Buying houses in Scotland

[PJ87]

Many believe that interest rates will be put up in an attempt curb inflation.

The bank of England need to rethink their attempts to control this rise in inflation, this isn't a normal right put rates up it brings it down. This is a rise in things people have no choice but to buy regardless which in turn puts up food and other items

No amount of raising interest rates will help level it off

 

[KenL]

The principal difference is that in England you are not in a firm contract until contracts are exchanged (which can be months are agreeing to buy/sell). Either the buyer or the seller can pull out any time before that happens with no liability to either to get the other to cover any expenses that have been incurred.

I haven't bought many houses but I thought it was similar here. Until missives are exchanged you can pull out.

 

[greenone]

I haven't bought many houses but I thought it was similar here. Until missives are exchanged you can pull out.

You can but you have to pay the other sides expenses upto that point.

 

[jim8flog]

I haven't bought many houses but I thought it was similar here. Until missives are exchanged you can pull out.

Thanks

Made me go off and read about missives.

 

[CliveW]

As far as I'm aware, in Scotland, missives are concluded when offer and acceptance are agreed normally way in advance of the Date of Entry. In England missives are concluded at the Date of Entry.

 

[Brads]

(Not in Scotland) 3 houses have sold in the last 2 months where I live. They were all 'offers in excess' and every one sold the week of listing, 2 were £50K over the bottom line price but I do not know yet what the 3rd is going for. It is a seller's market where I live.

Unfortunately it’s the same here , selling way above the “asking” price, but like I said, I’ll not be part of it.
Unfortunately I’ll end up dealing with it when I’m buying but hey ho.

 

[adasko]

we moved from England last year in June and paid asking price. First offer from us was 10k under home report and was declined, second one was asking price and that one was accepted.

 

[chico]

Have just recently bought a new home and we ended up getting a new build. The amount over the home reports people where getting was eye-watering.
The first property we looked at was O/O £200,000 and ended up going for £270,000.

 

[KenL]

Have just recently bought a new home and we ended up getting a new build. The amount over the home reports people where getting was eye-watering.
The first property we looked at was O/O £200,000 and ended up going for £270,000.

Are the new builds not even more expensive?
New builds round here (East Lothian) look a ridiculous price.

 

[chico]

Are the new builds not even more expensive?
New builds round here (East Lothian) look a ridiculous price.

We thought ours was as expected. We bought ours at the start of the development by the time the final phase was released they had went up by £20,000. ?

 

[Val]

I haven't bought many houses but I thought it was similar here. Until missives are exchanged you can pull out.

Technically you can but very much frowned on by lawyers in Scotland, a handshake on an offer is as good as being signed and sealed.

 

[Val]

Are the new builds not even more expensive?
New builds round here (East Lothian) look a ridiculous price.

My house was built on 2013, the very same house in the last phase (2021) were all sold at £50k more than ours. Great news for us now the site us complete as if we decide to move on the value is 20% higher

 

[Val]

As far as I'm aware, in Scotland, missives are concluded when offer and acceptance are agreed normally way in advance of the Date of Entry. In England missives are concluded at the Date of Entry.

Not true for us bud, our missives were completed the week before moving, offer accepted 3 weeks prior. To be fair, we moved the week after lockdown 1 in 2020

 

[Doon frae Troon]

Not one house for sale sign up in our village.
Most unusual that, not seen that in 23 years.
Lots of home improvements and extend builds though.
Most of the recent buyers coming from South of the border.

 

[Brads]

Are the new builds not even more expensive?
New builds round here (East Lothian) look a ridiculous price.

Started looking at new build on East Lothian
But like you say, crazy money.
Rural houses with land in East Lothian !! Holy crap lol.

 

[AliMc]

Started looking at new build on East Lothian
But like you say, crazy money.
Rural houses with land in East Lothian !! Holy crap lol.

Always been that way, it's a very desirable area to live

 

[Brads]

Always been that way, it's a very desirable area to live

The East maybe.
The West is an over developed traffic jam.

 

[CliveW]

The East maybe.
The West is an over developed traffic jam.

It's certainly getting that way, but judging by the rate they're building houses around the coast at Longniddry, Dunbar etc. it will soon be over developed too. (Anywhere close to a railway station seems to be fair game)

 

[Doon frae Troon]

The bank of England need to rethink their attempts to control this rise in inflation, this isn't a normal right put rates up it brings it down. This is a rise in things people have no choice but to buy regardless which in turn puts up food and other items

No amount of raising interest rates will help level it off

I( read a report that said by spring 2023 Inflation will be 23% and interest rates 7%.
Rough times ahead for new house byers.

 

[D-S]

I( read a report that said by spring 2023 Inflation will be 23% and interest rates 7%.
Rough times ahead for new house byers.

If that’s true it’ll be even worse for savers.