SCOTLAND

UK (E, W & NI)

In Scotland offers "over and above" are generally used with the price varing between 5 to 10 percent over the asking price.

Properties for sale in England usually have a starting price with both buyer and seller agreeing on a lower final price.

A buyer interested in a particular property must contact their solicitor who will then register the interest with the buyers solicitor.

N/A

Before an offer is made a survey is commissioned by the buyer prior to making an offer. Offers can then be subject to the survey which can affect any subsequent offer.

Offers are submitted subject to a survey and contract. Without both the contract and the satisfactory survey having taken place both the purchaser and the seller are not legally bound to the transaction.

In the case of multiple pursuers of a property a closing date is set to deadline all valid offers.

N/A

Upon advice from your solicitor and accepting the best offer (not necessarily the highest), a non-legally binding verbal indication is given to the buyers solicitor.

N/A

Acting on a positive response from the selling solicitor the formal exchange of letters begins outlining price, items, date of entry and additional legal conditions.

In the rest of the UK, a draft contract is drawn up and delivered to the buyers solicitor. The contract can be ammended to suit both parties until an agreement is reached.

Missives in Scotland are considered more rigid than the contract system for the rest of the UK as both the buyer and the seller enter into a formal contract right from the beginning of the transaction. Because the seller and the buyer are tied in this way, it's much more difficult to bail out in the final hour.

Under English law either the buyer or the seller can withdraw from the agreement without penalty.

Not common in Scotland.

For the rest of the UK paying a deposit of 5 or 10 percent is normal. The deposit is non returnable however, if the contracts have been exchanged.

Although most properties are owned outright, in Scotland some conditions may apply to the title.

Similarly, the English freehold allows outright ownership of the property for an indefinate amount of time. Leaseholds are usually the remainder of 99 or 999 years after which the title returns to the original owner.