to make decisions based on his own experience (singular) of a house purchase in England.
    • Like Like x 1
  7. Dont fall for the offers over bit as that died on its arrse a few years ago.
  8. Not in Aberdeen it didn't, looked at a flat last month and we we were told that they had already had an offer that was more than 15% over the asking. One of the things they don't shout about is that the SPC network share information that you would have thought was meant to be secret.
  9. I live on the West coast and it really doesnt happen here any more, if anything people are offering slightly below the asking price.
  10. Still seeing a few offers over but they are in cloud cockoo land at the moment some are asking on the same estate more for a 4 bedroom house then the developer is selling them new...fucktards
  11. True enough. I put in an offer £5K below the asking price for my 4 bed in West Lothian and it was 'reluctantly' accepted.