SCOTTISH LEGAL SYSTEM

[mully]

HOW DOES THE SCOTTISH SYSTEM WORK FOR BUYING PROPERTY AS I AM A TAD CONFUSED AS ITS TOTALLY DIFFERENT TO BUYING IN ENGLAND. X

[WoWo]

As I understand it there are a couple of differences. They use a sealed bid system where everybody interested in the property enters a sealed bid, they are all opened at once on a closing date and the highest offer is accepted. Then once that has been done there is some sort of additional contract so that the buyer cannot be out bid at a later stage. I'm sure you will get a better answer.

[Mrs_Pegasus]

I also think all the land searches have to be done prior to the property being offered for sale. I think its called a buyers pack and you have all this available to you before you even view the property. Once the offer is accepted you are bound. But on the other hand you know all the pros and cons at this point unlike in England/Wales when you can have an offer accepted and then find out the house is rotting from the bottom up following surveys or you have a footpath running thru your living room following a local authority search. The sooner we down here get a similar scheme in the place the better!

[Drewhound]

I agree, the sooner we adopt that system the better. The only thing I can add is that generally the price a house is listed at is usually the low price, ie you need to offer more rather than make a lower offer

[rja211077]

useful weblink http://www.langley-taylor.co.uk/property/buying-property-sco tland.htm

[jills]

yes, in Scotland the property will typically be listed at an Offers Over price. What you need to bid to secure the place will vary vastly from region to region. In Edinburgh for example, you can expect to pay ca 50% over asking price in some areas (25% being commonplace). Best to check out what similar properties in the area have gone for, rather than waste your money on surveys for homes you can't afford (a common problem in Scotland). Also, if you do get in quick, and there are no registered notes of interest with the sellers agents, you can make a time limited offer....whereby the seller has 24h to accept your offer. However, unless you get someone desperate to sell quickly, this will often not happen. Once enough notes of interest have been registered for a property, sellers will typically announce a 'closing date'. All those who have placed notes of interest will be informed of the closing date, allowing them to place a bid if they wish. Then all bids will be opened. please note...properties do NOT have to go to the highest bidder. I knwo a friend whoi was selling adn the highest bid came from an awful couple who were rude to her during viewing adn generally very snotty and condescending. My frien accepted the second highest bid (only a couple of thousand difference) cos she quite simply didn't want those awful folk to get her house, nor did she want to inflict them on her neighbours, who were long term friends.

[mully]

what charges will i incurr if i put an offer in on a property and and the offer is refused anybody know ?

[neilfaughnan]

There is also the fixed price option in Scotland.Any house on offer of fixed price is then first come first served.If a property is advertised at fixed price that is the price you pay as long as you are first to offer to buy.