 | | | Buying a house - your optionsThere are a number of ways for buying a house - we have picked out the most common here.
Sealed bids
Sealed bids are most common way of buying a house in Scotland (although this is changing a little in the latest recession fears!). This involves potential buyers submitting a letter by a predetermined date, usually to the seller's solicitor, which discloses the amount they are willing to pay for a property. When all the bids have been received, the property is sold to the person offering the most.
This method of buying a home helps you to avoid bidding wars and gazumping. It also means that you decide in advance how much you can afford to spend. However, you may find that another bidder offers just a few pounds more than you and gets the property. If you are thinking about offering a sealed bid, make sure you offer a realistic sum and be prepared for disappointment.
Private sale
A number of websites now exist for buying and selling property. Most of these sites display photos of the exterior and interior of properties on offer, so you can view online before visiting. Buying through a website cuts out the need for estate agents' fees, although you will still need the services of a surveyor, solicitor etc.
Buying a newly built home
If you decide to buy a newly built house or flat, it's vital that you know whether the builders are members of the National House Building Council (NHBC) scheme. Around 85% of new homes fall into this category, which means that the property comes with a NHBC warranty and insurance services.
The NHBC's ten-year Buildmark Cover protects buyers of new homes against specified defects that occur because the builder has not complied with NHBC Standards. Problems can then be rectified even if the contractor has gone out of business.
Auctions
FInally, the other popular route is to buy a house at auction. There are increasing ways to find some real bargains - but it's not for the faint-hearted!! Why not read out article dedicated to house auctions
The information included in this article is based on the law applying on 1 January 2005. Please seek your own legal advice for more information regarding your rights. | | | |
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