Many properties in Scotland are advertised as 'offers over' where the seller expects to accept an offer that is higher than the price stated. As the purchaser, it is worth seeking professional advice to see whether you need to offer more money than the advised price and if so, by how much.
You should put forward a 'note of interest', which will ensure the property will not be sold without you having a chance to offer for it. If more than one person is interested in the same property, the selling solicitor may set a 'closing date' for offers. The seller will usually accept the highest offer, but is not obliged to. Everyone involved is then advised of the outcome. This procedure is very common in Scotland, though some properties can have a 'fixed price' but this usually applies to new homes.
Bids can vary from five per cent to 45 per cent over the minimum asking price, depending on the market and the location. Property transactions can be completed to a legally binding stage in a matter of a few days - something that is rarely seen in England. Once this stage is reached, known as 'conclusion of missives', unlike in England, it is very difficult to be gazumped (when your offer on a property has been beaten by a higher offer from a rival purchaser).
The Scottish house buying process is designed to be a swifter and more transparent method of buying and selling property. Some English sellers are adopting the 'offers over' part of the process in order to achieve the desired selling price and deter time-wasters. You may see the acronym 'OIEO' on some on some English property details and this stands for 'Offers In Excess Of'.
Other buying and selling costs in Scotland include recording dues, disposition, standard security, conveyancing, valuation/survey fees, search dues and removals.
The Glasgow Solicitors Property Centre (GSPC) is an organisation set up to support individual member firms of solicitors across the Strathclyde region. Solicitors in Scotland can act in a similar way to estate agents, facilitating the sale and purchase of properties. The GSPC has 200 member firms and publishes The Property Guide every week, or you can visit the GSPC website for property details. Like many of its member solicitors, the organisation offers a free independent mortgage advice service.
The Edinburgh Solicitors Property Centre (ESPC) offers similar services to the GSPC. The ESPC's membership in Scotland extends to more than 260 firms of solicitors. The organisation's website has plenty of help and guidance on buying and selling in Scotland.
