Selling / Buying a house in Scotland
Discussion
Currently in my first house, which I bought as a new-build.
I want to buy another (not new) house and sell mine.
There are some blanks in my understanding of how this works, I'd appreciate if anyone can answer these questions
1) In order to put in a formal offer on the house (which is "offers over") I understand that I need a solicitor... How much will this cost, and when do I pay?
2) Apart from writing up the formal offer, what else does the solicitor do before/after the offer?
3) I have a mortgage agreement in principle... Assuming my offer is accepted, what happens next? Will the mortgage provider ask me to pay for survey/valuation or anything like that?
4) What happens if it all falls through, but the solicitor/mortgage provider has already done some work like writing up offers? Do they just wait until I find another house I like even if it's next year?
5) For selling my home, I understand that typical estate agent fees are 1-2%. What does this include? If I go with Purple Bricks, what am I losing out on (if anything)?
6) Other than the above (solicitor / mortgage company / estate agent) what other things/costs are there? I know I need to get a home report done - anything else?
Many thanks
I want to buy another (not new) house and sell mine.
There are some blanks in my understanding of how this works, I'd appreciate if anyone can answer these questions
1) In order to put in a formal offer on the house (which is "offers over") I understand that I need a solicitor... How much will this cost, and when do I pay?
2) Apart from writing up the formal offer, what else does the solicitor do before/after the offer?
3) I have a mortgage agreement in principle... Assuming my offer is accepted, what happens next? Will the mortgage provider ask me to pay for survey/valuation or anything like that?
4) What happens if it all falls through, but the solicitor/mortgage provider has already done some work like writing up offers? Do they just wait until I find another house I like even if it's next year?
5) For selling my home, I understand that typical estate agent fees are 1-2%. What does this include? If I go with Purple Bricks, what am I losing out on (if anything)?
6) Other than the above (solicitor / mortgage company / estate agent) what other things/costs are there? I know I need to get a home report done - anything else?
Many thanks
AAz01 said:
Currently in my first house, which I bought as a new-build.
I want to buy another (not new) house and sell mine.
There are some blanks in my understanding of how this works, I'd appreciate if anyone can answer these questions
1) In order to put in a formal offer on the house (which is "offers over") I understand that I need a solicitor... How much will this cost, and when do I pay?
My girlfriend has just bought a flat in Scotland. I contacted five solicitors/conveyancers to get quotes, and went back to the one nearest the property and recommended by the estate agent, in the hope it would make things go more smoothly. After a bit of haggling, we agreed an all in price of £600 which was about mid-range of the five quotes (albeit for a sub £60K flat with negligible attached land). Beware of the 'cheapest' ones (usually Glasgow or Edinburgh based), I read a number of reviews which said they hold you to ransom for more money or you don't get the keys.
2) Apart from writing up the formal offer, what else does the solicitor do before/after the offer?
Land search, establishing there are no debts against the property, establishing the seller is entitled to sell it, etc.
3) I have a mortgage agreement in principle... Assuming my offer is accepted, what happens next? Will the mortgage provider ask me to pay for survey/valuation or anything like that?
Don't know, we didn't use a mortgage.
4) What happens if it all falls through, but the solicitor/mortgage provider has already done some work like writing up offers? Do they just wait until I find another house I like even if it's next year?
The one we had said that we would only pay on a successful completion. Ours nearly fell through, as there was negative equity on the property, and the seller was insolvent. We just sat tight and waited until it all got sorted.
5) For selling my home, I understand that typical estate agent fees are 1-2%. What does this include? If I go with Purple Bricks, what am I losing out on (if anything)?
Don't know, we weren't selling.
6) Other than the above (solicitor / mortgage company / estate agent) what other things/costs are there? I know I need to get a home report done - anything else?
Stamp duty, services connection/transfer fees. If you are planning to own your current and the new property simultaneously there are now second home taxes to consider.
Many thanks
I want to buy another (not new) house and sell mine.
There are some blanks in my understanding of how this works, I'd appreciate if anyone can answer these questions
1) In order to put in a formal offer on the house (which is "offers over") I understand that I need a solicitor... How much will this cost, and when do I pay?
My girlfriend has just bought a flat in Scotland. I contacted five solicitors/conveyancers to get quotes, and went back to the one nearest the property and recommended by the estate agent, in the hope it would make things go more smoothly. After a bit of haggling, we agreed an all in price of £600 which was about mid-range of the five quotes (albeit for a sub £60K flat with negligible attached land). Beware of the 'cheapest' ones (usually Glasgow or Edinburgh based), I read a number of reviews which said they hold you to ransom for more money or you don't get the keys.
2) Apart from writing up the formal offer, what else does the solicitor do before/after the offer?
Land search, establishing there are no debts against the property, establishing the seller is entitled to sell it, etc.
3) I have a mortgage agreement in principle... Assuming my offer is accepted, what happens next? Will the mortgage provider ask me to pay for survey/valuation or anything like that?
Don't know, we didn't use a mortgage.
4) What happens if it all falls through, but the solicitor/mortgage provider has already done some work like writing up offers? Do they just wait until I find another house I like even if it's next year?
