First Time Buyers Guide
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Your home may be re-possessed if you do not keep up repayments on your mortgage.
You should now be about ready to consider making an offer for a property with confidence that you can carry it through. If you lived in Scotland, you daren't make an offer before this point as you would be legally obliged to complete the purchase and be in serious trouble if you could not arrange a mortgage. In the rest of the UK it's a little different in that an offer does not bind you to anything until your solicitor exchanges contracts.
Your Solicitor
First Time Buyers, Making an Offer
Last updated 15 March 2009
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Reaching the conclusion
By now, you should have a much better understanding of what you will face when buying a property. The next section will give you information on current government initiatives that might be of interest to you. After that, you will have reached the end of this simple guide and you should be able to decide what you want to do.
Offer system England and UK in general
Offer system in Scotland
The Scottish legal system is different. There, sellers state an "offers over" price for the property and people place legally binding bids, sometimes as sealed bids, for the property and usually the highest bidder wins. During the property boom, offers sometimes went as high as 50% over asking price while at the moment, many properties are being sold at a fixed asking prices or at prices only slightly above the asking price. Offers are placed by solicitors and therefore you really need to establish yourself with a solicitor, at a very early stage, if they are to guide you through the process.
Step 6
Generally, the UK system works on the basis that the seller states their asking price for the property and you make your offer at something less. Because offers are not binding, someone may well out bid you after you think you have agreed the purchase. England has a chain system where a whole lot of property transactions have to work together before anyone can move. When chains are broken, it can cause major disruption. As a First Time Buyers with no property to sell, you are a sellers ideal target and this will give you certain advantages during the negotiation for the property.
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Your solicitor is the person who will look after your interests. They will arrange searches, to ensure the property can rightfully be sold, that it has local authority permissions in place, that it is not about to have a motorway driven through it and that everything agreed to be purchased with the property is actually included. Ensuring you have a good solicitor to do this for you will give you a great deal of peace of mind as usually, buying a property is the most expensive undertaking most people make.
Government help schemes
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