Updated: 6 hours ago
Be wary. Sometimes there is a reason a property is sold at auction. This could be a title (legal) defect or an issue with its structural soundness.
Before Bidding at Auction:
Get your Conveyancer to run an eye over the auction pack.
Try and do a physical inspection. Remember that your Conveyancer won’t be going to the property and cannot raise enquiries.
Ensure the auctikn pack contains up to date searches. Local, Environmental & Drainage. Less than 6 months old. The Seller is supposed to include these in the auction pack. A Coal search is necessary in certain locations.
If leasehold - do you have Ground Rent and Service Charge information and the relevant leasehold packs or LPE1 form and enclosures?
Buyer beware applies. This means the property is “as is” or subject to all defects. It is vital that you carry out searches, inspections, & survey to ensure that you are aware of any defects. If you win you will take the property subject to the same.
Funding - Don’t bid without a mortgage offer in place. If you win you are contractually committed.
Only bid if you are 100% committed & sure you can do it & have the funds to hand.
Read the auctioneer terms and conditions & literature
If You Win
You CANNOT get the seller, or their Conveyancer, to answer any enquiries AND you MUST complete within (usually) 28 days or face breach of contract.
Breach means you will be paying penalty interest, losses & compensation.
If you would like to instruct me in your auction purchase (pre or post auction) then please get in touch