Auction property purchase query

hazyjo

Pretty sure it's illegal not to have your driving license updated to where you're registered as living. Really should get this sorted. You will may stay with your dad half the time, but it's irrelevant if you're registered elsewhere.

user1977

Deedee413 said:

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.

Where you're the one who's in default, yes. I know auction terms can be fairly one-sided, but I've never heard of one where you get charged fees and interest because the vendor is in breach of contract!

If you don't understand the auction contract, can't you get whoever reviewed the legal pack for you to guide you through it?

london21

With regards to ID, your solicitor will ask for proof of ID and address.

Your solicitor will ask source of funds documents such as statements.

Ensure you read all the terms and condition and are aware of all the fees.

I will strongly advice getting solicitor involved pre auction unless you are very experienced with legal documents. I know the solicitors charge a fee and no guarantee you will be the winning bidder.

Deedee413

user1977 said:

Deedee413 said:

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.

Where you're the one who's in default, yes. I know auction terms can be fairly one-sided, but I've never heard of one where you get charged fees and interest because the vendor is in breach of contract!

If you don't understand the auction contract, can't you get whoever reviewed the legal pack for you to guide you through it?

Thanks, I did but I read, on here I think, that some vendors can be so uncooperative so YOU end up not being able to do your side in time if that makes sense.  I cant remember the exact scenario but it doesnt seem to be a common issue so Im probably worrying over nothing.


Anyhow a different auction finished today in the same area and people are just paying EVEN more absurd prices for properties than a couple of months ago at the moment it seems, so Im not getting my hopes up.
Prices are going up faster than I can save and Im still throwing money away on rent.  So depressing for first time buyers right now.

I have spotted a great property with a er, spot of subsidence on the back wall.  Anyone have any thoughts about whether that would be a good one for me?  

Oh and There is also a really great clause where you get to pay an unspecified amount for the vendors solicitor to remove a charge from the register, but you dont get to know how much the cost for removal will be until the exchange!  

Thanks for weighing in though people.  The more I read the more new potential concerns pop up and its good to have somewhere to run a few things by people.

Deedee413

london21 said:

With regards to ID, your solicitor will ask for proof of ID and address.

Your solicitor will ask source of funds documents such as statements.

Ensure you read all the terms and condition and are aware of all the fees.

I will strongly advice getting solicitor involved pre auction unless you are very experienced with legal documents. I know the solicitors charge a fee and no guarantee you will be the winning bidder.

Thanks Ive had advice on the pack. Special conditions especially. It was a very straightforward pack luckily.  I am definately aware of over £8000 in fees altogether. Thanks though, I know they hide them by putting it in words not numbers. crooks

koalakoala

hazyjo said:

Pretty sure it's illegal not to have your driving license updated to where you're registered as living. Really should get this sorted. You will may stay with your dad half the time, but it's irrelevant if you're registered elsewhere.

It certainly is

Deedee413

koalakoala said:

hazyjo said:

Pretty sure it's illegal not to have your driving license updated to where you're registered as living. Really should get this sorted. You will may stay with your dad half the time, but it's irrelevant if you're registered elsewhere.

It certainly is

Thanks to all with genuinely helpful comments.  Someone has of course paid a ridiculous amount for it.  

Rosy_Apple

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 

No advice on the auction but recently my husband got his license back in 7 days, although that was a renewal rather than address change. 

Swipe

Rosy_Apple said:

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 

No advice on the auction but recently my husband got his license back in 7 days, although that was a renewal rather than address change. 

Renewals are immediate turnaround, change of address takes around 3 months.

newsgroupmonkey_

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 

Even in the midst of Covid, the DVLA changed my address over in less than a week.
All done online now.