Help Buying a house in Edinburgh (title edited)

[flecktimus]

I am looking to buy a house in Edinburgh this weekend and will need advice how the system works and what are the costs.

 

Would be great if someone could recommend someone to point me in the right direction.

 

Cheers

[Godfather]

most places are viewings on a Sunday between 2pm and 4pm Open house.

Price is about 15 to 20% over asking price.

 

Hope this helps

[flecktimus]

most places are viewings on a Sunday between 2pm and 4pm Open house.

Price is about 15 to 20% over asking price.

 

Hope this helps

 

Its fixed price. Not into all this offers over stuff

[Godfather]

ok.

 

Go to your soliciters and ask them to make a formal offer to the sellers soliciter.

 

You can also try offering a lesser amount even though its marked up at fixed price it dosen't mean you have to offer that figure. The property might have been on the market for a while and the seller may really need to shift it.

 

I would try knocking about 5k of the fixed price. They can only say no.

[flecktimus]

ok.

 

Go to your soliciters and ask them to make a formal offer to the sellers soliciter.

 

You can also try offering a lesser amount even though its marked up at fixed price it dosen't mean you have to offer that figure. The property might have been on the market for a while and the seller may really need to shift it.

 

I would try knocking about 5k of the fixed price. They can only say no.

 

Haven't got a solicitor

 

This is the bit i am not sure about.I live down south so haven't got a clue how to go about putting offers forward or costs involved.

 

Only 5K

[Deek]

You will be lucky to get anything knocked off a fixed price in Scotland.

 

You see a house, like it, ask a solicitor to put a bid in for you (subject to survey). Fixed price and it will be yours.

 

Offers over, as said earlier again through a solicitor put a bid in at 10% to 15% over and hope for the best. Some people may outbid you, some houses go 20% to 25% over.

 

You wont be able to put a bid in yourself. It will have to go through the sellers solicitor.

[flecktimus]

You will be lucky to get anything knocked off a fixed price in Scotland.

 

You see a house, like it, ask a solicitor to put a bid in for you (subject to survey). Fixed price and it will be yours.

 

Offers over, as said earlier again through a solicitor put a bid in at 10% to 15% over and hope for the best. Some people may outbid you, some houses go 20% to 25% over.

 

You wont be able to put a bid in yourself. It will have to go through the sellers solicitor.

 

Going to view the house this weekend and it is fixed price.

 

Does the solicitor arrange the survey.

[CostaJambo]

There's a 1 bedroom fixed price of 91 grand in Gorgie Road on propertysnake right now if you're interested!

[flecktimus]

There's a 1 bedroom fixed price of 91 grand in Gorgie Road on propertysnake right now if you're interested!

 

Thanks for the tip off but i am looking at the other side of town:eek:

[jamtartsandbees]

Going to view the house this weekend and it is fixed price.

 

Does the solicitor arrange the survey.

 

Solicitor could arrange it for you but they will charge there own fee on top for it. Best just doing a search for surveyors in Edinburgh.

[The Godfather]

View the house, solicitor can advise if asking price correct then put offer in sub survey. If they agree to price then survey instructed by your solicitor. Straightforward.

 

I can recommend one, Hearts man too, if want to PM me.

[eddie fenwick]

Thanks for the tip off but i am looking at the other side of town:eek:

 

hobo

[bighusref]

See, it is not the sort of thing you do is it?

 

I can understand you saying "I am going out to buy a new jumper on Saturday, any recommendations?" as it would (generally) be from disposable income.

 

I just had this vision of you going out and saying "Yup, I want that one. Do you gift wrap?".

[flecktimus]

See, it is not the sort of thing you do is it?

 

I can understand you saying "I am going out to buy a new jumper on Saturday, any recommendations?" as it would (generally) be from disposable income.

 

I just had this vision of you going out and saying "Yup, I want that one. Do you gift wrap?".

 

With maroon ribbons round it;)

[flecktimus]

View the house, solicitor can advise if asking price correct then put offer in sub survey. If they agree to price then survey instructed by your solicitor. Straightforward.

 

I can recommend one, Hearts man too, if want to PM me.

 

Sent pm

[coppercrutch]

Can I ask why my posts were removed ?

