Self conveyancing an auction land purchase?

eddddy

Just so you can make an informed decision - it's worth getting quotes from one or two solicitors who specialise in auction purchases.

They often advertise in the auction catalogue, and/or have a rep at the auction. I think I paid legal fees of about £300 a few years back.

Solicitors who didn't specialise in auctions quoted a lot more - perhaps because they were less certain about the process.

Slithery

eddddy wrote: »

Just so you can make an informed decision - it's worth getting quotes from one or two solicitors who specialise in auction purchases.

I would absolutely love to do that, and I will do if I win and it turns out that I can't self-conveyance (self-convey?).

Not sure if you missed the bit where I only discovered the land today and the auction is tomorrow - luckily my boss is letting me go after a half day in the morning with no prior notice

davidmcn

Please at least learn how to spell conveyancing before you start trying to do it.

Slithery

Fixed. I think my autocorrect was set to a different English, I've been posting all of this from my mobile

AnotherJoe

Slithery wrote: »

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.

I've no idea I guess you'll find out. Yes money laundering is another issue, would you effectively be checking if you have been money laundering? I wonder what your findings will be?
I suspect once you employ someone to do the bits you cant (If the other solicitor refuses to deal with some aspects of your work) you wont have muchif any savings. Bear in mind any solicitor you use needs to have done a thorough enough job to satisfy their insurance company should things go Pete Tong so its not just about the cost of their work its about liability. They wont want to do a £150 job for you and potentially still end up as liable for the whole £30k as if they had done a £500 job. You of course pretty much lose all chances of redress if something goes wrong.

Slithery wrote: »

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.

That seems to differ between practices. I had a similar situation a few years back my solicitor insisted that two related parties (me and a relative) use different firms not just different solicitors. Again echoing what i said earlier its not so much about you its about them, and being charitable its so they can do the best job, or being uncharitable, its to CYA. (or would it be CTA)

Tom99

[FONT=Verdana, sans-serif]Have you checked the Planning Authority website for anything going on nearby?[/FONT]
[FONT=Verdana, sans-serif]Planning applications, current, past, granted, refused. Plus the planning appeal website.[/FONT]
[FONT=Verdana, sans-serif]These will not all be mentioned in the searches and the PA usually have a useful map plotting all these things.[/FONT]

SmashedAvacado

A land registry priority search is one of the searches that a solicitor does at the last minute to ensure that between the period of you paying the money for the property, the property can't be registered to anyone else for the priority period. You need to apply for that search with the land registry.

DIY conveyancing for the unqualified and inexperienced is a risk. The risk is enhanced at auction. For a low value property you may be happy to take the risk. Saving a few hundred quid could cost you a lot.

I am not saying you need a solicitor - but the fact you didnt know about one of the key steps of the process indicates to me that perhaps you shoudl get someone that knows what they are doing.

martindow

Probably a bit late now, but is there a buyer's premium? You may be paying a percentage in addition to the hammer price which obviously would affect the maximum you will bid.

Slithery

I got it for a hammer price of £42,500 which was just under the maximum I'd set myself, unfortunately there was another keen bidder. It works out at a touch under £45k after all fees and costs, even if I do end up paying for conveyancing.

http://www.williamhbrownauctions-norwich.co.uk/lot-listing.html?lid=76687&ClientID=90&src=231

The more research that I've done the more likely it seems that I'll a need to instruct a solicitor for money laundering regulations as I suspected, am still waiting to hear back from the vendors solicitor for confirmation and a possible quote from them.

My preferred local firm has come back with £300 for everything, still waiting for a few more quotes to come back.

SmashedAvacado

That is very cheap