Lucky to be buying & selling property in Scotland
Reading this recent BBC article, I was reminded how how lucky we are in Scotland with regards to the house buying and selling process. I suppose many in Scotland will not have had any experience in buying or selling property in England, however the process is quite different in a number of significant ways.
Loosely speaking, the English system permits to you make an offer on a property but it is generally not legally binding and you therefore have the ability to pull out of the deal at a later stage with almost no ramifications. This allows buyers to make offers on multiple properties with reckless abandon. It can also lead to some buyers (and sellers) making unreasonable demands at late stages in the process as they know that they can pull out of the deal and they may be aware that the other party will likely be very keen not to lose the sale.
Fortunately, ‘Gazumping’ – where the seller attempts to raise the agreed price after a deal is struck – is practically unheard of in Scotland as our system generally protects buyers from this sharp practice.
The buyers can be at it in England too – ‘Gazundering’ is where the buyer demands a reduction in the agreed price, again, at the late stages in the negotiation to try to force the seller to agree to their demands or risk losing the sale.
In Scotland, once an offer has been made, and has been accepted by the seller (and all conditions have been satisfied and agreed) then a legally binding deal has been struck, which offers security and stability for both buyer and seller. Something that is very important when buying and selling a home which is reputed to be the second most stressful life event!
The mandatory survey (Home Report) is a fundamental part of the Scottish system, as it allows the buyer to be informed about what it is they are potentially buying.
That said, however, the phrase ‘Caveat Emptor’ (let the buyer beware) is used regularly in house buying transactions in both Scotland and England, as it is important that the buyer satisfies themselves regarding the condition of the property. It is often necessary to take a ‘belt and braces’ approach, as a property is usually the biggest purchase an individual will make in their life, so you can never be too careful!