 

I was a little bevvied and all - but they were not abusive or anything. Cheers in advance Mods.

 

Anyway - Just trying to point out to Flecktimus that whatever he is getting into sounds a little dodgy. He may be driving around in a Ferrari next year having made a fortune. However if you are planning on buying property to make a profit in the next few years you had better be 100% sure of what you are doing. Going onto a football forum to ask how the Scottish house buying system 'works' rather than just calling up a solicitor and asking direct ? Doesn't seem to point out someone 100% sure of what they are getting into.....

 

Caution Mr Flecktimus !!! Most things that are too good to be true....Well they are too good to be true.....You get the jist.

[coppercrutch]

ok.

 

Go to your soliciters and ask them to make a formal offer to the sellers soliciter.

 

You can also try offering a lesser amount even though its marked up at fixed price it dosen't mean you have to offer that figure. The property might have been on the market for a while and the seller may really need to shift it.

 

I would try knocking about 5k of the fixed price. They can only say no.

 

At last someone with sense !! It amazes me how many people think you just give people what they want. The very fact that a house is on fixed price indicates one of the following 2 things:

 

(1) They cant sell it.

or

(2) They want a really quick sale.

 

Or both....

 

You would have to be insane to give them what they are asking for.

 

Take 30k of it and see what they say. Why not. As you say they can only say no.

[Peebo]

Can I ask why my posts were removed ?

 

I was a little bevvied and all - but they were not abusive or anything. Cheers in advance Mods.

 

Sounds like a great night.

[coppercrutch]

Sounds like a great night.

 

Pub quiz, and we won !! Crazy Wednesday night for me. Off fishing tonight. I live life on the edge.

[The Old Tolbooth]

Pub quiz, and we won !! Crazy Wednesday night for me. Off fishing tonight. I live life on the edge.

 

So your back on kickback then?

 

 

 

 

Flecktimus, if you go as far as getting a survey done, call either DM Hall, Shepherds, or Allied Surveyors. Those are the main 3 that I normally stick to every week as they are accepted by all lenders, as some surveyors are not on some lenders panels and if you were unfortunate enough to choose one which wasn't on whichever lender you go with, then you would need to pay for another survey to get done, or pay to get a lenders survey done and they completely rip everyone off as per usual.

 

Hope this helps mate

[Bigsmak]

I'd offer 10k less than the fixed price.. Again, they can only say no. And then when you offer 5k off the price the week later they will bite your hand off.

 

Or.. if you have a lot of balls.. offer 15k less!

 

I'd speak with a solicitor as you will need to get things signed etc.

[MackaysCentreSpot]

ok.

 

Go to your soliciters and ask them to make a formal offer to the sellers soliciter.

 

You can also try offering a lesser amount even though its marked up at fixed price it dosen't mean you have to offer that figure. The property might have been on the market for a while and the seller may really need to shift it.

I would try knocking about 5k of the fixed price. They can only say no.

 

I remember watching one of these house buying programmes and I am sure they said when it comes to buying houses in Scotland, if the property is a fixed price you can not offer under the asking price unlike in England where you can.

[Coco]

When it comes to buying houses in Scotland, if the property is a fixed price you can not offer under the asking price unlike in England where you can.

 

Surely you can offer anything you like? It is up to the seller if they accept the offer?

[Midloth_Iain]

I remember watching one of these house buying programmes and I am sure they said when it comes to buying houses in Scotland, if the property is a fixed price you can not offer under the asking price unlike in England where you can.

 

You think ?

 

In the current financial climate you'd be surprised what you can do.

[Bigsmak]

I remember watching one of these house buying programmes and I am sure they said when it comes to buying houses in Scotland, if the property is a fixed price you can not offer under the asking price unlike in England where you can.

 

You can offer whatever you want. The fixed price is what people want for the house. Probably more than what they truly believe it is worth. If I had a flat to sell and I thought it was worth 100k, I would put it at fixed 110k to see if anyone would buy it for that price knowing that I would accept 105k easy and probably 100k. (made up numbers)

[Peebo]

I remember watching one of these house buying programmes and I am sure they said when it comes to buying houses in Scotland, if the property is a fixed price you can not offer under the asking price unlike in England where you can.

