" So...Your moving home? "
" So . . . Your moving home? "
(1) A buyers premium. Some estate agents expect you the purchaser to also give them money. Look, they work for the seller and are paid by the seller! Why are YOU paying them? If they get weird because you are not paying, let your lawyer know or .... let the seller know! Some estate agents will try and charge thousands of pounds... SAY NO!
(2) It's bad enough that your lender wants you to pay a mortgage arrangement fee, now your financial adviser wants a mandate to pay him? You do know the lender also pays him. He/she will also no doubt try and get you to take his/her insurance, lawyer and surveyor ... ALL of who also pay a kick back or referral fee. Shop around and if the costs are to high, SAY NO!
(3) If your buying at auction remember two main things, The auctioneer expects payment or a NON refundable deposit from you. This may not be your biggest concern compared to the fact that when the 'hammer falls' on the deal you have bought the property defects and all. ALWAYS get a lawyer to check the title. There is always a reason why the property had to go to auction. There is always a reason and it's not always easy to spot. If the titles are defective and the auctioneers bill looks too high..... you know what we advise you to do?
(4) Make sure that the survey/ home report provided by the seller is approved by your lender and is within the correct date. Insist on this being correct. If it isn't it could cost you hundreds of pounds as your lender will insist on one, so get it right at the start when the seller has to pay.
(5) Check online at revenue Scotland (Scotland only) or the inland revenue (England & Wales) with the tax bands and remember that you can if sufficient negotiate any movables out of the heritable price. This can mitigate legally the tax required but please note that the value and the items must be itemised and correctly valued.
(6) Never throw money at a property. Only offer what you can afford and not what your heart says. People frequently through tens of thousands at each stage where in some cases only a few thousand pounds could get you the deal. In this respect don't always believe the hype that Estate Agents tell you.
(7) The list goes on.... best call and discuss this with your lawyer. But ensure that your lawyer is a property lawyer not just one who dabbles in that area of law. We only use omni-law property lawyers who have a proven track record in property and conveyancing law.
Offers Over - This option tends to be the one which is used by most sellers. As a guide to Scottish conveyancing the seller may hope to achieve a final sale price that exceeds the offers over figure. This can lead to confusion for a prospective purchaser to know exactly what they might require to pay for a given property. This has been simplified by Home Reports which provide a valuation of the property prior to offer being submitted.
Offers around/in the region of - As a guide to Scottish conveyancing this option may mean that the seller is willing to accept less than the quoted figure. This may be the case if the property has been valued under the price the seller is asking for, or if the seller is looking for a quick sale.
Fixed price - The seller is indicating that they will accept a particular figure, but it is worth noting that this is not a legal obligation on the seller, and also offers can be still be made. Once you have found a property and as a guide to Scottish conveyancing, then it is important to contact your solicitor so that either a ‘note of interest’ can be made (which lets the estate agent know you are interested in the property), or so your solicitor can put in an offer for you. The offer will consist of the amount of money you want to pay for the property and also what you would like to be included in the property. For example, moveable items such as curtains, cookers or carpets; and fixed items, for example wardrobes. Your preferred date of entry would also be included.
(1) Ensure that you come across as a reluctant buyer (especially with ALL estate Agents).
(2) Keep things friendly BUT play hard ball through your lawyer.
(3) Don’t Agree with All the positives set out by the sellers/Estate Agents.
(4) Don’t believe the hype, stay objective
(5) Price is always negotiable e.g. fixed price is a statement of the maximum you need to offer.
(6) Never disclose your negatives during any small talk.
(7) If you are keen and in a rush you will pay more.
(8) Use friendly chat to understand the weaknesses/pressures on the sellers.
(9) ALWAYS negotiate through your lawyer and do your homework on the real prices.
(10) There is a vast difference between buying and negotiating.
If the property is going to a closing date, this means there is more than one interested party. Offers are then sent to the estate agent by your solicitor at a specific time on a certain day. Once all the offers have been received by the estate agent and as a guide to Scottish conveyancing they will, after speaking to the seller, contact the successful buyer’s solicitor and verbally accept the offer. The successful offer need not be the highest value offer as there is no legal duty to accept the highest or even any of the offers. The seller’s solicitor will then issue a qualified acceptance and exhibit the property titles and any associated papers to the buyer’s solicitor. There is no legally binding contract at this point.
The conveyancing matters will then be dealt with by the solicitors. As a guide to Scottish conveyancing the buyer’s solicitor will examine the title and plans and ensure that the property belongs to the seller, reports will be ordered and checks will be made. Any certificates will be collected and any planning permissions for alterations obtained. The buyer will receive a copy of the title deeds to satisfy themselves that this is the property they are buying. When the buyer’s solicitor and the seller’s solicitor have agreed the terms of the qualified acceptance on your instructions, they will conclude missives, again on their client’s instructions. This is the ‘Concluding Missives’ that buyers and sellers look forward to, and is now a binding contract for both parties.
On the date you get your property - Once the date of entry arrives the buyer’s solicitor will exchange funds with the seller’s solicitor and the keys are released to the buyer. So please have your mobile ‘phone charged!
The first step - A solicitor can ‘note interest’ in a property you like. This shows you are interested in the property and want to be kept informed of developments, such as the fixing of a closing date for offers.
(i) Information about the property - Sellers must provide a home report for buyers. These include a single survey (which gives the condition and value of the property), an energy report (which contains a house’s energy efficiency rating and carbon dioxide emissions) and a property questionnaire (which includes general information such as a property’s council tax band, factoring arrangements, the existence of any local authority notices and information about alterations that have been made).A surveyor instructed by the seller will provide the survey contained in the home report pack. In many cases this will be sufficient for an interested party to submit an offer. However the potential buyer may have to commission another survey at the request of a mortgage provider or if the original survey was carried out some time ago. Your solicitor can provide further details and advice.
(ii) Arranging the loan - There are many types or mortgages available, which can be confusing. Some solicitors can offer advice on what is best for you and then arrange the loan.
(iii) Making an offer - A formal offer to purchase in Scotland is a complicated document containing a number of clauses for your protection. Your solicitor will prepare and sign this document for you and give guidance on offer price and other conditions.
(iv) Negotiating the purchase - (see our 'who to buy' advice page)Further negotiations are likely after an offer has been accepted, for instance, the date of entry, details of additional items included in the sale and issues such as permits for alterations.
(v) Home reports - Sellers are required by law to provide a home report for buyers. These include a single survey, an energy report and a property questionnaire. Your solicitor can provide further details and advice