Bought a property at Auction! 28 days to complete. Any advice?

greenface

how do you know its mortgagable ? good luck .

AdrianC

Just one request, Cowboy. Revisit the thread and keep us posted, please...?

martinsurrey

28 days... I would spend it with a group of engineers and physicists, construct a time machine, go back to 2 weeks BEFORE the auction, and get everything sorted then!

Failing that, I would find a broker and go for the safest option mortgage application, you can’t afford it to fail, it’d get some lube ready, as they’ll pull your pants down and give you a good spanking on rates!

HARSA

The Op I wish you all the best. Have to say that you have got to a very bad start by buying the property without having a mortgage and solicitor in place. Worst thing for now is that you stand to lose your 10% deposit if you don't complete in the 28 days.

First you need to do is contact the auctioneer and see if the 28 days can be extended obviously at a fee.

Cut the middle man and apply directly to the bank. Try and go through your own bank as less bureaucracy. You may get away with no id checks, prove of income etc chexks.

Walk into the doors of a very good solicitor explain your situation and offer to make a bonus payment if he can completely within 28 days.

I am looking to buy a property at auction next month but have already appointment a surveyor, appointed a solicitor who has already started work on my case like searches and examining legal documents.

I know for fact that a good lender will be in a position to release funds within 10 working days if survey and solicitor paper work is ready. Talking of surveys if you are getting it done through the lender thenbe warn that tthere are threads on here people waiting for over two weeks for survey to be carried out due to surveyor shortage.

So find out which surveyors will do surveys quickly and ask your bank to use them if they happen to be in their list of survey companies.

This is doable but with getting survey done very soon, mortgage accepted this week and solicitor appointment to start work from ttoda.

I wish you all the very best and please keep us posted on your progress and how things turn out for you.

It will help you at the same time help others who are looking to go down tthe brave route you have taken

AdrianC

HARSA wrote: »

Talking of surveys if you are getting it done through the lender thenbe warn that tthere are threads on here people waiting for over two weeks for survey to be carried out due to surveyor shortage.

So find out which surveyors will do surveys quickly and ask your bank to use them if they happen to be in their list of survey companies.

Save yourself the time and effort and money of a survey. You've already agreed to buy it, so there's nothing to be gained by it. Just get the bare minimum valuation to satisfy the lender.

If you really think you need one as a starting point for whatever work you'll be doing, then don't risk the money - just get one done (whether a formal "survey" or a builder's opinion and quote) after the sale's all completed.

HARSA

AdrianC wrote: »

Save yourself the time and effort and money of a survey. You've already agreed to buy it, so there's nothing to be gained by it. Just get the bare minimum valuation to satisfy the lender.

If you really think you need one as a starting point for whatever work you'll be doing, then don't risk the money - just get one done (whether a formal "survey" or a builder's opinion and quote) after the sale's all completed.

Agree but nevertheless a survey has to been done by the Bank and it is that kind of survey Iam refer ring to.

greenface

HARSA wrote: »

The Op I wish you all the best. Have to say that you have got to a very bad start by buying the property without having a mortgage and solicitor in place. Worst thing for now is that you stand to lose your 10% deposit if you don't complete in the 28 days.

First you need to do is contact the auctioneer and see if the 28 days can be extended obviously at a fee.

Cut the middle man and apply directly to the bank. Try and go through your own bank as less bureaucracy. You may get away with no id checks, prove of income etc chexks.

Walk into the doors of a very good solicitor explain your situation and offer to make a bonus payment if he can completely within 28 days.

I am looking to buy a property at auction next month but have already appointment a surveyor, appointed a solicitor who has already started work on my case like searches and examining legal documents.

I know for fact that a good lender will be in a position to release funds within 10 working days if survey and solicitor paper work is ready. Talking of surveys if you are getting it done through the lender thenbe warn that tthere are threads on here people waiting for over two weeks for survey to be carried out due to surveyor shortage.

So find out which surveyors will do surveys quickly and ask your bank to use them if they happen to be in their list of survey companies.

This is doable but with getting survey done very soon, mortgage accepted this week and solicitor appointment to start work from ttoda.

I wish you all the very best and please keep us posted on your progress and how things turn out for you.

It will help you at the same time help others who are looking to go down tthe brave route you have taken

I would say thats the best thing that can happen if you dont complete within 28 days . You have deprived this property being sold to someone that CAN afford it and have the funds to do so . Depending on the terms of sale you may be liable to pay the full amount on the dot or be sued for it through legal means . KICK A MAN WHILE HE IS DOWN YOU SAYiF HE BOUGHT MY PROPERTY last month i would expect to see the cash in my bank ontime. I think op has little chance achieving this as they are new to buying property at auction . But again Good luck and keep us posted ..

HARSA

greenface wrote: »

I would say thats the best thing that can happen if you dont complete within 28 days . You have deprived this property being sold to someone that CAN afford it and have the funds to do so . Depending on the terms of sale you may be liable to pay the full amount on the dot or be sued for it through legal means . KICK A MAN WHILE HE IS DOWN YOU SAYiF HE BOUGHT MY PROPERTY last month i would expect to see the cash in my bank ontime. I think op has little chance achieving this as they are new to buying property at auction . But again Good luck and keep us posted ..

Okay looks like he made a very expensive mistake but all is not lost because he may just be able to pull the rabbit out of the hat.

Talk of depriving a cash buyer is rubbish they could have out bid the OP is they wanted it more.

Dan-Dan

HARSA wrote: »

Talk of depriving a cash buyer is rubbish they could have out bid the OP is they wanted it more.

Errr , i think the other bidders probably all thought they were playing on a level field?

silvercar

See a broker who will know which lenders will give mortgage offers quickly and which are slow. A good local (so they know how fast surveyors are valuing in your area) broker could save the day.