 

What a bizarre idea that is. The buy can offer whatever they want.

[Jambo66]

Solicitor could arrange it for you but they will charge there own fee on top for it. Best just doing a search for surveyors in Edinburgh.

 

Sorry, but that's just nonsense. The legal side of the property market is very cutthroat at the moment. All solicitors will quote you a fee for dealing with all the legals. The fact that you have already instructed a survey yourself will make no difference to that fee. By using a solicitor for the whole process, you will also get the benefit of his knowledge of surveyors.

[coppercrutch]

Anyone else intrigued by Flecktimus' sudden rush to buy this place..

 

Come on Mr Fleck, spill the beans !!

 

Or is it one of these secret things where only those in the know make a fortune. How much does it cost to be 'in the know' these days.....

[flecktimus]

Anyone else intrigued by Flecktimus' sudden rush to buy this place..

 

Come on Mr Fleck, spill the beans !!

 

Or is it one of these secret things where only those in the know make a fortune. How much does it cost to be 'in the know' these days.....

 

Moving back to Edinburgh after 27 years down south.Thats why i needed advice on how the Scottish system works.

 

Sorry if its a bit boring:sad:

[flecktimus]

So your back on kickback then?

 

 

 

 

Flecktimus, if you go as far as getting a survey done, call either DM Hall, Shepherds, or Allied Surveyors. Those are the main 3 that I normally stick to every week as they are accepted by all lenders, as some surveyors are not on some lenders panels and if you were unfortunate enough to choose one which wasn't on whichever lender you go with, then you would need to pay for another survey to get done, or pay to get a lenders survey done and they completely rip everyone off as per usual.

 

Hope this helps mate

 

I take it from the above that you put your offer in through a solicitor and if your offer is accepted you will arrange your own survey.

[Sherlock]

I take it from the above that you put your offer in through a solicitor and if your offer is accepted you will arrange your own survey.

 

Your solicitor will take care of that on your behalf.

[Bigsmak]

You can put an offer in subject to survey. This means that you can offer ?x as long as the survey is acceptable. If they accept you get the survey done, if not, you don't waste money on doing one!

[coppercrutch]

Moving back to Edinburgh after 27 years down south.Thats why i needed advice on how the Scottish system works.

 

Sorry if its a bit boring:sad:

 

Bummer !! I was hoping for some cunning scheme !!

 

So if you are moving back are you not better off maybe renting here for a few months and testing the water etc... ?

 

No need to rush into something. You may end up buying somewhere in a hell hole like Easter Road by accident....

[flecktimus]

You can put an offer in subject to survey. This means that you can offer ?x as long as the survey is acceptable. If they accept you get the survey done, if not, you don't waste money on doing one!

 

Can you offer without a solicitor?

 

If you must use a solicitor is there a charge if your survey goes wrong?

[flecktimus]

Bummer !! I was hoping for some cunning scheme !!

 

So if you are moving back are you not better off maybe renting here for a few months and testing the water etc... ?

 

No need to rush into something. You may end up buying somewhere in a hell hole like Easter Road by accident....

 

I hear what your saying but renting is just not an option for me. Been a home owner for 25yrs and it would kill me to hand over money for renting.

 

Just my opinion:)

[coppercrutch]

I hear what your saying but renting is just not an option for me. Been a home owner for 25yrs and it would kill me to hand over money for renting.

 

Just my opinion:)

 

Fair dos, lots of bargains to be had out there just now though, just think of it as interest you won't be paying to a money grabbing bank !!

 

You usually have to pay someone, bank or landlord....bad as each other IMO !!!

 

BTW - You are not moving to Fester Road are you....

[flecktimus]

Fair dos, lots of bargains to be had out there just now though, just think of it as interest you won't be paying to a money grabbing bank !!

 

You usually have to pay someone, bank or landlord....bad as each other IMO !!!

 

BTW - You are not moving to Fester Road are you....

 

Nope - East New Town

[Jambo66]

Can you offer without a solicitor?

 

If you must use a solicitor is there a charge if your survey goes wrong?

 

You will need a solicitor. Again, most will quote on the basis that you are successful and will probably not charge you if you are unsuccessful - especially if you carry on looking until you get somewhere.

