What is a Note of Interest?

If you’re thinking about buying a property in Scotland, you might wonder what a Note of Interest is, why you’d want to submit one, and who can do it for you.

A Note of Interest lets the selling agent know that you want the opportunity to make an offer on a property before it sells to someone else. It doesn’t commit you to making an offer; it simply signals your interest and ensures you are notified if a Closing Date is set.

Why submit a note of interest?

Submitting one keeps you informed about the property’s status. If a Closing Date is set, everyone who has noted interest will be notified. This gives you a fair chance to submit your offer. Consequently, this can create a competitive environment, potentially driving the price above the property’s valuation as buyers try to outbid each other.

Do you need a solicitor to submit a note of interest?

Yes, it is advisable to submit through your solicitor, especially if the property is being marketed by a solicitor estate agent. A note lodged through a solicitor is more likely to be taken seriously by the selling agents. Additionally, having a solicitor in place is crucial as they can provide advice about the purchase process, the likely price you may need to offer, and can handle the submission of your offer.

Does it guarantee you the chance to make an offer?

No, it doesn’t guarantee that the seller will wait for your offer. The seller can choose to sell the property to someone else at any time, even if there are other parties who have noted interest.

For more advice and assistance on buying a property in Scotland, contact a TSPC solicitor estate agent.