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.

Auction property purchase query

Hi there,

My first time posting.

I am looking at buying a very modest property at auction and have a solicitor lined up.  Have done a lot of auction watching property research etc (am a first time cash buyer).
Obvs the auction houses are terrible money making schemes but Im on top of the crazy fees, fake bidding likelyhood and obvs things to look out for I think.

There are a couple of things I am struggling to get clarity on though.  My solicitor is only available post auction and reasonably priced so I dont want to hassle them with stuff last minute when I may not even win.
Anyhow,  Ive read on a couple of threads where people have failed to complete due to hold ups on the sellers side or the seller creating hold ups on the buyers side by not communicating until the last minute etc when its too late - so I want to be sure as possible that this wont happen and I wont get slapped with EVEN more fees if I win.  Any thoughts?

The other is about my ID.  The auction house werent happy with it at fist as my photo licence has my dads address not my main one, as Im at dads 50% of the time caring for him.  I found other letters for that address and they gave it the ok - but am getting paranoid as I dont want this to bite me on the bum at a later point and not be able to complete  etc. Will I need to show ID again if Ive already been verified and am paying cash, no mortgage?

Any thoughts appreciated.  I hope these Qs are appropriate.  Thanks.



«13

Comments

  • user1977
    user1977 Posts: 17,427 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    Your solicitor will need ID for you (if they haven't seen it already) so ask them what their requirements are. Wouldn't it be easier to change your licence address?

    As for only troubling your solicitor post-auction - you do realise you'll be committed to buy by that stage, so if your solicitor only then discovers a problem with the title, for example, you'll be stuffed?
  • canaldumidi
    canaldumidi Posts: 3,511 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    edited 31 January 2022 at 7:41PM
    You need your solicitor to check the property Title and contract terms before the hammer falls. Afterwards is too late as you will be commited.  Yes, that means paying him for a property you may not even win. That's auctions for you!
    If you are not able to assess the condition of the property yourself, you'll also need to do your survey before the hammer falls. Afterwards is too late as you will be commited. Likewise an upfront cost.


  • Thanks I was trying to be brief but I have had advice on the auction pack already and the condition of the property.
    Im not sure DVLA turn licences over in 28 days but I can ask. Ill double check with them then if its the solicitors that will want it.

    If anyone wants to weigh in on possible hold ups by the seller that could put me out of pocket?  It hadnt occurred to me that that could happen

    Love the vibes for people asking about auction advice on this site btw 

    thanks 
  • youth_leader
    youth_leader Posts: 2,874 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I had already moved into a rental when I put my house in auction. What's the situation with your vendor?
    £216 saved 24 October 2014
  • user1977
    user1977 Posts: 17,427 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    edited 31 January 2022 at 10:44PM
    Deedee413 said:

    If anyone wants to weigh in on possible hold ups by the seller that could put me out of pocket?  It hadnt occurred to me that that could happen
    It's possible, but it doesn't seem very likely - after all, one of the main selling points of auctions for vendors is that they get a swift and guaranteed completion, so why would they want to delay completion happening and them getting their cash? They also usually have very little to do in order to achieve completion from their side.

    Not sure why you think a delay by the vendor would result in more "fees" for you?
  • Deedee413 said:
    Thanks I was trying to be brief but I have had advice on the auction pack already and the condition of the property.
    Im not sure DVLA turn licences over in 28 days but I can ask. Ill double check with them then if its the solicitors that will want it.

    If anyone wants to weigh in on possible hold ups by the seller that could put me out of pocket?  It hadnt occurred to me that that could happen

    Love the vibes for people asking about auction advice on this site btw 

    thanks 
    My son got his driving licence back within a week a few weeks ago 
  • If you have a passport and bank statement at your permanent address thats often ok with solicitors as well  
  • I had already moved into a rental when I put my house in auction. What's the situation with your vendor?

    The property has been vacant for some time after death of the owner.  Son is selling it.
  • user1977 said:
    Deedee413 said:

    If anyone wants to weigh in on possible hold ups by the seller that could put me out of pocket?  It hadnt occurred to me that that could happen
    It's possible, but it doesn't seem very likely - after all, one of the main selling points of auctions for vendors is that they get a swift and guaranteed completion, so why would they want to delay completion happening and them getting their cash? They also usually have very little to do in order to achieve completion from their side.

    Not sure why you think a delay by the vendor would result in more "fees" for you?
    Ah because the special conditions stipulate fees and interest for late completion.  Not sure how quick these stack up and as you say probably not in sellers interest really. 
    Also the property was sold at a different auction in December also I should mention, so they are perhaps hoping to make money on it and this would mean it may not be the son selling it anymore but the register hasnt been changed so unclear whether it didnt complete or there are hidden issues with it!  I noticed there are a few properties from that December auction that supposedly were sold - now selling at this one.
    Anyhow i digress...

    Thanks
  • Re the fees for not being able to complete due to the seller - I also read a couple of reviews that stated this happened, so wondered if it was a 'thing',  Im maybe just being over vigilant now though
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.2K Banking & Borrowing
  • 252.8K Reduce Debt & Boost Income
  • 453.1K Spending & Discounts
  • 243.1K Work, Benefits & Business
  • 597.5K Mortgages, Homes & Bills
  • 176.5K Life & Family
  • 256.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.