 

Standard practice is to put in an offer subject to survey. As another poster says, you only pay for the survey if your offer is accepted. A solicitor will be able to give you sensible advice about the level of your offer. He will also be able to help you negotiate if the survey comes up short, but you still want to go ahead.

 

There are some that will do the job for a ridulously low fee. You are better to pay a bit more to get the job done properly though.

[flecktimus]

You will need a solicitor. Again, most will quote on the basis that you are successful and will probably not charge you if you are unsuccessful - especially if you carry on looking until you get somewhere.

 

Standard practice is to put in an offer subject to survey. As another poster says, you only pay for the survey if your offer is accepted. A solicitor will be able to give you sensible advice about the level of your offer. He will also be able to help you negotiate if the survey comes up short, but you still want to go ahead.

 

There are some that will do the job for a ridulously low fee. You are better to pay a bit more to get the job done properly though.

 

Thanks for the advice.Do actually know

 

What is a ridiculously low fee

 

What is a job done properly Fee:)

 

Cheers

[PTBCAL]

With a fixed price you should follow a couple of simple steps.

 

Get a solicitor - and ask them to do the following;

 

- Establish how long has it been up for sale - I suspect it has been offers over and now it's a fixed price due to no sale.

 

- Get them to do a search in that street/area for similar properties in the last year and get an average price.

 

If you have no chain then you can hit them with an offer say ?5k-?7k lower than the asking price with a flexible entry date. If they have bought elshwhere then entry dates can be crucial. you can maybe then come back with an increased offer of ?3-4k more than original but still under the asking price.

 

If you need your survey to show a value that will allow you to meet the asking price then tell your solicitor that it needs to survey at 'X' fig - you will be suprised as to how many solicitors will increase the valuation by a small amount without question. It has worked for me in about 4 house buys.

 

Good luck

[Stuart Lyon]

http://www.ourproperty.co.uk/

 

sign-up here and enter the postcode of the property and you will see what houses in the area have been selling for recently. The site is good the don't inundate you with email but do send you a periodic review of sales.

[flecktimus]

Cheers lads,lots of good advice and recommendations,hopefully now i know how the system works:eek:i can buy a house and get back to Edinburgh:)

[Coco]

Cheers lads,lots of good advice and recommendations,hopefully now i know how the system works:eek:i can buy a house and get back to Edinburgh:)

 

Each to their own with regard to how they spend their money. I suppose the situation at the moment is something similar to buying a new car. As soon as you buy your house (or buy a new car) the value looks very likely to drop but if you hold onto it for long enough and look after it maybe the value will go up in future as it becomes a classic!

 

Do you think that if you rented it would cost you more in the next year or so say, than how much the price of the house is likely to fall by? Interested in your thoughts.

[portobellojambo1]

At last someone with sense !! It amazes me how many people think you just give people what they want. The very fact that a house is on fixed price indicates one of the following 2 things:

 

(1) They cant sell it.

or

(2) They want a really quick sale.

 

Or both....

 

You would have to be insane to give them what they are asking for.

 

Take 30k of it and see what they say. Why not. As you say they can only say no.

 

Know what I would say, first word, 4 letters, begins with F, second word, three letter, ends with F. People who sell at a fixed price know exactly how much they need to generate for their own needs, and tend to set it at the lower amount to speed up the sale, and take a lot of the hassle out of the process. They are not going to set a fixed price, then accept less unless they have a few screws loose up top.

[Coco]

Know what I would say, first word, 4 letters, begins with F, second word, three letter, ends with F. People who sell at a fixed price know exactly how much they need to generate for their own needs, and tend to set it at the lower amount to speed up the sale, and take a lot of the hassle out of the process. They are not going to set a fixed price, then accept less unless they have a few screws loose up top.

 

Would seem to me that the current situation is that the liquidity in the market has dried up - and that the 'fixed prices' have gone on not because of an attempt at a quick sale but because there is little interest at the offers over or above price.

 

The difference between price and value in the UK and Edinburgh in particular is pretty stark at the moment.

