What @Ecobeard says is wise.
One thing to be aware of is when offering on a property it's different process to that in england.y experience suggests you'll need at least 10% of the mortgage valuation in cash in addition to the mortgage deposit. Once you're serious about making an offer you'll need to appoint a solicitor. I was happy with mine, particularly from the initial contact where I phoned them and asked for advice on how it all works, being a first time buyer and at that time living in London.
Yeah I've been reading up on the differences - looks slightly less prone to deals falling through or maybe that's just my impression but certainly different! Which solicitor dod you use if you don't mind me asking as it seems we're in a similar situation as you were? Having 10% in cash as well as the deposit is something I've not seen and most likely a deal breaker since we'd be looking at the top end our budget towards 85-90% LTV.
With limited knowledge based on buying in Edinburgh
House is advertised at £500 000
House valued by independent £525 000
House sells for £600 000
Sale price + fees = £630 000
Bank takes maximum value of house as £525 000
So the breakdown of what you might need to buy the house is
Cash Deposit (20% of £525 000 = £105 000)
Mortgage (80% of £525 000 = £420 000)
Cash to get from £525 000 to £600 000 = £75 000)
Cash to pay fees = £30 000
So total cash to buy the house with a 20% deposit = £210 000.
For mortgage purposes the bank don't value the house with regards to the sale price, they value it based on the price in the report which you could request on rightmove, ESPC etc.
We used Harper Macleod off a recommendation from a friend, I guess I'll echo what they told me. More expensive than most but the were switched on, worked hard and moved quickly.
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