Auction legal pack...waiting

tubbyewe

Hi, I'm keen to bid on a property at auction on the 15th. Legal pack is still not available but is being "chased". I have a solicitor happy to give it the once over but I cant insist on her doing that with just a day or so's notice.  Any of you folks with more experience able to say if it is usual for auction houses/vendors to leave legal packs to the last minute?
Cheers

eddddy

It's not really usual, but it could be because of many things.

It could be because it's a last minute rush to get it into the auction, and/or the seller is disorganised, or there might be some kind of legal problem which the seller trying to sort out before releasing the legal pack.

If it gets too late, they might withdraw the property from the auction and put it in the next one.

youth_leader

The searches may be taking time. Are you hoping to have the property surveyed before the auction?

davidmcn

Even if the legal pack is available in good time, beware of last minute amendments to it.

tubbyewe

I reckon it has been six weeks since it was advertised, so ordinarily (pre covid) enough time for searches etc. Surveyed and I have seen the title including filed copies. Only six working days till the bidding opens, so I'm concerned I wont have time to have the legal pack checked out.

youth_leader

I sold my house at auction and think my pack was uploaded a week beforehand.  As the seller it was a lot of paperwork to complete, as well as finding original paperwork ie damp guarantees.  Luckily my solicitor was really fast, all the searches came back quickly.  Perhaps the seller is having trouble obtaining/finding copies of building regs etc. 

tubbyewe

Thanks for your replies folks.
Legal pack was uploaded today, so I'm confident my solicitor will be able to give it the once over in time.  As hinted at by Youth Leader, the local authority searches are not ready yet. Anyone used indemnity insurance in this sort of circumstance?

davidmcn

tubbyewe said:

the local authority searches are not ready yet. Anyone used indemnity insurance in this sort of circumstance?

I've used search insurance for a relatively "normal" purchase. To a large extent you can do your own research on the stuff the searches cover anyway. Very rare for there to be any significant surprises (though I would exercise appropriate caution if you haven't detected other obvious reasons for it being sold by auction!).

tubbyewe

Thanks davidmcn. I know the area/street quite well and I have checked for developments, planning etc so I'm fairly confident (famous last words!)  I am told that it is going to auction for the sake of speed and certainty which I'm not entirely convinced about. I do know that it is owned by a brother and sister who inherited it, it certainly needs updating but other than that I can't see any reason why they chose auction over private treaties. I appreciate your advise to be cautious.

AdrianC

<shrug>
So long as your bid is highest, you might actually get it cheaper at auction.