The one we had said that we would only pay on a successful completion. Ours nearly fell through, as there was negative equity on the property, and the seller was insolvent. We just sat tight and waited until it all got sorted.
5) For selling my home, I understand that typical estate agent fees are 1-2%. What does this include? If I go with Purple Bricks, what am I losing out on (if anything)?
Don't know, we weren't selling.
6) Other than the above (solicitor / mortgage company / estate agent) what other things/costs are there? I know I need to get a home report done - anything else?
Stamp duty, services connection/transfer fees. If you are planning to own your current and the new property simultaneously there are now second home taxes to consider.
Many thanks
1) In order to put in a formal offer on the house (which is "offers over") I understand that I need a solicitor... How much will this cost, and when do I pay? not sure on exact cost for submitting your formal offer. our solicitor charged £1,200 for the legals of buying a property (£350k value), they said they would only charge if we were successful. bill was paid when we transferred deposit etc.....
2) Apart from writing up the formal offer, what else does the solicitor do before/after the offer? all the legal stuff for you, register with the land registry, check the seller is legally allowed to sell the property. check the land deeds and if there are any 'ye olde world' random clauses with the property, check that any extensions/ alterations are all above board in the property you are buying.
3) I have a mortgage agreement in principle... Assuming my offer is accepted, what happens next? Will the mortgage provider ask me to pay for survey/valuation or anything like that? speak to the lender or your mortgage broker. we spoke to our mortgage broker, the lender then starts a formal mortgage application (the AiP isnt really worth anything, the real checks only happen when they formally apply for the mortgage). depending on the mortgage product they may charge you for a valuation of the property, but they may also accept the valuation from the 'home report'. The lender may also want you to pay any arrangement fees round about now before they go forward with the application
4) What happens if it all falls through, but the solicitor/mortgage provider has already done some work like writing up offers? Do they just wait until I find another house I like even if it's next year? probably yes. depends when the sale falls through and whose fault.
5) For selling my home, I understand that typical estate agent fees are 1-2%. What does this include? If I go with Purple Bricks, what am I losing out on (if anything)? photographs of the property, write up of the property, listing on specific websites, making up a brochure, arranging viewings, arranging the home report. We had friends use purple bricks (Dunfermline) and everything worked great and saved them a few grand in fees, but they had to do all the leg work themselves, you become the middle man. had other friends who tried purple bricks (edinburgh city centre flat) and got absolutely nowhere, no viewings and 1 dismal offer on closing date of less than the valuation....... went to an Edinburgh ESPC listed agent, relisted, 1 sunday open viewing, straight to closed bids and got 5-10% over valuation. So depending on what value/ location you are selling, definitely consider who you use to sell.
6) Other than the above (solicitor / mortgage company / estate agent) what other things/costs are there? I know I need to get a home report done - anything else?
home report- can be dealt with by an estate agent
moving costs (removal company? hire a van and DIY?)
not so much a cost, but hassle factor of moving all utilities? Driving licence, car insurance, V5, defo a pain dealing with it all/ keeping track of it
kinda repeated some of what was said above, but hopefully some food for thought.
2) Apart from writing up the formal offer, what else does the solicitor do before/after the offer? all the legal stuff for you, register with the land registry, check the seller is legally allowed to sell the property. check the land deeds and if there are any 'ye olde world' random clauses with the property, check that any extensions/ alterations are all above board in the property you are buying.
3) I have a mortgage agreement in principle... Assuming my offer is accepted, what happens next? Will the mortgage provider ask me to pay for survey/valuation or anything like that? speak to the lender or your mortgage broker. we spoke to our mortgage broker, the lender then starts a formal mortgage application (the AiP isnt really worth anything, the real checks only happen when they formally apply for the mortgage). depending on the mortgage product they may charge you for a valuation of the property, but they may also accept the valuation from the 'home report'. The lender may also want you to pay any arrangement fees round about now before they go forward with the application
4) What happens if it all falls through, but the solicitor/mortgage provider has already done some work like writing up offers? Do they just wait until I find another house I like even if it's next year? probably yes. depends when the sale falls through and whose fault.
5) For selling my home, I understand that typical estate agent fees are 1-2%. What does this include? If I go with Purple Bricks, what am I losing out on (if anything)? photographs of the property, write up of the property, listing on specific websites, making up a brochure, arranging viewings, arranging the home report. We had friends use purple bricks (Dunfermline) and everything worked great and saved them a few grand in fees, but they had to do all the leg work themselves, you become the middle man. had other friends who tried purple bricks (edinburgh city centre flat) and got absolutely nowhere, no viewings and 1 dismal offer on closing date of less than the valuation....... went to an Edinburgh ESPC listed agent, relisted, 1 sunday open viewing, straight to closed bids and got 5-10% over valuation. So depending on what value/ location you are selling, definitely consider who you use to sell.
6) Other than the above (solicitor / mortgage company / estate agent) what other things/costs are there? I know I need to get a home report done - anything else?
home report- can be dealt with by an estate agent
moving costs (removal company? hire a van and DIY?)
not so much a cost, but hassle factor of moving all utilities? Driving licence, car insurance, V5, defo a pain dealing with it all/ keeping track of it
kinda repeated some of what was said above, but hopefully some food for thought.
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