HELP for buying at auction (review the legal pack)

pandacska

Hi everyone,

I need some help or advice. I am planning to buy a studio flat at auction on 2nd of December. I know how important is to check the legal documents prior to the auction so I found a solicitor to check them for me. Unfortunately today my solicitor called me that they are not able to do it. I called at least 50 solicitors but none of them are able to do it in such a short notice.

Can anyone help me to understand better these documents? Or recommend me solicitors who could check it in such a short notice.
My concern that some part of the studio flat looks like it was built not long ago so I am not sure how can I see that when it was built they followed all the building regulations.

The property and all its legal documents are available on the website mchughandco and details are below if anyone has the time for me

auction/view lot list : Lot 26 , 77 Leslie Road Leytonstone


Thanks any help

Andrea

Pete9501

http://www.mchughandco.com/Auctions/Details.aspx?aid=972&pid=978cd4b0-6212-424d-a3a0-68094db14a5e

Pete

mrginge

I take it you are a cash buyer?

G_M

pandacska wrote: »

Hi everyone,

I need some help or advice. I am planning to buy a studio flat at auction on 2nd of December.

Firstly that sounds a bit too definitive. I trust you mean you plan to bid?
If you plan to buy (whatever the price) you are going in with the wrong attitude, or else you've just won the lottary (in which case, why a studio?!)

Secondly, I suspect you've left this too late to get the legals done. You don't say whether you've already covered off
* the financials (as mrginge says: are you a cash buyer?)
* the condition eg survey

If you have, why have you left the legals so late.

If you haven't eg this is a last-minute decision to bid, then you've got more than the legals to worry about.

ps I've refrained from even looking at the legals for you as, though I might be able to comment to some extent, you should really not be relying on wierdos like me on the internet for this.........

Mossfarr

Give the auctioneers a call, they may have an arrangement with a local solicitor to provide this service.
A couple of years ago I attempted to buy at auction and I spoke to the auctioneers before the auction date and they gave me some great advice. They also gave me the name of a solicitor who attended their auctions and would give legal advice on the day to anyone who asked for it. I contacted him and he went through the legal pack line by line over the phone. He answered all my queries and never charged me a penny!

davidmcn

As well as the above points:

• Do you really want a studio flat? They're difficult to mortgage, hence why they tend to turn up at auctions.
• Read the special conditions - in particular note you'd be paying the seller 2% + VAT + another £600.
• The seller apparently owns the whole house and would be granting a new lease of the flat. So when did the flat become a separate dwelling? If recently, is there planning permission for the subdivision? (apparently not judging from the pack).
• No clues about any recent extension/alterations in the pack - if you're not sure when they were carried out, get a surveyor to look at it.

AdrianC

EPC rating G...?!?

pandacska

Thank you very much for attaching the link as a new user it did not allow me to put any internet access to the flat

pandacska

Thanks Everyone for your reply. Sorry for the wrong expression "I plan to bid on the flat". The reason I would like a studio flat because I am a cash buyer and that is what I can afford.
I viewed the place I liked it but I know it is not enough. I was warned that properties going for auction are the one which might have some problems either with the building or building regulations or the legal part. That is why i got a solicitor to check the legal pack but last minute he turned me down.
Of course I do not want to rely on weirdos but I really liked the flat so I hoped someone can point it out if something is really doggy with the legal documents.
I still wish to give it to solicitor but as I said none is available.

G_M

Hey! I don't mind calling myself a wierdo. I resent other people doing so.....!

pandacska

davidmcn wrote: »

As well as the above points:

• Do you really want a studio flat? They're difficult to mortgage, hence why they tend to turn up at auctions.
• Read the special conditions - in particular note you'd be paying the seller 2% + VAT + another £600.
• The seller apparently owns the whole house and would be granting a new lease of the flat. So when did the flat become a separate dwelling? If recently, is there planning permission for the subdivision? (apparently not judging from the pack).
• No clues about any recent extension/alterations in the pack - if you're not sure when they were carried out, get a surveyor to look at it.

How can I find out that the seller did everything according to building regulation to subdivide the flat? Or he has planning permission at all? I have seen there is no enforcement notice but I guess if something is wrong maybe council has not noticed yet.