Buying an Existing Property
Scotland has its own legal system and the law governing the ownership of land and property is different from the law that applies to the rest of the United Kingdom. The concepts of leasehold and freehold do not generally apply in Scotland.
Most existing or 'second-hand' properties are sold on an 'offers-over' basis. This is a blind-bidding system where the seller asks purchasers to bid in excess of a specified amount. The state of the market and the amount of competition will determine how far above the offers-over price that you may have to bid.
If there is a lot of interest in a property, the seller's agent will usually set a closing date and time by which all offers must be received. If you are seriously considering making an offer, you should note your interest through your solicitor. This means that you will be advised of the closing date in plenty of time.
Before making an offer, you should ensure that you have arranged a mortgage or other means of funding the purchase. You need to also consider whether to have a survey carried out prior to making an offer or whether to make an offer subject to survey. Your solicitor will be able to advise you on this matter.
When the closing date has passed, the seller will consider all of the offers that have been received. The seller does not have to accept the highest offer and may take account of conditions attached to the offer such as the entry date.
If your offer is accepted, there will usually be an exchange of letters or missives between yours and the seller's respective solicitors regarding the specific details and conditions of the offer. When the conditions have been agreed, a formal letter of acceptance will be issued by the seller's solicitor and the missives are concluded. At this point, you have a legally binding contract.
