Do I need a solicitor to submit and offer?
An offer submitted through a solicitor will always be taken more seriously. Furthermore, not everyone is comfortable with pitching offers. If you employ a solicitor who knows the local market well, you should increase your chances of a successful outcome. Your solicitor should check the terms of the Home Report for the property to see if there are any red flags on the property which you should be aware of.
What is a home report?
A Home Report is a requirement for all sellers to produce when a property is marketed for sale. It is an independent report prepared by a firm of independent chartered surveyors. The report discloses the condition of the property , a questionnaire to be completed by the seller along with an energy efficiency report. It is very important that all prospective buyers study these details carefully to work out potential future repairs and annual energy costs for the property.
There are some instances where a Home Report isn't required. Speak to us for more information.
Should I speak with a solicitor before looking at properties
We would recommend this as your solicitor will be able to carry out various pre-offer checks such as confirming your identity and noting your circumstances. This means that he or she will be able to act quickly if you see a property that you like and want to make an early offer on.
What needs to go in the offer?
- Your full name and address
- Your preferred date of entry
- The price you are willing to pay
- Any items to be left with the property
- Any extra conditions such as mortgage conditions or the sale of another property.
What is a note of interest?
A note of interest is usually made by a buyer’s solicitor to the seller’s solicitor. This simply notifies the seller that the buyer is seriously interested in the property and likely to make an offer. If a number of notes of interest are received then the seller will usually fix a closing date for offers.
What is a closing date?
A closing date is a date and time set by the seller for all interested parties to offer. This allows the seller to consider all offers and decide which one to accept. The seller is not obliged to accept the highest offer. The seller may be looking for the least complicated offer or be influenced by a personal connection with the purchaser.
What are the Scottish Standard Clauses?
The Scottish Standard Clauses are an agreed set of conditions generally regarded as reasonable and acceptable for most Scottish transactions. There will often be some adjustments to these clauses in the course of a transaction which your solicitor will discuss with you.
How long does it take from an offer being accepted to handover of keys?
That depends partly on how motivated the buyer and the seller is to move. A smooth transaction will generally go through in around 6 weeks. If title issues are discovered then these can add significant delays to the process.
What happens if I move in and find a defect in the property?
You should contact your solicitor immediately. Certain defects can be claimed against the seller but there are strict time limits for these.
Why should I choose Lows to act for me in the purchase?
Lows have a dedicated team of experienced conveyancing solicitors and paralegals uniquely placed in Orkney to provide a first-class service. Our market share confirms our unparalleled local knowledge and experience which our clients can benefit from. We can help you with where to pitch your offer, what to look out for in the Home Report and what is acceptable with the title deed examination. Our aim is to protect your position and to provide the best service possible at all times. Contact us today to find out more.
