You have viewed a property in Scotland and quickly decide it is the home for you. Then you find out the property is going to a closing date and you suddenly feel the clock is ticking & the pressure is mounting.
Do not be deterred by a closing date in Scotland. You have just as much chance as any other buyer to try and secure the property. Often a closing date means there are other interested buyers too so you are entering a competitive situation. With the right advice you could secure the property.
Have your solicitor ready
In Scotland buyers seek most of their buying advice from their solicitor. Not from estate agents. When you decide to purchase a property in Scotland the first thing I would recommend you do is engage with a local property solicitor. This solicitor will provide you with all your buying advice and also guide you on what offer you may need to give to secure the property. Find a solicitor here.
Choosing the right solicitor is important to ensure they are knowledgeable and experienced in the property market and can guide you accordingly. They will sit in the sideline until you have viewed a property you like, then they will step into action for you.
Note of interest
If you have a viewed a property and decided that it is of interest to you, it is important that you note interest. Contact your solicitor and ask them to note an interest with the selling agent on your behalf.
This does not mean you are obliged to proceed with the property, it simply tells them that you are interested. The selling agent should then keep you informed of any serious development with the sale. For example when a closing date is set. The selling agent will also tell your solicitor how many other noted interests there are.
It is important to note that there is no legal obligation for the selling agent to inform you of any development, but it is expected they will if you have noted interest.
A closing date is set!
If the selling agent sets a closing date in Scotland, then they will inform your solicitor accordingly via email, telephone or by post. In the correspondence will be the date and time of the closing date.
At this point you need to seek advice from your solicitor as to how to offer and how much to offer.
How much do I offer at the closing date?
There are many things to take into account at this point. It is important to discuss this with your solicitor.
- How many other noted interests are there on the property? It is important to know if you are competing against 1 other party or 7 other parties, as this could change how much you offer. Your solicitor can ask the selling agent at anytime.
- How much can you afford? Speak with your mortgage advisor to see what you could comfortably offer above the asking price. You do not want to put yourself into a difficult financial position.
- Carefully calculate what property tax you will have to pay in Scotland and make sure you can afford it. You will find all the information here Property Tax in Scotland. What do I pay?
- How often do the properties come to the market? Is this a rare opportunity, or do similar properties come to the market regularly. You may want to be more cautious in your level of offer because another similar property will likely come along soon.
- Does the property require work? You may need to limit your offer to ensure to have enough money to do the property up.
- How much do you want the property? This is a really important question to ask. If this is 100% the house for you, then you can put forward your best possible offer.
A piece of advice from me is to get to a magic number that you would be ‘happy to secure the property for, but also happy to lose the property for.’
Chat to your solicitor
Once you have considered all the above discuss everything with your solicitor. Once you have your magic number, then your solicitor will create the formal written offer ready for the closing date.
You can make a final decision on the morning of the closing date, as your solicitor will only need a little time to create the offer.
Sit back and wait
Once your offer has been submitted at a closing date in Scotland you need to find a huge cup of patience! Sellers will often make a decision by close of business on the same day. Others may take a couple of days.