Call us today on 0141 552 9193
GLP News

News, Comment & Opinions on the latest legal stories

Glasgow Law Practice White

Practice made perfect

Rise in Property Purchases Dependent on Referendum Outcome

This month has seen house buyers make offers for property purchases conditional on the outcome of the referendum, with these offers becoming more common as the day draws closer.

Those seeking to buy property dependent on referendum outcome, have included a clause in their offers allowing them to walk away from the purchase in the event of a certain referendum outcome.

Property professionals and experts have also noticed that the sale of high value homes has significantly slowed in recent months, and that lower end properties have also been affected. Agents have commented that typical conditions in an offer to purchase will state ‘in the event of a yes vote on 18 September the purchasers can resile from the bargain’, – this essentially means the purchaser can walk away from the offer, if they do not like the outcome of the referendum.

There have also been offers made conditional on a ‘no’ vote. The conditions are also being mentioned informally during the purchase negotiation process, and industry professionals are concerned that it may be creating market uncertainty.

Homes in Scotland represent 9.2 per cent of UK property wealth and are worth £400 billion; an increase of £330 billion in the last 30 years.

Buying or Selling a House in Scotland?

Whether you want to buy a property to live in or rent, or wish to sell a property in Glasgow or somewhere else in Scotland, The Glasgow Law Practice can help you. To get the legal advice you need from our experienced property lawyers based across Glasgow, please complete our online enquiry form.