Urgent ! Auction Property sold through misrepresentation.

Auction_buy

The Property sold to me was as advertised ‘Reception/Kitchen, Three Rooms, Bathroom/WC’ however it has transpired it is only one room/Bedroom property i.e. 1 Reception, 1 Bed, Kitchen, Bathroom/WC and the sale was completed through possible misrepresentation.


Additionally I have been asked to pay 2% pf property value towards legal pack and seller solictor free but the Legal pack / searches document which were out of dates (more than 3 months) and were not acceptable to bank.


I don’t know what to do as I already paid the 10% deposit and actionier fee via cheque ...What options I have got? ….How can I get my self out of deal? If I stop the cheque what is going to happen? It is a big auction house and I have to complete buying by 13 March ( 2 weeks left).

[Deleted User]

I doubt you can do much as it probably states measurements etc are as a guide only and it is up to the purchaser to check.

Have you checked the terms and conditions of what you have signed?

If you stop the cheque I guess you will be in breach of contract.

Best to get some legal advice asap.

pendragon_arther

Maybe I'm missing something, but didn't you see the property before you bought it?

Davesnave

Any auction house will have a clause in their contract, advising purchasers to satisfy themselves as to the extent and condition of the property before bidding, rather than relying on the sales particulars, which may be open to different interpretations.

That's the bottom line.

usefulmale

Nothing you have written suggests 3 bedrooms. It states 3 rooms. That is what you have got.

Annisele

Nothing you've said sounds like misrepresentation to me. The documents said it had three rooms, and it does.

My opinion is worth what you've paid me for it - i.e. nothing - so you might want to check with your solicitor (fast!) that that really is the case.

I'm assuming this is England and Wales, in which case it's your responsibility as buyer to do whatever searches you need. Again, get onto your solicitor fast to see if you can get searches acceptable to your lender done in time. It's probably also worth seeing (and paying for) a mortgage broker, to see if they can get you a deal with a different lender more quickly.

maninthestreet

Presumably, you thought you getting a bargain (3-bedroom property for the price of a 1-bedroom property). Where is the property located, and how much did you bid for it?

kazwookie

Did you not go and view before you went to auction to check for yourself?

Sounds like you got 'auction fever' like my ex OH did and got carried away with the bidding.

AdrianC

Auction_buy wrote: »

The Property sold to me was as advertised ‘Reception/Kitchen, Three Rooms, Bathroom/WC’ however it has transpired is only one room/Bedroom property

"Room" and "bedroom" are not synonyms.

possible misrepresentation.

Your failure to do research is not a synonym for misrepresentation, either.

Additionally I have been asked to pay 2% pf property value towards legal pack and seller solictor free

Did the auction details specify that in advance?

but the Legal pack / searches document which were out of dates (more than 3 months) and were not acceptable to bank.

Did the auction details make any promises about their age or whether they would be acceptable to all lenders?

If I stop the cheque what is going to happen?

You will be sued for the remaining balance you have freely and willingly legally contracted to pay, plus costs.

It is a big auction house and I have to complete buying by 13 March ( 2 weeks left).

Better extract digit, then. Let's hope the lender are happy to lend on the property once their valuation goes through.

DaftyDuck

Sounds like it has four rooms, not three, so you get a Brucie Bonus room.

Did you not count the rooms thrice when you visited? I mean, you did visit, didn't you?

Auctions can be a brilliant way to buy property, for the well-informed. Me, I'm not brave enough, and I've bought plenty of property in my time.

I don't see any misrepresentation here, not even an attempt to mildly deceive.

maninthestreet

Buying a property at auction when you don't the funds available as liquid cash sitting in a bank account is always risky - you are contractually obliged to purchase the property by a specified date as soon as the hammer falls.