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Buying/Selling in a fast market in Scotland

Apologies for the naive question but I'm more used to the English system than up here in my new home.

I own a tenement flat in a popular part of Glasgow (where typically properties go for 5% to 10% above the home report value).

I would like to upgrade to a similar property but with an extra bedroom.

However I am in no rush to pay well over the odds & would rather bide my time than get in a bidding war for the first property I see.

With that in mind, & baring in mind how there are no chains in Scotland, how does one go about it? Since I really don't want to sell my flat prior to bidding on others & end up leaving myself homeless or having to rent.

How does one go about buying before they sell in Scotland (baring in mind all offers on properties have to be submitted by solicitors too)?

Is there any way it's possible to have an offer accepted before I sell, so I can get the right property at the right price?

I still have 22 years on my mortgage, but I have about 20k of equity in my flat (which is worth approx 110k with my budget for a 2 bed being 140k).

Comments

  • jennifernil
    jennifernil Posts: 5,580
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    As long as you can cover the costs, I do not see why not. Have you thought how you could do that?

    You would need to ensure you can definitely get a mortgage for the amount you need and have enough for LLBT, fees, and any shortfall should your current property not sell for as much as you think.

    If you negotiate a long entry date, that could give you time to sell your present property and co-ordinate your dates. This is how things used to be done.

    However.......what will you do if your current property takes longer to sell than you reckon? Bridging loans are available but are expensive..

    Could be more sensible, if there are plenty of properties available of the type you want, to sell first. You can still negotiate a long entry date with the buyer. Then, if necessary, store your stuff and move in with a friend or look for a short term rental.
  • davidmcn
    davidmcn Posts: 23,596
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    As above, not that uncommon to offer with a long enough date of entry to allow for a quick sale of your current property (if you're confident it will sell quickly) and then juggle the two transactions. But buyers will be aware that it's an additional reason why you might pull out, so may prefer bidders who aren't relying on their own sale concluding, or they may simply want a faster sale.

    By the way, we bear things in mind - too cold in Scotland to bare things.
  • Cocorita
    Cocorita Posts: 29
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    I sold my property last year and I'm searching for a new one now.
    I would NOT had accept an offer if the buyer had to sell their house to buy mine, no way!
    You might find someone that is not in a rush to sell and don't care, but usually solicitors will tell you to sell to the less-fuss interested party.

    What we did is: sell the house, rent a flat to live while you look for the next one. Not a big problem!
  • jennifernil
    jennifernil Posts: 5,580
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    If a buyer makes a firm offer, and you accept it, once the missives are concluded it is the buyer's problem to have the money available on the entry date. It would be very expensive for them if they did not!

    Depending on the various figures, and how much money you have saved up, it is possible to have 2 houses on residential mortgages for a short period.
    When our daughter moved in 2018, Halifax granted a mortgage for the purchase with the requirement that her existing mortgage was repaid within 3 months of purchasing the new property.
  • martindow
    martindow Posts: 10,198
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    I believe that in Scotland it is normal to offer over the advertised price. I'm not sure this necessarily implies it is a 'fast' market.
  • davidmcn
    davidmcn Posts: 23,596
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    martindow wrote: »
    I believe that in Scotland it is normal to offer over the advertised price. I'm not sure this necessarily implies it is a 'fast' market.

    Normal for asking prices to be "offers over", but they all come with a Home Report valuation - the question is really whether you're offering over the valuation - as the OP says, in hotspots the successful offer is likely to be a fair bit above valuation.
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