Buying at auction

ratcatcher666

I have a question regarding buying a house at auction. I am aware that once you bid that is final and you are responsible for accepting the lot that you bid on. However what if the information provided is not accurate?

I am considering the purchase of a property at auction . However the deceased owner has left all of his estate to charity. All documents are online except the Land Registry . There is an Epitome of title( historical documents and titles marking boundaries etc.). The property is in the process of registration at the Land Registry. The new registration documents may not be available until after the auction. What can I do if the boundaries are different in the new registration to the historical documents?

When I asked the auctioneer, at a viewing,where the boundaries were he just said there are no marked boundaries ," you are buying a house and a piece of land". I checked the land and there are fences where the boundaries were historically set. The property is advertised as a house and 3.1 acres of woodland , if for instance the updated documents show boundaries that enclose only 2.5 acres can you back out of the sale ?

MultiFuelBurner

Auctioneer's normally cover themselves for such things in the small print and if particulars are not available on day of auction they will clearly let that be known before the auction starts and bids should reflect that.

Are you finally moving away from your abusive neighbours?

Grizebeck

Why not post up the listing ?

Titus_Wadd

Are the neighbouring plots registered?

daveyjp

The whole point of an auction is to sell property at the market value.

None of the details are guaranteed by seller or auction house, thats for potential purchaser's due diligence to uncover.  Once due diligence uncovers possible issues the price of the property will reflect the legal position.

user1977

ratcatcher666 said:

I have a question regarding buying a house at auction. I am aware that once you bid that is final and you are responsible for accepting the lot that you bid on. However what if the information provided is not accurate?

I am considering the purchase of a property at auction. However the deceased owner has left all of his estate to charity. All documents are online except the Land Registry. There is an Epitome of title (historical documents and titles marking boundaries etc.). The property is in the process of registration at the Land Registry. The new registration documents may not be available until after the auction. What can I do if the boundaries are different in the new registration to the historical documents?

Your solicitor (please tell us you are instructing a solicitor to examine the legal pack before you bid on anything?) can advise you on this - but that wouldn't be "providing information which is not accurate", it sounds like they're providing all the information they currently have. The auction contract is unlikely to give you a remedy if the registered title ends up not being what you'd like.

eddddy

In simple terms...

You buy the property based on the information that is available.

For example, if it's not clear whether the property will include 0.5 acre or 1 acre of land, you ask yourself the question: "How much am I prepared to pay for a property which might end up having 0.5 acre of land or 1 acre of land?".

Everyone else at the auction will be asking themselves the same question, and bidding accordingly. (Unless they have done more research than you, or they have a better understanding of land law than you - so they are more sure of the situation than you.)

ratcatcher666

Thank you for all the replies, The property sold for 90k over the guide price therefore out of my price range.

ratcatcher666

Titus_Wadd said:

Are the neighbouring plots registered?

Titus_Wadd said:

Are the neighbouring plots registered?

There lie the problem . When I checked with the Land registry land ownership of bordering land was not available on one boundary and being updated.When I requested a title plan for the land on the other boundary west and south I was advised it was not available online and I had to make a written request, possibly due to size. Any reply from the Land Registry would be after the auction and pointless. Land to the north is owned by Network Rail.user1977 said:

ratcatcher666 said:

I have a question regarding buying a house at auction. I am aware that once you bid that is final and you are responsible for accepting the lot that you bid on. However what if the information provided is not accurate?

I am considering the purchase of a property at auction. However the deceased owner has left all of his estate to charity. All documents are online except the Land Registry. There is an Epitome of title (historical documents and titles marking boundaries etc.). The property is in the process of registration at the Land Registry. The new registration documents may not be available until after the auction. What can I do if the boundaries are different in the new registration to the historical documents?

Your solicitor (please tell us you are instructing a solicitor to examine the legal pack before you bid on anything?) can advise you on this - but that wouldn't be "providing information which is not accurate", it sounds like they're providing all the information they currently have. The auction contract is unlikely to give you a remedy if the registered title ends up not being what you'd like.

My solicitor is not in favour of purchasing at auction.eddddy said:

In simple terms...

You buy the property based on the information that is available.

For example, if it's not clear whether the property will include 0.5 acre or 1 acre of land, you ask yourself the question: "How much am I prepared to pay for a property which might end up having 0.5 acre of land or 1 acre of land?".

Everyone else at the auction will be asking themselves the same question, and bidding accordingly. (Unless they have done more research than you, or they have a better understanding of land law than you - so they are more sure of the situation than you.)

The historical documents state 3.5 acres and the boundary is clearly marked but as the land is in the process of being re registered, any boundary may be different.