[flecktimus]

Each to their own with regard to how they spend their money. I suppose the situation at the moment is something similar to buying a new car. As soon as you buy your house (or buy a new car) the value looks very likely to drop but if you hold onto it for long enough and look after it maybe the value will go up in future as it becomes a classic!

 

Do you think that if you rented it would cost you more in the next year or so say, than how much the price of the house is likely to fall by? Interested in your thoughts.

 

If i was going into the housing market for the first time i would agree with you 100%.My only problem with buying in Edinburgh was i didn't know how the buying process worked.

 

I have a property portfolio down south so hopefully i know how to buy and what kind of property to buy.

 

What has heartened me on this thread is that people are actually talking my language and advising me to bid under the fixed price.

 

I am in a fortunate position that i can move fast if the right property comes up and the vendor is willing to deal:dribble:

 

From my prospective i think its a great time to buy.No one else is buying at the moment so there is more chance of a bargain.

[flecktimus]

Know what I would say, first word, 4 letters, begins with F, second word, three letter, ends with F. People who sell at a fixed price know exactly how much they need to generate for their own needs, and tend to set it at the lower amount to speed up the sale, and take a lot of the hassle out of the process. They are not going to set a fixed price, then accept less unless they have a few screws loose up top.

 

What if they need to sell fast?

[Coco]

If i was going into the housing market for the first time i would agree with you 100%.My only problem with buying in Edinburgh was i didn't know how the buying process worked.

 

I have a property portfolio down south so hopefully i know how to buy and what kind of property to buy.

 

What has heartened me on this thread is that people are actually talking my language and advising me to bid under the fixed price.

 

I am in a fortunate position that i can move fast if the right property comes up and the vendor is willing to deal:dribble:

 

From my prospective i think its a great time to buy.No one else is buying at the moment so there is more chance of a bargain.

 

Yep, you might well be right. Buy on the sounds of gunfire and all that.

 

Nobody knows how prices will adjust in the future. My guess is that property in Edinburgh is c. 30-40% overvalued. But it is not necessarily the case that they will move that far.

[coppercrutch]

Know what I would say, first word, 4 letters, begins with F, second word, three letter, ends with F. People who sell at a fixed price know exactly how much they need to generate for their own needs, and tend to set it at the lower amount to speed up the sale, and take a lot of the hassle out of the process. They are not going to set a fixed price, then accept less unless they have a few screws loose up top.

 

Well I think you will find half of Edinburgh has a few screws loose then !!

 

Beggars can't be choosers and all. And for the next few years (at least) those looking to sell a house pretty much anywhere in the UK are going to be the beggars. About time to. Everything goes in cycles and this was always inevitable.

 

Fixed price means nothing. What someone is willing to pay means everything.

 

I think although we have different views on the general outlook for property myself and Flecktimus are agreed on this point - Offer silly low prices. Why not........You lose NOTHING, and potentially gain lots.

 

BTW good shout with the ourproperty stuart Lyon.

 

Quality info. available from that, although they do miss the odd thing it is pretty good overall.

 

Good luck Flecktimus (Although I still think you should rent and wait !! ) and let us know how much under the fixed price you get it for.

 

If I were you, and if you like the place, I would offer a low price subject to survey and give them 24 hours to decide. Turn the screws...if not then move onto the next, then the next - until someone buckles.

[flecktimus]

Well I think you will find half of Edinburgh has a few screws loose then !!

 

Beggars can't be choosers and all. And for the next few years (at least) those looking to sell a house pretty much anywhere in the UK are going to be the beggars. About time to. Everything goes in cycles and this was always inevitable.

 

Fixed price means nothing. What someone is willing to pay means everything.

 

I think although we have different views on the general outlook for property myself and Flecktimus are agreed on this point - Offer silly low prices. Why not........You lose NOTHING, and potentially gain lots.

 

BTW good shout with the ourproperty stuart Lyon.

 

Quality info. available from that, although they do miss the odd thing it is pretty good overall.

 

Good luck Flecktimus (Although I still think you should rent and wait !! ) and let us know how much under the fixed price you get it for.

 

If I were you, and if you like the place, I would offer a low price subject to survey and give them 24 hours to decide. Turn the screws...if not then move onto the next, then the next - until someone buckles.

 

Great i am getting advice from someone who wont buy a house;)