Q: Hi all,

Ive on this website a few weeks and must say that I have found absolutley superb. At the moment I am in the middle of trying to find my first house with my girlfriend. We have an agreement in principle of a well established mortgage company based on our putt ting ￡ 16k deposit, but my mortgage broker has declared, there is also no problem for the same amount from other lenders to bring us ￡ 8k down.
We be found the dream house today, albeit a little earlier than expected! It currently offers more than provide a ￡ 125k. I still have surveyed. Obviously I hope that the research will be at that level or more, so we could afford. What would my best course of action now – we can obtain ￡ ￡ 172K based on a 180k property.

Thanks boys

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A:thanks,

so you reckon I should stick an offer in then? The only problem I have with that, is that what if i offer more than the house is worth after I have it surveyed?I'm in Banff, and have family in Elgin & Rothes …

Scooterpig's advice is sound, and the "Subject to Survey" clause will still allow you to renogotiate IF the valuation comes in lower than expected …
However, bear in mind that one or two valuation firms in this corner of Scottish heathenness have something of a reputation for valuing "extremely conservatively" for mortgage/bank purposes.

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A:thanks,

so you reckon I should stick an offer in then? The only problem I have with that, is that what if i offer more than the house is worth after I have it surveyed?

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A:In Scotland, it's extremely common to make an offer 'subject to survey'. If your offer is accepted you would be expected to have your survey done fairly quickly (usually within a week or so) and missives would proceed. Concluding missives can take anything between ten days and six weeks or more, depending on how much there is for the lawyers to bicker over! After the missives are concluded, all you have to do is get organised for the move on whatever date has been agreed, and sort out the paperwork for the mortgage. Having an agreement in principle is wise, as once the missives are concluded you become liable for any costs incurred by the seller if you then have to pull out or delay.

In terms of how much to offer, have a look at the various house price websites to get an idea of prices paid in that area. I know parts of Morayshire, such as Elgin, are popular so expect to offer more in such in case.

Putting in an offer isn't a one shot deal. If you offer and it's rejected, you can always go higher. If the seller sets a closing date, it becomes a blind auction, and the highest offer at that date (usually, though not always) wins.

Good luck!

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A:thanks, it's in Morayshire. I was under the impression that you ahd to have a survey done in Scotland first? I was also unaware that the buyer could put a closing date on their offer and i thought you could only put one offer on each property! Shows you the level of my naivety. Must say though, I went through an independant mortgage broker and she has been superb so I thoroughly recommend that to anyone reading this post.

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A:Depends where the property is.

In a highly prized area properties are going for more than 30% over the asking price, but other areas are approx 10%.

Try and get a feel for the market, and find out what similar properties have sold for.

If you want to force the sellers hand a bit you can put in an offer, subject to survey, and put a closing date on it. If they are not interested it still leaves you room to come back witha bigger offer – should you wish.

Good luck anyway.

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