Private Sale of House in Scotland

k4tym

Hi All,

I decided to sell my ex-council property and have been luckily enough to be put in touch with a friend of a friend who is very keen.

Their mortgage company have done a survey so I haven't had to pay for anything so far. The valuation has come back slightly less than I'd hoped but enough to clear my mortgage and free up cash for me. I can't wait to get rid to be honest!

Now I'm wondering if I'm missing out on a little extra cash by just accepting the valuation amount from the first person interested. Not that I want to be greedy but am I being a little daft?!

Also, at what point if I decide to accept the offered amount do I need to use a solicitor, etc?

Any advice much appreciated

beecher2

You need a solicitor in order to accept the offer, so I'd say you need one now. I thought you had to provide a Home buyer's report - are private sales exempt?

k4tym

The potential buyers mortgage adviser said I shouldn't waste my money at this point as the potential buyers mortgage company would cover it in this case.. Hmmm.. Even more confused now!

beecher2

Go and see a solicitor - they'll keep you right. I wouldn't be trusting a mortgage adviser, especially when you aren't their client.

http://www.scotland.gov.uk/Topics/Built-Environment/Housing/BuyingSelling/Home-Report/sellers/faqs

does say you need one

I am a private seller, and do not plan on using a solicitor or estate agent to market my house. Do I need a Home Report?



A - Yes. Under Part 3 of the Housing (Scotland) Act 2006, a person who is responsible for marketing a house must provide a Home Report to any prospective purchasers. To prepare a Home Report you will need to commission a chartered surveyor (or a Home Report provider who will engage a surveyor) to carry out the Single Survey and produce the Energy Report. You, or someone acting for you, must also complete a Property Questionnaire.

k4tym

Thanks Beecher2, I did have another look at this earlier bizarrely!

It's all a bit complicated as the mortgage advisor is my friends friend too so was hoping I could count on them.

I shall investigate a solicitor later today I think. Just dreading all the additional costs as I won't have anything spare from the sale as it is. It's only come in at £85k, which is why I was worried that I may be accepting too little just settling for the valuation amount..

beecher2

Swings and roundabouts I think - if you put it up for sale through an EA you might get a bit more, but it would cost you a bit more.

Sounds like you're getting what it's worth though, so I suppose it depends on how much demand there is in the area.

You could look on http://www.ourproperty.co.uk/ to see what properties in the area have been going for, and you could get 3 EAs round to value/give you an idea of what you'd be likely to get. Then you could weigh it up.

I'd be wary of treating friends of friends any differently from you would treat a complete stranger.

Tinytears1

Yes of course you need a Solicitor. Just had the same thing happen to me. Put in a free add to sell my House and got the same old chestnut - "No solicitor needed" They will try anything to steal your property, please be careful.

Tinytears