Property auction legal pack - proprietor on title different from seller

VicShill

Hi everyone
I am interested in buying an auction property and I have just finished reading the legal pack.  I have noticed that the seller (a Limited company) is different from the Proprietor (listed on the title register).  What sort of issues, if any, might this cause in terms of buying the property?  My solicitor has offered to do a stand-alone title check for £360, which I will go for if necessary, but this would be in addition to the pretty hefty legal fees they have quoted me if I go ahead with the purchase.  
Also, the final point on the Special Conditions is "The Buyer will provide to the Sellers on or before the Completion Date a TRI duly executed by the Buyer" - what is this?

Thanks in advance for any advice.  I have never bought at auction before and am trying to be very thorough, but feel I am at risk of investing too much money in investigating a property I may not even end up buying!

greatcrested

VicShill said:

.......this would be in addition to the pretty hefty legal fees they have quoted me if I go ahead with the purchase.  bidding at the auction.
Also, the final point on the Special Conditions is "The Buyer will provide to the Sellers on or before the Completion Date a TRI duly executed by the Buyer" - what is this?

You need to get the legals cleared up before the auction. It's too late afterwards. If you don't win the bid, that money is, I'm afraid, lost.

TR1 is the normal Land Registry form used to transfer ownership.

Are you sure you are familiar with auctions? Have you been to any? Have you read all the many guides on the web about the process..... and costs.....and the risk?

davidmcn

OP, you sound like you're out of your depth. Get a professional to check over the legal pack.

VicShill

Thanks for the responses.  Yes, I've been to auctions and have read a lot about the process/costs/risks... There's a typo in the Special Conditions where it refers to a TRI, this is why I couldn't find any information on what this was.  Now I know, thanks.  I think you're right that I need some more advice on this.  Everyone has to start somewhere!