We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
buying at auction
Comments
-
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already had a mortgage survey/full structural in place as he'd tried to buy from me through the estate agent and I'd withdrawn from the sale with him.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 20141
-
If you've had lots of experience buying furniture at auctions and, as you say, the estate agents are decent types, I can't see what can possibly go wrong ...6
-
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.1
-
Currently to get a mortgage on a property with a protected tenancy you will need at least 40% deposit and be paying around 7% interest. Only 1 lender on my 75 panel will touch them. And even at 8 weeks i wouldnt ve confident of you getting through underwriting.
I presume they are hoping to bundle this problem tenancy in with a decent property to convince someone to buy the whole lot, split the problem one off and offload for very little money and make their profit on the others.
As it is at the moment, you'd need a Multi Unit Freehold mortgage with a protected tenancy involved. Even that lender at 7% might not touch it to be honest (although they do seem to be willing to mortgage anything at a cost)
8 -
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 Carroll2 -
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.
This one sounds like 'modern method' so not really an auction at all.
2 -
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.1 -
Reading your earlier thread it would certainly be 'Buying a house in a "creative" way'Gather ye rosebuds while ye may0
-
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?1
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.4K Work, Benefits & Business
- 599.6K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards