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Auction Legal Pack
cycloneuk
Posts: 363 Forumite
Anyone know if a property can go to auction with a legal pack missing some searches? might be able to get a enviro-all-one and water and drainage search in time but won't have the local search.
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Comments
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Anyone know if a property can go to auction with a legal pack missing some searches? might be able to get a enviro-all-one and water and drainage search in time but won't have the local search.
People can sell what they want with whatever they want. The overriding phrase is 'caveat emptor'.
Efforts are made by providing a legal pack as the legal pack helps to increase the potential pool of buyers if there are no nasties hidden within it. A house with no conveyancing issues would only benefit from having all the relevant searches carried out.
If their details are in the pack, ask the vendors solicitor why there are searches missing.Everything that is supposed to be in heaven is already here on earth.
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It's my property that i am putting into auction which is next Thursday, had a buyer just pull out so no time to get all the searches done and still meet the deadline, not costing me anything so might as well try i think.0
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auction properties usually have a limited time to be completed. If you dont then the buyer can loose several thousands of pounds. I wouldn't be interested in properties that have no legal pack as it just lengthens the time to completion0
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As a buyer, if the legal pack was incomplete I would not bid. Commit to buying without knowing all the details? Mad!
But there is nothing to stop you entering the property in the auction!0 -
When is the next auction? As long as you understand that you're limiting the number of buyers and therefore the potential sale price.
Id you don't have time for searches, how does anyone else?
If it were me selling, I'd wait.
If it were me buying in cash, I'd really struggle to bid without full legals. If I were desperate for the house and it was an excellent price, I might hoop jump to try and obtain info but it would definitely impact the price I'd pay. My automatic assumption would be that there was a problem in the searches.
If I were buying with a mortgage, I simply wouldn't be able to bid. Too much of a risk to lose deposit on a potential unmortgageable house.Everything that is supposed to be in heaven is already here on earth.
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