Purchased property at auction - want to pull out

stevenbeck1

Guys, just checked my paperwork. Don't think I have signed anything. There was a document saying special conditions that I was handed but I just tucked it away under the catalogue whilst I was talking to the auction staff about what the person told me about the dispute. The only thing I completed was a buyers slip with my details and then handed the cheque.

Have I still exchanged contracts even though I did not sign anything?

Arleen

You sure entered the contract the moment gavel fell, and you became a proud owner of a new house. It's all in auction house T&C.

I seriously think you are not really worried about anything you were told but simply have buyers remorse and want a way to pull out. You can do that, it's quite easy, but will cost you the 30k deposit. No other way around it.

D_M_E

As others have said many times on this thread, once the auction hammer has fallen and the auctioneer has accepted your bid, you are legally obliged to complete.

By handing over your cheque, you have started the process and must see it through to the end.

If you do not complete you WILL be sued for all costs relating to your aborted purchase and these will include loss of your deposit, any costs incurred auctioning or reselling the property, any difference between what you offered and any lower selling price - your original offer was £300k but if sells again for say £225k then you will have to also pay the difference of £75k - and anything else which can be reasonably claimed as a loss.

You should carefully read the notes which you tucked under the catalogue and see what's been added in there.

As has also been pointed out you have 28 days from the hammer falling to come up with the rest of the funds and complete - failure to do so would result in you losing your deposit.

stevenbeck1

Oh crap!

Thought it was only binding if I signed the special conditions doc as it had a paragraph about buyer agreeing to purchase and then space for signature.

Arleen

So when you handed over a cheque you were making a generous donation for Christmas?

eddddy

stevenbeck1 wrote: »

Oh crap!

Thought it was only binding if I signed the special conditions doc as it had a paragraph about buyer agreeing to purchase and then space for signature.

I'm starting to wonder if this thread is a wind up.

3 years ago, you were apparently an FTB applying for a mortgage https://forums.moneysavingexpert.com/discussion/4834118

Now, you appear to have £300k sitting in your bank account - to buy an auction property.

stevenbeck1

eddddy wrote: »

I'm starting to wonder if this thread is a wind up.

3 years ago, you were apparently an FTB applying for a mortgage https://forums.moneysavingexpert.com/discussion/4834118

Now, you appear to have £300k sitting in your bank account - to buy an auction property.

Yes I was a first time buyer 3 years ago. Yes I have the money in my account. What's your point?

marksoton

stevenbeck1 wrote: »

Yes I was a first time buyer 3 years ago. Yes I have the money in my account. What's your point?

The point ( I'd imagine ) is that's a lot of cash to have come up with in 3 years....

societys_child

eddddy wrote: »

I'm starting to wonder if this thread is a wind up.

I was thinking the same. op has generally ignored all advice and keeps inventing new get-out clauses.

VALM

stevenbeck1 wrote: »

Once the property exchanges is the land reg notified that a transaction is pending or restriction put on the title so that charges or notices cannot be registered?

Yes. Your Lawyer will make a search at the Land Registry which informs them that a new Buyer/Lender has priority. The search will reveal if there are any changes to the Register.

HTH.