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Say Yes to the Address: How to Make an Offer on Property in Scotland

Buying a new home is, usually, an exciting time and a big life milestone. Whether it be your first property, somewhere bigger for your growing family, or a cosy place for retirement, the process can feel daunting. After all, it’s likely the biggest purchase you are going to make. Our guide will walk you through the steps for offering on property in Scotland. 

What can I afford?

It’s important to know which homes are in the right price bracket for you. Independent mortgage advisors are best placed to advise you on your options and what level of offer you can afford to make. Your mortgage advisor will also be able to help you obtain a decision in principle. This shows approximately how much your mortgage provider could lend to you and will help you form your budget. If you require a mortgage to fund a purchase, then a decision in principle is a key part of the process. When at the stage of making offers, it helps your solicitor to satisfy the selling agent that you have taken the correct steps to ensure you can afford the property. 

Instructing a Solicitor

Once you have found your perfect home, you’ll need to instruct a solicitor to make a formal offer on your behalf. Your solicitor will need some details from you to make your offer, such as any conditions of your offer, whether you have a decision in principle and, of course, the address of the property you’d like to offer on. Your solicitor can also advise what they think an appropriate offer might be if you’re unsure. 

Notes of Interest

You may be interested in purchasing a particular property, or maybe a few different properties take your fancy and you haven’t quite decided which to go for yet. If this is the case, your solicitor can note your interest in the properties for you. This is where they contact the selling agent and advise them that you are interested in the property they are selling. Solicitors can note your interest in several properties if you’d like. It doesn’t mean that you need to formally offer on any of the properties, but just indicates that you would like to be kept up to date with any developments. This could include being told when an offer is made by someone else, or a closing date is set. Bear in mind it doesn’t guarantee that the seller will give all interested parties the opportunity to offer.

Closing Date

If a property is popular and there is more than one interested party, then the seller may decide to set a closing date. This is where all interested parties are invited to submit their best and final offers, before a specific date and time. Your solicitor can ask the selling agent how many offers they are expecting. This may be helpful when deciding what to offer. The seller will then review all offers and make their decision. It is important to note that sellers are not obliged to pick the highest offer at a closing, or in fact, any offer at all. Equally, if you have noted your interest in the property, you are not obliged to submit an offer if a closing date is set. 

Make an Offer

You’ve found your dream home, got your decision in principle and are ready to make an offer. If you aren’t too sure what you should offer, your solicitor can help. They will review the Home Report for the property and consider, amongst other things, when the valuation was undertaken, the popularity of the property and current market conditions. They will initially submit your offer verbally to the estate agent. Should there be some negotiation, your solicitor will be able to advise on how to go forward and hopefully secure the property for you. When your offer is accepted, your solicitor will submit this in writing to the selling agent. The property would then go ‘under offer’ to you. 

If you have any questions about making an offer on a property, please get in touch where one of our solicitors will be happy to assist. 

Tel: 01224 456789
E: enquiries@andersonbain.co.uk

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