We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Building plot at Auction
valg41
Posts: 2 Newbie
We are very interested in bidding on a plot (with full planning permission) at auction - but also very nervous!
We need to release funds from our current property. We have been told we are A1? so mortgage could go through quickly but balance will be due 1 month after auction if we purchase. We are asking our solicitor to clarify what the penalties will be if we go over this time. Any comments appreciated.
We need to release funds from our current property. We have been told we are A1? so mortgage could go through quickly but balance will be due 1 month after auction if we purchase. We are asking our solicitor to clarify what the penalties will be if we go over this time. Any comments appreciated.
0
Comments
-
... balance will be due 1 month after auction if we purchase. We are asking our solicitor to clarify what the penalties will be if we go over this time.
The auction conditions of sale (plus any special conditions of sale for the Lot) would explain this, but typically...
If you complete late, if you're lucky you will just have some interest and extra legal costs to pay... but if the seller suffers consequential losses as a result, you could be liable for those as well.
If you fail to complete at all, the minimum you will lose is your 10% deposit. The maximum would be all the seller's consequential losses.0 -
Don't bid unless
* you have had your solicitor check the legal pack, planning consent etc
* you have all your finance ready
Go to a few auctions in advance, this week, and just watch. And read all the Auction Guides and Conditions of Sale.0 -
Expect the winning bid to exceed the guide price by up to 25%, possibly more.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards