Buying a Property in West Lothian: What is a Closing Date?

Published: 09/05/2023

Buying a Property in West Lothian: What is a Closing Date?


A question people often ask when they are new to the process of buying a property in West Lothian and across Scotland is “what is a closing date?” This is a great question to ask, and one that’s important to answer when looking for a new home.

As estate agents, it can be easy for us to tell you a property is set for a closing date without actually explaining what that means! So hopefully this will make things a bit clearer and help you with the buying process in West Lothian.

What is a Closing Date?


Setting a closing date is a common feature of selling a property in West Lothian and across Scotland. In short, a closing date is a deadline for buyers to submit an offer for a property. A closing date will be set by the selling party to encourage best and final offers, usually when there has been lots of interest in a property or there are multiple competing offers.

By setting a closing date, all interested parties will have a chance to view the property and submit an offer prior to the closing date.

Advice for Potential Buyers in West Lothian

We would always advise buyers to offer your best and final, no regrets offer. The closing date is your last chance to make a purchase, so there is no point in holding back and regretting it later!

Submitting an Offer Before the Closing Date


Here is what you need to know about submitting an offer for a property in West Lothian once the closing date has been set.

Offers Must be Made in Writing

When submitting an offer to purchase a property in West Lothian before the closing date you must do so via a solicitor in writing. Verbal offers will not be counted, so it is vital that any offers are in formal writing.

Blind Bidding

Like in the rest of Scotland, West Lothian follows a ‘blind bidding’ process. This means that, should you want to submit an offer on the closing date, you will not be able to tell how much other potential buyers have offered – if anything. This is another reason why we always recommend making best, no-regrets offers. By offering your maximum, you can rest assured knowing whatever the outcome is you couldn’t have done anything more.
 
This process can be frustrating for those making the offers. It’s a difficult task to judge how much a property is likely to be sold for, but the longer you are involved in the process the easier this becomes. With time, you will be able to gain a better understanding for how much properties are selling over their asking price in the area. This can help to guide your own offers and give you an idea of how much other potential buyers are likely to offer.
 

Advice for Potential Buyers in West Lothian

Whilst it’s important to submit your best offer for a specific property, this can be a fine line to tread. You should never offer more than you have budgeted for. If you do so, this can lead to bigger problems down the line. Remember, your mortgage lender will only ever lend on the home report value of the property, anything you offer over that amount will need to come from your own funds.
 
We hope this helps as a guide for people looking to purchase a property in central Scotland and beyond. The system can be a bit of a confusing one and is not always tailored to buyers, but it gets easier with time! A closing date can act as an opportunity to figure out your best offer, and means you can submit it with no regrets or concerns. It may take a while until you get it right, but you will gain a better understanding of selling prices with time. Good luck purchasing your next property in West Lothian!