Auction property purchase query

Deedee413

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.

user1977

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

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.

Deedee413

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

I had already moved into a rental when I put my house in auction. What's the situation with your vendor?

user1977

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?

RoseBerni

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 

RoseBerni

If you have a passport and bank statement at your permanent address thats often ok with solicitors as well  

Deedee413

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.

Deedee413

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

Deedee413

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