Note off interest - Scotland

thecass

Im a first time cash buyer and have found a property which i love, however i dont want to go in at the asking price and was wanting to place a note off interest on the property.

Do i have to use a solicitor for notes off interest and offers or can i do this bit myself, i understand that a solicitor is needed to sort out all legal aspects off sale but surely i can note interest and make offers myself as there is no mortgage to be agreed?

Or am i just being thick??!! :eek:

incher

I don't know the answer but I imagine that a note of interest from a retained solicitor on behalf of a client will have more weight and interest to a seller than one from Joe Bloggs!

So far, when I've bought places (in Scotland) I've always instructed my solicitor to place notes of interest. I don't think it adds much to the overall cost once you do buy something.

But I may be wrong! Someone more knowledgeable will hopefully come along soon ... :-)

thecass

thanks as said this is 1st time so im just getting my head round everything, im sure it will be a massive learing curve for me,

Kara_P

We put ours in via our solicitor however this service was free. I am not sure if this was required but the sellers agents all asked for it. Good luck.

incher

Notes of interest indicate that you are interested and means that the seller's solicitors will inform you if a closing date is set, or another offer is made.

If you're really interested in the property, why not make an offer at the price you'd be willing to pay? Chances are, in the current market, that there won't be a closing date or a lineup of other interested parties to compete against. Unless the property is in a very good location?

thecass

house is priced at offers over 75,000, home report valued at 77,000 i wanted to go in at 70,000 or maybe less do you think thats cheeky!!

googler

thecass wrote: »

Do i have to use a solicitor for notes off interest

Essentially, yes. If you try to do this yourself, a selling solicitor or agent will probably tell you to go away and find a solicitor to act for you with regard to your purchase, and then note interest via your own solicitor.

Mostly, when you hire a solicitor as a buyer, the sol will check that you are who you say you are (Money Laundering Regs) and that you have finance in place to actually make the purchase. If the selling solicitor or agent receives a note from a solicitor, they'll take it as read that this has been done. They don't have any assurance if you do this solo.

thecass wrote: »

and offers or can i do this bit myself, i understand that a solicitor is needed to sort out all legal aspects off sale but surely i can note interest and make offers myself as there is no mortgage to be agreed?

Are you familiar with Scottish Legal Form for the format of offers? An offer isn't truly regarded as such until tendered in writing. Would you know what to put in writing to submit to the selling solicitor? If you submitted something in the incorrect format, would you be able to tell?

googler

thecass wrote: »

house is priced at offers over 75,000, home report valued at 77,000 i wanted to go in at 70,000 or maybe less do you think thats cheeky!!

Possibly. They've already knocked £2000 off, and you're angling for another £5000 or more .....?

Is there anything similar there that's sold recently? How long has it been on the market?

myhouse_2

Doesn't sound cheeky to me - good luck.

thecass

googler wrote: »

Essentially, yes. If you try to do this yourself, a selling solicitor or agent will probably tell you to go away and find a solicitor to act for you with regard to your purchase, and then note interest via your own solicitor.

Mostly, when you hire a solicitor as a buyer, the sol will check that you are who you say you are (Money Laundering Regs) and that you have finance in place to actually make the purchase. If the selling solicitor or agent receives a note from a solicitor, they'll take it as read that this has been done. They don't have any assurance if you do this solo.



Are you familiar with Scottish Legal Form for the format of offers? An offer isn't truly regarded as such until tendered in writing. Would you know what to put in writing to submit to the selling solicitor? If you submitted something in the incorrect format, would you be able to tell?

nope! im totally blind to be completley honest, i only started looking at homes last week and was hoping to gen myself up over coming weeks / months in the ins and outs off it all, i really didnt expect to see something and fall in love with so quickly, i havent even thought of a solicitor yet and to be honest wanted to note my interest tomorrow whilst i sorted solicitor out and checks made.

thecass

theartfullodger wrote: »

Would it be best to stress cash buyer & - presumably - no chain so you can sort things fast?

Certainty of a quick cash deal may be worth serious discount.

In your shoes I'd line up a surveyor & draft the offer wording with the solicitor.

thanks, i am hoping we will be able to use chain free to our advantage.

im thinking my plan is to note interest tomorrow with a formal solicitors note to follow once ive sourced good one and then hopefully offer.

thanks, as ive said above im blind to all off this, big learning curve.