Purchased property at auction - want to pull out

stevenbeck1

VALM wrote: »

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.

Cheers. Will check with my solicitor first thing Monday.

stevenbeck1

societys_child wrote: »

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

I am keeping my options open and if that means "inventing" get-out clauses then yes I am guilty of that as well as being a ftb 3 years ago to having £300k in my account.

I was ready to cancel the cheque yesterday - I have not done that. So thank you for the advice on that one.

I have very little knowledge of auctions and the legal process - so pardon me if I am a little edgy having just paid £30k. I am asking questions, putting across different scenarios to better understand what happens now and in the coming days.

Once again thank you for the great advice and feedback guys.

G_M

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 don't know why you sound so surprised.

Most of the preceeding 54 posts have been repeatedly telling you this - has it really taken you to post 55 for it to sink in?

In the very first reply I said:

You can back out and lose the (10%?) you paid.

When the hammer falls there is a legally binding contract.

and in post 5 I clarified that (as if it needed clarifying):

The contract is formed by
1) you offering to buy (bidding) and
2) the auctioneer accepting your offer (fall of the hammer)

By cancelling the cheque you'll immediately be in breach of contract.

That's probobly why people are considering this thread as a wind-up.

AFF8879

You sound like you are looking for any excuse to pull out of the purchase, despite numerous people on this board with a lot of experience, in addition to your solicitor, telling you not to worry. Do you really want this property, and if not why did you bid for it?!

Mojisola

stevenbeck1 wrote: »

I purchased a property via auction mid-week.

stevenbeck1 wrote: »

I have very little knowledge of auctions and the legal process - so pardon me if I am a little edgy having just paid £30k.

Next time you do something new involving a lot of money, do the research first so that you understand the process.

konark

'When the hammer falls the contract is made.'


OP, write that on a piece of card and the next time you wander into an auction room refer to it.

Out,_Vile_Jelly

stevenbeck1 wrote: »

I have very little knowledge of auctions and the legal process

So why are you going to auctions, waving your catalogue at the auctioneer and cheerily writing cheques for £30k?

GDB2222

You didn't get the contact details of the chap who spoke to you? Pity, because you could set him straight about his chances of a successful claim.

There's a six months time limit for him to make his claim. The clock starts ticking at probate. http://www.cartmells.co.uk/time-limits-in-inheritance-act-claims/

Apart from that, you might want to look at this. https://en.wikipedia.org/wiki/Tracing_in_English_law

The fact that the seller is shown as the owner on the Land Registry means you get good title. That's the point of the LR. But you should check this with your solicitor. At least, now you know what questions to ask.

stevenbeck1

So I have spoke with my solicitor first thing and she has told me I have nothing to worry about. Any claim for inheritance is between seller and third-party. The title is registered with the sellers name at land reg. and my contract is with the seller.

I have told my solicitor to proceed with completion asap.

Thank you for the advice and feedback.

G_M

Don't know why you bothered to come to the forum really.

You didn't believe, or take any notice of, anything any of us wrote, so you might as well have waited till you spoke to your solicitor today. Still, I enjoyed he image of you gaily waving your catalogue at the auction without the first idea of what you were doing!