Scottish Laws

[AMLK]

We are looking to buy a house in Scotland, and I know laws are different there than here in England. Our house is currently up for sale, and has had interest, so fingers crossed for a quick sale.

Now, we have looked at several properties in Fife, and are constantly on the look out for others. We have found 2 properties we really like, so have registered with a solicitor, and put a note of interest on both properties. My question is - Is there a limit to how many properties you can put a note of interest on? Because I have just found another property that potentially could be ideal.

Another question - how easy (and sensible for that matter)would it be to rent a property we want to buy until we had sold ours, and were in a position to purchase? Reason I ask is that the owner of one porperty has already moved out and has offered this situation.

Any advice would be gratefully received.

Thanks

[whirligig]

We are just in the process of concluding missives on a house sale and had notes of interest on three different properties over the last while. We are living in rented accommodation at the moment - in this last sale the property went on at a fixed price and in order to secure it and meet the vendor's terms we have had to agree on an earlier entry date than we'd have liked as we had to give notice on our rented place and there will be some overlap. Pros are that you can take your time looking for an ideal place but just make sure your rent agreement is suitable and that you are not having to sign 6 month leases.

[jardinec]

Hi,

Noting interest is only telling the seller to keep you informed of any updates, so you dont miss out if other people make offers - so there is no limit on the number of notes of interest you can put in (only your solicitors time after all!).

We moved and rented for 3 months (just the way it worked out) - but i would say its a great way to get a feel for an area before comitting long term. just remember if the rental is furnished (most houses are) then you will need to factor in the cost of storage for your stuff..

if anything, the Scottish property market is more honest and lest likely to suffer from gazumping etc - although offers over (dying out now) can be a right pain for the buyer.

best of luck

[jardinec]

just re-read about the rent-ing the place your buying idea - sounds good to me if it makes thing easier - so long as you dont get landed with owning 2 properties at any stage.

[monthefish]

AMLK said:

Now, we have looked at several properties in Fife, and are constantly on the look out for others. We have found 2 properties we really like, so have registered with a solicitor, and put a note of interest on both properties. My question is - Is there a limit to how many properties you can put a note of interest on? Because I have just found another property that potentially could be ideal.

No limit, but as been said, it does take up solicitors time and it'd be unfair (on all concerned) to put any notes of interest on any properties you're not seriously considering putting in an offer on

jardinec said:

if anything, the Scottish property market is more honest and lest likely to suffer from gazumping etc - although offers over (dying out now) can be a right pain for the buyer.

It's not actually dying out, it's just the current market conditions making it perhaps seem as if it is.

I personally think it's a great system. If you're a buyer, you just bid whatever the house is worth to you, and if you get it - great - you've paid what you believed to have been a fair price. If you don't get it, you couldn't afford it/didn't want to pay that much for it. (admittedly, it does sting a bit when you discover that your winning offer was 5 figures over the next offer, but you've just got to rememebr that you offered that because that what it was worth to you)

And with the offer being legally binding, is almost totally removes the chance of a sale falling through and the chance any gazundering. If the offer is formally accepted by the seller, then it also eliminates (almost totally) the buyer being gazumped.

[AMLK]

Thanks for the replies. My husband is currently renting in Fife, so is starting to get a good feel for the area, and also getting opinions from neighbours and colleagues about good/bad places to live.

As for the two properties we are interested in - the first is our absolute favourite, but the price has been reduced already (due to a sale falling through) so I am a bit scared we may loose that one as we won't be able to afford as much as I fear it may end up going for. The second is a strong contender, so we are happy to have that as a back up, and it is on for a fixed price. The reason I am constantly looking is that we still haven't sold ours, and we definately cannot afford to procede without selling and end up with 3 properties!!!

Renting the property we really love appeals, as we could end our contract with the other rental place and move in there. Even if we had to sign for 6month before completing the sale, as long as we sold ours then I dont mind paying rent instead of mortgage if it means we get the property we want. Hope all of this makes sense!!!

Thanks again for your help, now just need to keep my fingers crossed that we sell our house and I get the job in Dundee that I have an interview for next week!

Edited by AMLK on Friday 18th September 20:15