We have compiled a list of the most frequently asked questions about property sales in Edinburgh and the Lothians. Our FAQ section will answer your questions in a manner that is easy to understand and applicable to the Edinburgh and Lothians property market. If you have any questions not covered in this section, please get in touch and our experienced property team will be happy to answer them.
During our visit to your property, the five key areas our experts assess are:
- The location of your property. This involves considering not just the general area, but also its precise situation and the amenities and lifestyle it offers
- The size of your property, including any gardens, outbuildings, parking facilities etc.
- The condition and presentation of your property
- The current market conditions, specifically within your area and for your specific property type. We have detailed knowledge of market demands and peaks within the Edinburgh and Lothians area at any give time.
- Sales results. These are taken from the national databases, which record every sale (even private sales). Equally importantly, tracking our own databases enables us to be aware of how many bids came in on a property and how well it performed against its asking price
All of the above tasks are carried out by our company directors, who have honed their skills over the past three decades. You will receive a Marketing Report, clearly stating our valuation.
A Home Report and a valuation for mortgaging purposes are both carried out by a charted surveyor, employed by a Surveying Company. By law, since 2008 each property going to market in Scotland requires a Home Report. The Home Report, together with its valuation, is compiled independently from our Marketing Report and differs in the areas that it covers. The Surveying Company will charge the home owner directly for the cost of the Home Report.
Over the past decade, people buying and selling property in Scotland would have noticed periods during which each of these different options were commonly used. Within the currently strong housing market in Edinburgh and the Lothians, it is common to see properties advertised at all three of the asking price ‘styles’. Our expert solicitors will be able to advise which of the three options would best suit your property and situation. We have set out the basic rule of thumb for each of the three styles below:
- Fixed Price – this generally means that the seller is willing to accept the first offer made at the given price. On the plus side, this can lead to a fast sale. On the down side, it reduces the chance of competition, and consequently the willingness of buyers to offer more.
- Offers Over – this indicates that the owner is looking for a price higher than the advertised price (which is usually pitched lower than the Home Report valuation). On the plus side, this system can greatly benefit the seller if competition is generated around the sale (in which case it will go to a closing date) as this tends to drive up the level of bidding. On the down side, this system can be vague about the true expectations of the property price. Some potential buyers might also be deterred, worried that during the ‘blind bidding’ process the price might exceed what they can afford.
- Offers Around – this system became more prominent when Home Reports entered the market in 2008. On the plus side, this method of selling clearly states the price range (which generally coincides with the Home Report valuation) at which the owner is willing to sell the property. On the down side, it might not attract as many prospective buyers as the Offers Over system, since it is pitched slightly higher from the outset.
At VMH Solicitors and Estate Agents we work on a policy of transparency. We will provide you with a full quotation, which will detail all of the likely outlays for the sale of your property. If you are also purchasing a property, this quotation can also include prices for buying. VMH’s approach allows you to budget in confidence, secure in the knowledge that you won’t be hit with any unexpected costs.