Buying at auction

UserWG47

BitterAndTwisted wrote: »

Well, you seem to have talked yourself into it, so I wish you the best of luck.

Just hope that there aren't any astute property-developers, or watchers of those "Under The Hammer" TV shows flooding to the auction, lured in by the low guide-price.

I have talked myself into it if it goes for anywhere near the guide price. If it goes much higher I will have enjoyed the experience of going to my first auction.

I have to go out now, I do hope someone will be able to answer my questions above.

What a great forum this is, a wealth of very informative info.

hazyjo

UserWG47 wrote: »

I will do it myself by hand for free. My property butts on to it, and I have experience. I would love to do it myself as a hobby.

you say most go for a lot more than the guide price, I read somewhere that is no always true noadays. There are not many cash buyers left, and its very hard to get a mortgage these days, no chance for a problem property like this.

By hand? Literally? You do realise you will have to pay for workers and their machinery, and architects, and legal costs, and council/planning costs, bricks, mortar, windows, cables, kitchens, bathrooms, and... ah, I'll get me coat. Agree with B&T, sounds like you've made your mind up with zero thought to the onward journey.

Not many cash buyers left? Riiiiiiiight... we'll leave you to it, shall we?

Keep us informed!

Oh, and we can give our interpretation of the £35pa or whatever it was, but without seeing the legal pack, we'd only be guessing, presuming or speculating. Your solicitor won't run off with your idea or be standing next to you in the auction room, I think you'll find that's against their code of conduct or whatever.

Jx

hazyjo

Just seen your comment saying you don't want to build, but to use the land for an allotment. Is that right?! Expensive allotment...!

Jx

Mr_Moo_2

Some good information on Shelter website about leases. You can buy it, assuming the freeholder wants to sell obviously. With a 900 plus year lease it's never going to be a problem, unless there are any restrictions in the lease as to what you can do, which is probably worth checking?

UserWG47

hazyjo wrote: »

By hand? Literally? You do realise you will have to pay for workers and their machinery, and architects, and legal costs, and council/planning costs, bricks, mortar, windows, cables, kitchens, bathrooms, and... ah, I'll get me coat. Agree with B&T, sounds like you've made your mind up with zero thought to the onward journey.

Not many cash buyers left? Riiiiiiiight... we'll leave you to it, shall we?

Keep us informed!

Oh, and we can give our interpretation of the £35pa or whatever it was, but without seeing the legal pack, we'd only be guessing, presuming or speculating. Your solicitor won't run off with your idea or be standing next to you in the auction room, I think you'll find that's against their code of conduct or whatever.

Jx

I am talking about tidying up the place by hand. There was a fire and just the burnt out shell remains. I will tidy it up simply myself and remove all the debris myself by hand for free. No need for any complications its only a small place.

UserWG47

hazyjo wrote: »

Just seen your comment saying you don't want to build, but to use the land for an allotment. Is that right?! Expensive allotment...!

Jx

Not at the guide price I can tell you

It will add value to my property, we boarder it.

UserWG47

Mr_Moo wrote: »

Some good information on Shelter website about leases. You can buy it, assuming the freeholder wants to sell obviously. With a 900 plus year lease it's never going to be a problem, unless there are any restrictions in the lease as to what you can do, which is probably worth checking?

Yes thanks I have herd stories about someone putting a shed up, and the leasholder saying no it has to be taken down and things like that.

Can anyone answer my question about inflation adjusted or not long leases in my first post? Will it still be £35 per year at the end of the lease in 900years time? Assuming the Pound sterling is still in use? Assuming the Human race is still the dominant form of life on Earth in 900 years?

My family would be happy to £35 per year for generations long after I am gone, but can their next generation put it up?

tim123456789

UserWG47 wrote: »

Yes thanks I have herd stories about someone putting a shed up, and the leasholder saying no it has to be taken down and things like that.

Can anyone answer my question about inflation adjusted or not long leases in my first post? Will it still be £35 per year at the end of the lease in 900years time? Assuming the Pound sterling is still in use? Assuming the Human race is still the dominant form of life on Earth in 900 years?

My family would be happy to £35 per year for generations long after I am gone, but can their next generation put it up?

The lease will tell you whether the GR increases or not

And the lease should be part of the legal pack that you have bought.

UserWG47

tim123456789 wrote: »

The lease will tell you whether the GR increases or not

And the lease should be part of the legal pack that you have bought.

Yes I have been through it with a fine tooth comb, there is no mention of inflation. So am I to take it that they can not increase with inflation?

UserWG47

I do still want to get some legal advice on the legal pack. I just want to know if there is anything big that I have missed. But what if a legal firm tells me no there is nothing big then there is? I want some guarantee there is no major clauses in the paper work before I bid at the end of this month.

I will keep updating this thread as I find out more info. I am considering putting a cash offer in before the auction just a little higher than the guide price. But if they say yes I could have got it cheaper by waiting for the day?