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buying at auction

2

Comments

  • youth_leader
    youth_leader Posts: 2,928 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I sold at traditional auction.  My auction buyer had already had a mortgage survey/full structural in place as he'd tried to buy from me through the estate agent and I'd withdrawn from the sale with him.  He didn't sign the contract on the Friday as apparently he 'had to wait for his underwriters approval', I had to wait until the Tuesday. 
    £216 saved 24 October 2014
  • SameOldRoundabout
    SameOldRoundabout Posts: 593 Forumite
    500 Posts Third Anniversary Name Dropper
    edited 16 May 2021 at 12:01PM
    OP this is a terrible terrible idea, you will lose oodles of cash I can pretty much guarantee, if you go ahead. Modern method housing auctions and buying furniture from a standard auction are so many miles apart they can’t see each other with a telescope. Honestly I think you need to be looking at houses within your budget, this is the second post about buying in an obscure and risky way, for the second property. Lower your expectations of what you can afford to buy. 
  • theoretica
    theoretica Posts: 12,691 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Wouldn't you also need planning permission to reconvert the two/three properties into one?  And I don't know if building control on the conversion would have requirements that something which had always been one property doesn't - but there was a poster on here a while back with building control concerns about an old house that had been used as an office and they now wanted to change back.
    But a banker, engaged at enormous expense,
    Had the whole of their cash in his care.
    Lewis Carroll
  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Scotbot said:
    A traditional auction the deposit is psid within 24 hours and you have four weeks to complete or you lose the deposit and any fees.
    In the auctions that I've bought at the deposit is required immediately, not within 24 hours.
  • NameUnavailable
    NameUnavailable Posts: 3,030 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Slithery said:
    Scotbot said:
    A traditional auction the deposit is psid within 24 hours and you have four weeks to complete or you lose the deposit and any fees.
    In the auctions that I've bought at the deposit is required immediately, not within 24 hours.

    This one sounds like 'modern method' so not really an auction at all.
  • dimbo61
    dimbo61 Posts: 13,727 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    The Tenant/s with the 1977 regulated tenancy cannot be evicted and may also be paying a low rent.
    You have to make sure the electrics are up to standard IE full EICR report done.
    EPC? GSC ? PAT testing ? Deposit protected and ALL the paperwork correct.
    Please please walk away from this pile of brown stuff and don't spend any money on trying to build your dream home from this complex mess of a property.
  • jimbog
    jimbog Posts: 2,266 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Reading your earlier thread it would certainly be 'Buying a house in a "creative" way'
    Gather ye rosebuds while ye may
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    10,000 Posts Fifth Anniversary Name Dropper Photogenic
    edited 17 May 2021 at 6:40AM
    OP walk away you are in no way set up to be able to buy this and all you'll do is lose a lot of money because you'll never get a mortgage done in the available time even in the unlikely event you could get a mortage on a complex property like this in the short timescale. 
    There's a reason this is up for auction and it's not because it's quick and easy to get a mortgage. 
    Then add the AST issues and you might not even be able to get in until the tenant dies. 
    Up your budget or lower your sights. Just how desperate are you to be looking at unsuitable properties like this?
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