Bought an house at auction and now regret it

foxy-stoat

Your solicitor needs to advise you what the total cost will be to you if you cannot complete the purchase, so you have all the facts moving forward.

Then decide if you want to pay what is owed and start again rebuilding the deposit or dont pay and see what happens and how hard they chase it. Very likely you will end up with CCJ and will not be able to get a mortgage for a long time.

Good luck.

davidmcn

foxy-stoat wrote: »

Your solicitor needs to advise you what the total cost will be to you if you cannot complete the purchase

It's possible that can't be determined yet, as it's likely to be "whatever the total loss is to the seller after they've remarketed and completed a sale". So it could be "nothing more than the deposit already paid", or it could be a vast amount if it's sold at a lower price.

bxboards

I bought a flat at auction last year and the owner did not disclose various things including a whopper about them illegally acquiring the freehold.

My solicitor advised me that if I pulled out, it would cost me at least my deposit and the vendors could counter sue me. The strong advice - which I took - was to Complete, and then consider mis-selling later. You are on the front foot then, rather than the backfoot if you fail to complete.

This isn't legal advice, but your solicitor will urge you to Complete. Of that I'm 100% sure.

FreeBear

Samfootball wrote: »

I do not have enough deposit to mortgage the property. Nearly all my like savings down the drain if I loose this deposit.

(This is assuming the poster is the same samfootball that has been banned here and elsewhere countless times after whinging about not having a job)

Without a job you won't get a mortgage anyway. If you were still planning on going to college/university, this little venture was very poorly considered.

On the bright side, you have another 40-50 years to save up for a retirement.

tlc678910

bxboards wrote: »

This isn't legal advice, but your solicitor will urge you to Complete. Of that I'm 100% sure.

Impossible if you can’t get the finance.

I can’t see how you could ever have got a residential mortgage for three flats. For a buy to let you usually need to own your own residential property already and have a 25% deposit as well as prove the rent you can achieve is the mortgage plus 40%. On top of this with the auction you have to complete quickly.

Any rich relatives/friends that can bale you out?

If not I don’t think you have any choice but to default on the purchase and hope the sellers are satisfied keeping your deposit and don’t pursue for anything further. I can’t see any harm in explaining that you have ended up in this terrible situation as you were naive to the difficulties of buying at auction and hope they have some compassion and don’t chase you for further money.

Good luck. Hope it does work out for you.
Tlc

babyblade41

Oh dear..firstly it is never nice to lose a vast some of money you saved for , but.......what on earth were you thinking as a FTB

Auctions houses are there for a very good reason, they all have some kind of problem in various degrees or they would be put on the open market at a price to sell.

My own personal opinion is that you obviously can't complete as you now have no way of gaining the finance so contact the relevant people immediately for damage limitation.

You will lose your deposit but what other costs you incur is too early to assess.

I'm just not sure why you did this it really does go above and beyond what is deemed stupid so either find the money to complete or use damage limitation and set the ball in motion

Davesnave

FreeBear wrote: »

(This is assuming the poster is the same samfootball that has been banned here and elsewhere countless times after whinging about not having a job)

There's no samfootball in the database apart from this one with a capital S. I've tried lots of combinations, including SamFootball, Sam-football and Sam_football, but I probably haven't exhausted all possibilities!


I don't think it's fair to comment as you have without finding the link.

lincroft1710

Davesnave wrote: »

There's no samfootball in the database apart from this one with a capital S. I've tried lots of combinations, including SamFootball, Sam-football and Sam_football, but I probably haven't exhausted all possibilities!


I don't think it's fair to comment as you have without finding the link.

My first thought when I saw the user name was that it was a reincarnated previous poster who has been banned several times and is called Sam. However, having read the thread I don't think this is the banned Sam

elsien

Davesnave wrote: »

There's no samfootball in the database apart from this one with a capital S. I've tried lots of combinations, including SamFootball, Sam-football and Sam_football, but I probably haven't exhausted all possibilities!


I don't think it's fair to comment as you have without finding the link.

There won't be a link as the other Sam's threads and profiles are always removed.

I also don't think this is the same person due to the writing style and circumstances, it's just the name does make you wonder initially.

elsien

Freebear, I think you should remove those links.
The poster in question is clearly vulnerable, has had his posts on here removed for a reason and I don't think it's fair on him to drag them up again from somewhere else.