buying a property at auction, could it be shared ownership?

Scaffers

i am looking to buy my eldest a property at auction. on closer inspection it lookis like the lease {from 1995} was between a housing authority and an individual who was buying part of it. in the lease it referes to staircasing but no sections were completed.

ive asked the auction house and they said they dont think so, but that wont help me on the day if i buy and then find out

anyone know a way to see if its shared ownership or not

thanks

AdrianC

What did your solicitor say, when you showed him the pre-auction information?

davidmcn

As above the answer (to everything!) should be in the legal pack. Though generally I'd expect housing associations require new (semi-) tenants to be approved by them, so selling by auction wouldn't be a workable option.

greatcrested

Well obviously you will not bid until your solicitor has checked the Titles and all other relevant legalities will you?

Just as you will not bid tillyou've satisfied yourself as to the condition, either via your own expertise/inspection, or by having a survey done.

Nor will you bid unless you are a cash buyer, or have applied for, and been accepted for, a firm mortgage on this property.

All these things are too late after the hammer falls.

And yes, they cost money up front. And yes if you fail to win at auction it is money lost.

eddddy

If you don't understand the lease, you should definitely ask for advice from a solicitor before bidding.

But TBH, if you're asking whether you'd be bidding for a share of the property - say 25% or 50% - I would be amazed if that wasn't clearly mentioned in the property description.

Hopefully you understand all the risks and pitfalls of buying at auction - both for traditional (unconditional) auctions, and 'modern' (conditional) auctions.



 

Scaffers

thanks for the replies, i had sent the legal pack to my solicitor but hes off ill with covid and working at a reduced rate.

looks like the lease has not been updated in the pack as a £3 donation to .gov brings up the absolute owner who can sell it

tacpot12

Scaffers said:

thanks for the replies, i had sent the legal pack to my solicitor but hes off ill with covid and working at a reduced rate.

...

Send the lease to another solicitor then.