Making an offer in Scotland

Trigs

I posted a thread before and got plenty of helpfull advice, but i ended up not going any further with that house.
But im back again, and im sure this question is asked frequently, and ive had looked on google plenty... but i kinda need a simple as you can explanation

I viewed a house today, and would like to make an offer on it.
The estate agent at the house said they probably cant take offers till next week, so to make a note of interest.

I then got a phonecall from the estate agents, asking if i was interested and i said i would probably make an offer but i need to get a solicitor organised.
I was told i could make a verbal offer on this property.

So,for the verbal offer, Do i phone them up and say ill offer the amount, and then they ask the seller if thats acceptable? And then i get a solicitor to put in an official offer?

Or do i just start off by getting a solictor, and they make the first offer, and see if thats accepted?

Is it not both the same thing anyway, as a verbal isnt binding? Whats the reason for giving you the verbal option?

Edit-

So i phoned a solicitor, thinking i would have to make an account or verify details etc first before they can do anthing for me.

They took all my details, and will make an offer and the seller has to respond by tommorow afternoon.

This took me a bit by surprise if im honest, wasnt expecting to be so quick. But why the time limit for the seller? And what happens if they dont respond in that time?

hazyjo

Don't know Scottish law, but I think a solicitor can advise you re the price if s/he's familiar with the street/area - so unless there's a deadline looming, I'd try to speak with one before they submit your offer.


Has it just come on the market?


I'd much rather offer than have to submit a NOI along with others so I'd been keen to get going as quickly as poss if they're willing to consider an offer now.


Jx

mvteng

Trigs wrote: »

Is it not both the same thing anyway, as a verbal isnt binding?

Pretty sure a verbal contract is binding in Scotland.


Normal procedure would be to get a solicitor first, then get him to submit a note of interest.

itsnotarace

We've just had an offer accepted on a house in Glasgow this week. We initially viewed the house twice over the space of 2 weeks and made an offer through our solicitors - at this stage there is no charge from the solicitor to do this (well certainly not the one we used.)

When we made our offer there had been no notes of interest and no other offers - however, our offer seemed to have changed this and once people knew one person had offered, a bunch of notes of interest and other offers then prompted a closing date.

Not sure where in Scotland you are offering, but I would say the market in Glasgow just now is very strong, and back to at least the values of before the crash in many places.

A verbal contract isn't binding in Scotland though as no one is tied to anything until the missives are signed I believe.

glasgowdan

Correct, verbal offer isn't binding here. Even a formal offer that's been accepted isn't binding until missives have concluded.

Obviously you've made the offer via a solicitor, but usually people just make a verbal offer over the phone. If it's something the sellers are interested in they'll ask you to make it formally, and they should get back to you within a day or so of this, though they can take longer.

What's more common though is they have other people interested, and instead of accepting an offer from you they'll ask everyone who's interested to offer on the same day, by noon.

mvteng

glasgowdan wrote: »

Correct, verbal offer isn't binding

hmm. Still pretty sure a verbal offer is binding.



http://en.jurispedia.org/index.php/Contract_Law_(Scotland)

Trigs

Oh well, so i could of just made the verbal offer and went from there then.

Nevermind, solicitors on it now, and offers made. All a bit quicker than what i was expecting.

So whats the reason for the time limit on verbal acceptance, and then a time limit for written acceptance?
Just so a buyers not left hanging about for weeks?

Im not a rushing person, makes me a bit awkard imposing time limits :rotfl:

googler

Trigs wrote: »

The estate agent at the house said they probably cant take offers till next week, so to make a note of interest.


Drivel. You can, as you've discovered below, make an offer at any time


So i phoned a solicitor ........... why the time limit for the seller? And what happens if they dont respond in that time?

The time limit is so that you know where you stand within the time specified. So that you're not hanging on a fortnight later with the seller having not made a decision either way.

Just look at threads here from buyers in E&W .... "I made an offer eight weeks ago but it hasn't been accepted yet...." Madness.

You offer, seller must respond within time (or come back with a GOOD reason why they can't), so that within the time you get a firm Yes or No. If no response, the standard practice is that your offer lapses - is withdrawn automatically. It's all in the wording that your solicitor will put in the written offer.

Trigs

Yeah, i was guessing that was it.
Im assuming that once your offer is withdrawn if they dont answer or say no, that you can make another offer again, or at the closing date?

glasgowdan

mvteng wrote: »

hmm. Still pretty sure a verbal offer is binding.



http://en.jurispedia.org/index.php/Contract_Law_(Scotland)

It's not.

This isn't a works contract, it's house selling. It's binding once missives have been concluded. Buyers can pull out of verbal offers. They can pull out of formal offers. But not once missives have concluded.

Trigs

Just noticed in the copy of the offer i was sent, that there is no mention of it being a cash purchase, no mortgage. I did tell the solicitor that, should it be in the offer statement?