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You’ve got a mortgage in principle and have found the perfect property: right size, great location and within budget. So, what do you do now?

Now’s the time to make an offer, and here we detail the various stages involved so you know what to expect:

Offers over…

In Scotland, most properties are advertised with a fixed or an ‘offers over’ price.  Fixed price means exactly what you’d think – this is the amount the seller is looking for you to offer before they’ll sell.  The ‘offers over’ system is more complicated and requires you to use the price as a guideline, and then decide how much more than this you’re willing to pay.

Your offer will depend on factors such as:

  • How much of a mortgage you can afford
  • Property prices in the area and the buoyancy of the market
  • Whether there are any other potential buyers interested in the property
  • If you are asking for anything else to be included in the sale (such as fixtures and fittings)


Before you make an offer it’s worth checking that the price of the property you’re interested in is fair. You can do this by looking at how much other similar properties within the area have sold for recently.

Your chosen mortgage lender will need to carry out a valuation of the property to satisfy themselves that the property is mortgageable and worth what you’re offering.  There may be a cost incurred for this, which you will have to cover, and it will vary depending on the value of the property.

Other fees

As well as a valuation fee, there are other fees that you need to consider when sorting out your mortgage finances:

Mortgage set-up and arrangement fees

Glasgow Credit Union doesn’t charge any set up or arrangement fees, but some mortgage lenders do.  Often you will be given the option of adding these fees onto your mortgage – but if you choose to do this remember that you’ll be charged interest on it for the duration of your mortgage.

Solicitor’s fees

The legal process that needs to be followed to transfer ownership of a property (submitting your offer, negotiating with the seller, checking contracts and organising the transfer of money) is called conveyancing and is carried out by a solicitor. Take the time to find out what services your solicitor will provide and always get a quote up-front. Online conveyancers can be cheaper, but it might be worth paying a bit more for a local one who you can call or visit in person and who will have experience of the local housing market.

Lands and Buildings Transaction Tax (LBTT)

This tax replaced Stamp Duty and was introduced on the 1st April 2015.  It’s charged as a tiered rate on properties costing more than £145,000.

The paperwork

Once your offer has been accepted, your solicitor will arrange for new title deeds to be drawn up transferring the property from the seller to you.  You’ll become the owner of the property on the settlement date – which will be agreed between you and the seller.  Your solicitor will arrange with your mortgage provider for funds to be transferred to the seller on the settlement date.

All that’s left for you to do is collect the keys (either from the seller’s solicitor or directly from the seller) and move in!

For more information on Glasgow Credit Union mortgages, contact our mortgage team on 0141 274 9933

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Information contained above is specific to the requirements of Glasgow Credit Union. Other lenders requirements may vary