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Auction Property...Gosport Bridge Cottages
mike00_2
Posts: 20 Forumite
Hi folks,
Hope someone can help.I have been looking to bid on a property, Gosport Bridge Cottages in Yorkshire.
I am no legal eagle but whilst looking thorough the legal pack it became obvious that the official land registry title plan shows a smaller plot to the one the seller is declaring. The 'disputed' area cuts off part of the rear of the house,the rear entrance and part of the land to the rear of the property. The land in question would appear to 'belong' to a farmer.
If I was to bid and be successful would I be at the mercy of the farmer, to set a price for the land and force me to pay his valuation or could I petition the land registry to make the amendments in my favour as owner of the house?
Is it possible to take out some kind of insurance along the lines of the products offered against covenants on property?
Thanks in advance.
Hope someone can help.I have been looking to bid on a property, Gosport Bridge Cottages in Yorkshire.
I am no legal eagle but whilst looking thorough the legal pack it became obvious that the official land registry title plan shows a smaller plot to the one the seller is declaring. The 'disputed' area cuts off part of the rear of the house,the rear entrance and part of the land to the rear of the property. The land in question would appear to 'belong' to a farmer.
If I was to bid and be successful would I be at the mercy of the farmer, to set a price for the land and force me to pay his valuation or could I petition the land registry to make the amendments in my favour as owner of the house?
Is it possible to take out some kind of insurance along the lines of the products offered against covenants on property?
Thanks in advance.
0
Comments
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You need a solicitor to review the whole acution pack for you and advise you properly. This stuff is far too detailed for us to tell you the answers on MSE.
DO NOT GO AN AUCTION AND BID UNLESS A SOLICITOR HAS ADVISED YOU ON THE LEGAL PACK.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Thanks Richard. I guess I knew a solicitor was the only way really.
Just looking for some quick advice.0 -
If the property is otherwise in good condition, you have probably found the reason why they popped it in the auction. By the way, before you bid, you need to have enough cash to buy the property without a mortgage, or else you need to have gone to all the expense of getting a firm mortgage offer.No reliance should be placed on the above! Absolutely none, do you hear?0
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No reliance should be placed on the above! Absolutely none, do you hear?0
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Yes GDB2222 mate that's the one after a few phone calls it appears your above post is spot on. caveat emptor !!0
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... or else you need to have gone to all the expense of getting a firm mortgage offer.
As a quick aside (and apologies to the OP for hijacking the thread) I have a mortgage offer to buy a repossession but the searches have thrown up trouble that is going to be expensive to fix. If the vendor and I can't agree a way forward and they decide to put the property in an auction, provided I've discussed the issues with my lender and agreed how much they would still be prepared to lend, can I bid for it in the auction? I always thought auctions were cash only. I realise I might not be able to meet the reserve but it could be worth trying if it is possible.
(It is a long and complicated tale and the vendors aren't following the usual "sold-as-seen" rules for a repo - I keep expecting them to realise they don't need to be doing any of this work and just pull the plug. So far they've volunteered everything but I can't see it lasting)0 -
As a quick aside (and apologies to the OP for hijacking the thread) I have a mortgage offer to buy a repossession but the searches have thrown up trouble that is going to be expensive to fix. If the vendor and I can't agree a way forward and they decide to put the property in an auction, provided I've discussed the issues with my lender and agreed how much they would still be prepared to lend, can I bid for it in the auction? I always thought auctions were cash only. I realise I might not be able to meet the reserve but it could be worth trying if it is possible.
(It is a long and complicated tale and the vendors aren't following the usual "sold-as-seen" rules for a repo - I keep expecting them to realise they don't need to be doing any of this work and just pull the plug. So far they've volunteered everything but I can't see it lasting)
You need a 10% deposit to put down on the day of the auction - usually by cheque/debit card. Once you win the auction, you are bound to complete. So, the easiest course is to have cash available, but if you have a firm mortgage offer + you have done all the survey/legal work your lenders want there's nothing to stop you bidding. If there is something wrong with the searches it may well sell for less at auction than the figure you have offered.No reliance should be placed on the above! Absolutely none, do you hear?0
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