Self conveyancing an auction land purchase?

Slithery

Good evening folks,

I've been meaning to start looking for a plot of land since a recent inheritance for a while, I just started looking this morning and I see somewhere that looks ideal - the problem is the auction starts at midday tomorrow.

It's up via a standard auction (not a 'modern' one), I've thoroughly read the full legal pack several times and the only thing that jumps out is a 25 year uplift clause but that wasn't unexpected (it's %15 of the difference in land value if PP is obtained).

Do I need to employ the services of a solicitor? I know the TR1 and the overage deed need to be witnessed, could I just go to the vendors solicitor to do that? What about money laundering regs? The cash came from an inheritance via a house sale.

If any of you regular posters (you know who you are ) fancy having a once over then I'll happily email you the details, just send me a PM.

Slithery

G_M

Cash purchase?



I've DIY'd conveyancing, but never via an auction. I can't imagine it's much different but don't take my word on that!


Assuming the seller's conveyancer is not in John O'Groats yes, you could attend their office, subject to them agreeing, get the cash transferred and signed collect the TR1.


Money laundering IS likely to be an issue. I've not done it for a while and it didn't used o be. You might need to pay a solicitor to veryify your ID and clear the cash, and that might make any savings in fees not worth the effort.


I suppose the seller's solicitor might agree to do the ML checks but it's it's not really their job. Ask them and offer to pay?

Slithery

Yep, cash purchase.

Vendors solicitor is local.

I have enough for my maximum deposit and the £850 auctioneers fees sat in my current account so I can pay by debit card if I'm successful tomorrow, the rest has just been sat in NS&I since I got it from the solicitors handling the sale of my relatives property so proving the source shouldn't be an issue. Guide price is only £20k-£30k so we're not talking millions here.

I'm thinking that this should be far easier than conveyancing a standard property sale as there's nothing to negotiate and all of the documents are already drafted for me to sign. It's just a case of exchange on the hammer and complete 28 days later (just without the zombies).

G_M

I'm guessing you have to draft the TR1, but not sure.


Presumably you're happy with the non legal aspect:

It's land so no survey (other than checking boundaries with the Plan)
Access to utilities if needed?
Planning you've mentioned


The legal pack you say you've checked, so as long as you are confidant you understood it all, and it had no gaps, then .......


let us know how you get on!

Slithery

There's a TR1 included in the legal pack that's fully completed except the buyer details, the pack also contains search results and official copies of the LR entries confirming the boundaries and full freehold title, there are no ROW's or wayleaves in place to worry about either. I've obviously also been there in person to check it out. Utilities are on the doorstep - neighbouring residential properties and BT/power lines running along the road edge of the property and there's even a decent 4G signal.

The auction registration form has a section for solicitors details, do I just put my particulars down?

G_M

Slithery wrote: »

The auction registration form has a section for solicitors details, do I just put my particulars down?

Yes.


Make sure the searces and official copies are current.

Slithery

Searches and LR docs are all only a month or two old, they tie in with the auction entry date.

I greatly appreciate all of your help G_M, I was hoping that you would be one of the people that replied to this thread

Thanks

SmashedAvacado

It’s easier to do this yourself thank it is with a conventional sale. You will ideally do priority searches once you win the bid - that would stop the land being sold to someone else. It’s a risk if you don’t do those. That’s not easy without a solicitor. It’s the sort of risk people are prepared to take but they ought really not to be and any professional not doing such search would be grossly negligent if they didn’t.

The search gives your registration application priority over any other - stopping a second sale taking place before yours is registered.

AnotherJoe

Havent people posted here that the solicitor for the buyers side refuses to deal with someone that isnt a solicitor/conveyancer since they cant guarantee that the ID checks or whatever they did are good

Slithery

SmashedAvacado wrote: »

You will ideally do priority searches once you win the bid - that would stop the land being sold to someone else. It’s a risk if you don’t do those. That’s not easy without a solicitor.

I can't find anything in the official guidance [1] that makes me believe that a solicitor is necessary. Could you possibly elaborate?

And thanks for the heads-up, I'd never heard of a LR priority search before.

[1] https://www.gov.uk/government/publications/official-searches-and-outline-applications/practice-guide-12-official-searches-and-outline-applications

Slithery

AnotherJoe wrote: »

Havent people posted here that the solicitor for the buyers side refuses to deal with someone that isnt a solicitor/conveyancer since they cant guarantee that the ID checks or whatever they did are good

I've heard of this during the offer stage of a conventional sale via an EA, but to refuse to deal with me after exchange at an auction? How likely is that?

They're welcome to check ID themselves, indeed that's what I'm planning as a witness to the TR1/deed. It's the money laundering regulations that are my biggest concern at the moment, even though I have a clear trail.

Would it be a conflict of interest for a different solicitor at the vendors practice to handle this for me? Considering all of the contract work is done and non-negotiable I'd imagine it's a quick job for easy money for them if I do end up needing to instruct someone.