r/Glasgow Tools

It's a bit of a fiddly thing, because it's anecdotal dependent upon area and desirability of the property itself.

Basically, if you want a house and it's Home Report says it's valued at £150,000 - you'll need £15,000 to get yourself to a 10% deposit. You've got your agreement in principle and you go see the property and decide you like it.

In Scotland, we do blind bidding. What that means is that basically.. we don't let people play financial tennis until someone has to give up because they can't afford to go any higher making offer upon offer and playing people off against one another. You get one shot to make an offer, you just have to go with your best and hope that anyone else that makes an offer makes one lower than yours.

So you decide you want to put an offer on this flat, it's Home Reported at £150,000.. But you suspect that there may be a few others interested.. So you call your solicitor and tell them to put in an offer of £155,000.. And after some deliberation, the sellers decide that your offer is the best and accept it.

Now you'll need to send £20,000 to the mortgage company to account for the 10% deposit and £5,000 you went over the Home Report in order to upkeep your end of the agreement in principle. And once that's done, you'll get given a date however long down the line on a Friday where you'll go and pick up the keys!

Hope this helped somehow?