Gauzumping in Scotland – How Does It Affect Property Buyers and Property Sellers in Scotland? In Particular, How Do the Little-Known Law Society Anti-Gazumping Guidelines Affect Property Sellers in Scotland?

The ‘G’ word is one of the dirtiest words related to property sales.  It blights the reputation of estate agents, puts fear into the hearts of property buyers and causes a whole heap of additional headaches to solicitors north of Hadrian’s Wall.

This article will address some fundamental misunderstandings that exist amongst the majority of property buyers and sellers in Scotland.  It will show you how gazumping actually happens, what you can do as a property buyer to try and prevent it, and how all of this can negatively affect you as a property seller who just wants to get the best possible price for your property.

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Why December is a Great Time to Buy a Property (and Why the Snow Might be Your Secret Weapon to Picking Up a Bargain!)

If you look at any major property website at the moment, it is clear that there are a lot of adverts for properties with reduced prices or prices well below Home Report valuation. December is usually a great time to be buying a property. However, this year property buyers have another tool up their sleeve to help them pick up a bargain: the snow!

As the winter holidays draw closer, some property sellers start to panic. Most solicitor firms will close for the Christmas and New Year holidays, a period of two full weeks. This means that property buyers can’t even submit an offer during this time, a genuine concern for property sellers. Many sellers also believe that the property market only starts moving in early spring. This isn’t really true but this perception persists.

At this time of year therefore, many property sellers will feel that they have a choice of accepting your offer now or of waiting several weeks until another offer comes along.  This worry might persuade some sellers to accept a lower offer than they otherwise were looking for.

However, this December we can add another factor that further tips the balance of power in favour of property buyers: the snow! If property sellers perceive that December is usually a quiet month, the fact that nobody can physically get to their properties certainly won’t help to ease their worries.

December is definitely a good time to be getting an offer in on a property. Timing and hard bargaining are always useful tools for picking up a great buy.  However this year it might be that a warm coat, snow boots and a 4×4 are the real key to picking up a property bargain!

Gazumping in Scotland – Why It Doesn’t Tend to Happen

The ‘G’ word is the dirtiest word associated with property purchases south of Hadrian’s Wall.

We all know that it doesn’t really seem to be as much of a problem in Scotland and yet most people probably don’t know why.   As a firm of solicitor/estate agents, the rules and reasons that mostly prevent it happening in Scotland are enough to tie us in knots most of the time.  Trying to explain this to clients prior to their property going on the market with us is therefore likely to cause some kind of nervous breakdown in all parties.  And yet, when the rules do have to kick in, it can be quite counter-intuitive and surprising for our selling clients.

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Notice to Residential Property Buyers – Stamp Duty Change 1 January 2010!!

What is Stamp Duty Land Tax?

Stamp Duty Land Tax (SDLT) is a tax paid to the government by property buyers.  My personal opinion is that it is hugely unfair and antiquated being as it is based on a percentage of property prices and the thresholds haven’t been significantly changed in several years to reflect rising house prices.  Sadly, however, the UK government don’t pay much notice to me when it comes to fiscal policy.  So we have to live with it in the meantime.Your Read More Link Text

What Does ‘Offers Around’ or ‘Offers in the Region of’ Actually Mean?

I have had a lot of people asking this question recently, so here is a bit of an email that I just sent to a property buyer to try and explain what it means.

‘Offers in the Region of’ and ‘Offers Around’ is a bit of a moveable feast depending on the prevailing property market conditions. The last 12 months saw relentless downward pressure on property prices. ‘Offers Around’ therefore usually translated as ‘Offers Slight Below’ the asking price.Your Read More Link Text

How Do You Decide What to Bid at a Closing Date?

The last couple of months have seen a bit of a spike in buying activity and, sadly for buyers, a return to the days of Closing Dates and blind bidding.  Closing Dates and blind bidding have been confusing buyers since I started working in this field so hopefully this will be useful to any of you thinking of buying a home at the moment.

So the question is: how do you, as a buyer, decide what your bid should be at a Closing Date?Your Read More Link Text