How does offers over work in scotland

These include: the property the price the date of entry any other conditions. The property The offer will state the property you are buying and give a brief description, usually with reference to the particulars. The price The price you are offering will be stated.

The date of entry The date of entry is the day when the money is transferred to the buyer and you can pick up the keys for your new home. Any other conditions Your solicitor will include a number of other conditions in the offer. Most of these conditions are standard, for example they will make sure that the sale will only go through if: the seller has the right to sell the property there are no outstanding repairs to the property or communal areas if any alterations were carried out in the past, the correct building warrant and planning permission were granted at the time and the work was carried out properly.

Email Print this article. Housing laws differ between Scotland and England. This content applies to Scotland only. Get advice if you're in England. We use cookies to store information on your computer They are small text files. Accept all Reject all. Functional This helps each part of our website work properly. Functional On Off. Analytics This improves our website by collecting anonymous information on how people use it.

Analytics On Off. Marketing We use marketing cookies to help us improve the relevancy of advertising campaigns you receive. Marketing On Off. Save your preferences. Live Chat. Estate agents and solicitors must tell the seller, who then decides whether to stick with the "accepted" offer or switch to the higher one.

Many reputable estate agents in Scotland dislike the offers over system. They believe it makes a mockery of professional valuation, as some homes are deliberately under-priced when they go on sale to encourage feverish bidding. Reform may be at hand, however. The Scottish parliament has tested a single-survey scheme to reduce duplicate surveys by rival bidders, and Scottish politicians are monitoring the introduction of home information packs in England and Wales, which aim to make the house moving process smoother, quicker and cheaper.

Agent's details: This spacious bungalow, built in , has been redecorated by the present owners. It is has two bathrooms and has been occasionally used for bed and breakfast accommodation. Agent's details: Orchard Grove is on a small estate of modern homes, in the valley of the River Tay on flat land between the river and Kinoull Hill.

It has three bedrooms, two bathrooms and a triple garage with an adjoining workshop. It sits in grounds of almost three quarters of an acre.

Agent's details: This spacious family house was built nine years ago by the current owners, in a peaceful location at Heriot in Midlothian. It has five bedrooms, three bathrooms, a conservatory, workshop area and a garage.

Perhaps the single most important factor in determining the price that a property will achieve, is how much interest it has attracted. Fortunately in Scotland we have the system of notes of interest which will help you to get a strong indication of the demand for a given property. If you are thinking of submitting an offer for a property, your solicitor will be able to find out how many notes of interest there are already so you know how much competition you are likely to be facing.

This is especially useful information if you are bidding at a closing date. If there are no notes of interest on a property you will have a clear run to submit a much lower offer, at or around the asking price. There is no one-size-fits-all answer to this question, but you should consider all of these factors when discussing with your solicitor how much to offer on a given property. You also should not lose sight of how important your own circumstances are when deciding what to bid.

On the other hand if you need to move quickly, perhaps to ensure that you have moved before the new school term starts, then you may have to be more aggressive and submit slightly higher offers than would otherwise be the case. Location Search. Area Search. District Search. Depends on what you mean by agreed , but I was a right royal pain the arse buying my last place because there was some weird shit technical terminology in the title which needed to be bottomed out before the missives could be concluded.

Unfortunately the seller missed out on her planned purchase as a result. Thankfully, she ended up finding somewhere that she ultimately was happier with. I sold my place last year. Back up and running now with a temporary solution agreed between Registers of Scotland, The Scottish Law Society and the majority of lenders. This topic has 36 replies, 22 voices, and was last updated 1 year ago by cynic-al. Viewing 37 posts - 1 through 37 of 37 total.

Posted 1 year ago. Got out bid on all and ended buying a fixed price new build! Effectively its an auction — there will be a closing date and everyone who is interested puts in a bid and at the closing date the bids are checked and whoever puts the highest in gets it There are various ways of playing it — a solicitor will be able to advise.

Like with any house, it is worth what someone is prepared to pay. Make your offer based on what you are prepared to pay to secure that property. A lot of houses now go for fixed price — but again that is just a starting point.

The English system where there is back and forth till a price is agreed is much fairer. As folk have already pointed out, this happens increasingly more often in Scotland. Put me right off. Nobeerinthefridge Free Member. PiknMix Full Member. Scottish system is a nightmare for buyers This is what I thought until I actually bought a house here. Maybe less often, but it certainly can and does. BoardinBob Full Member. My mate sold his place recently. Stunning 2 bed tenement flat.

There are various ways of playing it — a solicitor will be able to advise. Once the sale is agreed, it is very hard for either party to renegade without significant penalty, unlike, as I understand, the English system Posted 1 year ago.