Buying a property can be one of the most exciting times in your life, but it can also end up being quite stressful. Often, the stress of the situation can be increased when you are exposed to estate agency and conveyancing jargon that you don’t understand.
In this article, our conveyancing team want to talk all things “Notes of Interest”, so that you understand clearly what a Note of Interest is, and why it is important when you are looking to purchase a property.
What is a Note of Interest?
If you’ve found a property that you really like and might be interested in placing an offer on it, you can ask your solicitor to submit a Note of Interest on your behalf for the property. This means that your solicitor is telling those who are selling the property that you would like an opportunity to make an offer on the house before they sell it to someone else.
Is it necessary to submit a Note of Interest?
Legally, you do not need to submit a Note of Interest on a property in order to make an offer. However, we do recommend noting your interest through your solicitor. This will let the sellers know that you might like an opportunity to make an offer and keep you up to date on the status of the sale, like if a closing date has been set.
At Watermans, we don’t charge to note interest on your behalf, so you have nothing to lose by letting the sellers know that you are interested in their property.
Do I have to make an offer on a property if I have noted interest?
No, you are not obliged to make an offer on a property after you submit a Note of Interest. However, just because you lodge a Note of Interest doesn’t mean that the property cannot be sold to someone else. So, if you’ve found somewhere you really like – get your offer in as soon as you can!
Why should I choose Watermans when purchasing a property?
Buying a property is meant to be an exciting and joyful experience, but you can often feel let down if you don’t fully understand the legal side of things. At Watermans, it is our goal to make the property purchase process as smooth as possible for you.
We offer straightforward legal advice and explain everything clearly for you, without the jargon, so that you are fully aware of the legalities of buying a property in Scotland. Use the form below to contact our dedicated conveyancing team, today.
For a full list of the properties that We currently have on the market, visit our Properties for Sale page.