Auction conveyancing

london21

Hi All, does anyone have experience with auction back to back sale conveyancing.
I bought a property on acution and upon recieving the contract realised the vendor's name is not on the land registry.
My solicitor has asked the seller's solicitor to provide "Please provide evidence of the transfer from the current registered proprietor to your client and the Stamp Duty return."

seller's solicitor has stated " please note our client’s purchase of the property is to coincide with its sale which is to take place simultaneously." 

Is this common with back to back auction sale transactions because the property is unregistered I am havin to buy cash.

Extra special conditions states:
1. The seller is selling as the contractual purchaser of the Property. The buyer acknowledges that the seller is only the contractual purchaser and shall not be entitled to raise any requisition arising from the seller not being the registered proprietor of the Property and the buyer shall not be entitled to refuse to complete for this reason.
2. The seller shall, in addition to the Transfer Deed provide to the buyer:
a) The Transfer Deed from the registered proprietor to the seller
b) SDLT5 Certificate in respect of the Transfer to the seller
c) Fom AP1 in respect of the transfer to the seller

3. If the buyer shall refuse to complete until the seller is the registered proprietor of the Property the buyer shall on the contractual completion date pay to the seller the balance of the purchase price to be held by the seller’s solicitors until completion and on completion the buyer shall pay to the seller in addition to the purchase price the stamp duty land tax payable by the seller in respect of the Transfer to the seller as a result of the buyer’s refusal to complete on the completion date

Thrugelmir

Best to keep to one thread on a topic. Otherwise old ground gets covered over and over again. Which is a waste of peoples time. 

user1977

Also, I'm not sure what you're asking which hasn't already been answered on your other threads.

london21

Thrugelmir said:

Best to keep to one thread on a topic. Otherwise old ground gets covered over and over again. Which is a waste of peoples time. 

I am new on here. I have tried to delete this but only has edit option. 

london21

user1977 said:

Also, I'm not sure what you're asking which hasn't already been answered on your other threads.

My solicitor is refusing to continue so was asking if anyone has had a similar experience and what they did going forward. I have tried to delete but only has edit options. 

eddddy

 Just a couple of points to pulled out from your other thread - not directly related to the mortgage/finance question.

london21 said:

The purchase price is a huge amount and can’t afford to lose my 10% deposit. 

In case you're thinking of backing out and taking a hit on the 10% deposit...  Damages you'd have to pay wouldn't be limited to 10%  - 10% is the minimum you'd have to pay.

For example, if you backed out (and breached the contract), and the property was re-auctioned for less, you'd have to make up the difference, plus pay all the re-selling costs.

london21 said:

Mine and my solicitor's efforts arent yielding much results and really dont know what to do now.

"Please provide property information form and fixtures list.

It seems nonsensical to ask for a property information form and fixtures list now.

These are documents which would form part of the contract - but you've already exchanged contracts without these documents being included in the contract.  If they weren't in the auction legal pack, they're not part of the contract.

What's the point of asking for them now?

And the seller's solicitor is probably being paid a fixed fee for doing the completion. So they will probably only answer any questions and provide any information that is directly related to making completion happen.

GDB2222

Can I suggest that you go back to the previous thread, then summarise where you have got to and why your solicitor refuses to act.

If you have the cash to complete, albeit from a bridging loan, you should be able to complete. When is the completion date?

eddddy

london21 said:

user1977 said:

Also, I'm not sure what you're asking which hasn't already been answered on your other threads.

My solicitor is refusing to continue so was asking if anyone has had a similar experience and what they did going forward. I have tried to delete but only has edit options. 

From your other thread, it sounds like your solicitor didn't have the specialist knowledge required.


You probably need to find another solicitor with specialist knowledge of auction purchases and back-to-back transactions. The auctioneers might be able to suggest solicitors who regularly deal with auction properties.


But having won the auction, it's really just a case of getting on with completion. The only documentation you'll probably get is in the auction legal pack - so that is all your solicitor can work from.

london21

eddddy said:

 Just a couple of points to pulled out from your other thread - not directly related to the mortgage/finance question.

london21 said:

The purchase price is a huge amount and can’t afford to lose my 10% deposit. 

In case you're thinking of backing out and taking a hit on the 10% deposit...  Damages you'd have to pay wouldn't be limited to 10%  - 10% is the minimum you'd have to pay.

For example, if you backed out (and breached the contract), and the property was re-auctioned for less, you'd have to make up the difference, plus pay all the re-selling costs.

london21 said:

Mine and my solicitor's efforts arent yielding much results and really dont know what to do now.

"Please provide property information form and fixtures list.

It seems nonsensical to ask for a property information form and fixtures list now.

These are documents which would form part of the contract - but you've already exchanged contracts without these documents being included in the contract.  If they weren't in the auction legal pack, they're not part of the contract.

What's the point of asking for them now?

And the seller's solicitor is probably being paid a fixed fee for doing the completion. So they will probably only answer any questions and provide any information that is directly related to making completion happen.

I can't back out will have to complete. I have pad £38,300.
The seller's solicitor has provided the property information form and fixtures list and tbh not added much value and asked if i have any queries I have said no happy to proceed. 
My solicitor is fixed on them proviing proof of transfer and stamp duty payment but seems will not be provided and once payment is made they will then transfer to me.

I have messaged my solicitor and signed the auction form that he has not offered advice.

london21

GDB2222 said:

Can I suggest that you go back to the previous thread, then summarise where you have got to and why your solicitor refuses to act.

If you have the cash to complete, albeit from a bridging loan, you should be able to complete. When is the completion date?

I have until the 15th July but i am eager to complete asap since not getting a mortgage and any amount I can save.

london21

eddddy said:

london21 said:

user1977 said:

Also, I'm not sure what you're asking which hasn't already been answered on your other threads.

My solicitor is refusing to continue so was asking if anyone has had a similar experience and what they did going forward. I have tried to delete but only has edit options. 

From your other thread, it sounds like your solicitor didn't have the specialist knowledge required.


You probably need to find another solicitor with specialist knowledge of auction purchases and back-to-back transactions. The auctioneers might be able to suggest solicitors who regularly deal with auction properties.


But having won the auction, it's really just a case of getting on with completion. The only documentation you'll probably get is in the auction legal pack - so that is all your solicitor can work from.

Thanks I have signed the form the solicitor sent that he did not give any advice. I did try to the the auction recomennded conveyancing company but they stated tight as they had lot of cases at present. I went with the solicitor that had 5 star and positive reviews but seems they are not experienced with auction properties.

some auction conveyancing ones i found online lots of them saying no capacity at present.

I have contacted the auctioneer conveyancing recommended company again as if my solicitor cannot complete it, i will have to switch bevause the ones the auctioneers recommended are familiar with such apparently they are cross the road from each other.