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Help please - what to set as limit at auction?

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  • FreeBear
    FreeBear Posts: 14,595 Forumite
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    Enm1 wrote: »
    great to hear of some personal auction experience :beer:


    Should point out that I've not bought a house at auction. Machine tools, vehicles, and art (plus other "stuff"). But regardless of what an auction house is selling, the basics remain the same.
    Her courage will change the world.

    Treasure the moments that you have. Savour them for as long as you can for they will never come back again.
  • zagubov
    zagubov Posts: 17,884 Forumite
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    Get a friend to tell you you've won it at a specified high price. Immediately gauge your gut feeling .
    If it's Great! or is it Oh ****.
    Try again with a lower price and note your reaction.

    Rinse and repeat.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    edited 21 October 2019 at 7:49AM
    Enm1 wrote: »
    Thanks getmore4less - That's odd as I can't see it under offer on Rightmove or the Estate Agents website? I'll check with the EA tomorrow as that would really complicate things :(:(

    https://www.rightmove.co.uk/property-for-sale/property-73388560.html

    Key features
    7th Floor Apartment
    Secure Parking
    24 Hour Concierge
    Swimming Pool & Sauna
    Residents' Gym
    UNDER OFFER

    2 SSTC
  • Tom99
    Tom99 Posts: 5,371 Forumite
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    7th Floor Apartment
    Secure Parking
    24 Hour Concierge
    Swimming Pool & Sauna
    Residents' Gym

    Out of interest what's the annual service charge for that lot?
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    Ten grand per square metre.
  • Doozergirl
    Doozergirl Posts: 33,802 Forumite
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    Wow. I take it that Elephant & Castle isn't a total dump anymore? It would have been pretty low on my list of locations to be walking alone 15 years ago, certainly. Although that is still cheap for Central London, I guess. I'm born and bred South London and worked nearby for a good time.

    OP, do have a really close look at what the value of the apartments really is, because if you set your heart arbitrarily at £220k because the guide is low and it goes over because the average price is £275k, then you've missed out on a potentially good deal for the block somewhere in between. I'm not suggesting what is a good price - Zagubov's 'rinse and repeat' idea is pretty good.

    You must do your homework, you must read the auction pack and ensure that there is a managing agent's report in there detailing the reality of what it costs to live there and if there are any specific issues with the apartment. And have a solicitor look over it. Leaseholds are a minefield.
    Everything that is supposed to be in heaven is already here on earth.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    Doozergirl wrote: »
    Wow. I take it that Elephant & Castle isn't a total dump anymore?
    I think those are typical London prices even for places which are total dumps.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    Doozergirl wrote: »
    Wow. I take it that Elephant & Castle isn't a total dump anymore?
    We've got a good friend who lives just along from there, Burgess Park.

    The heffalump itself is still not exactly Knightsbridge, but the surrounding areas have undergone a massive amount of gentrification - the huge Heygate estate has been flat-packed and replaced with... https://www.elephantpark.co.uk/
  • Doozergirl
    Doozergirl Posts: 33,802 Forumite
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    AdrianC wrote: »
    We've got a good friend who lives just along from there, Burgess Park.

    The heffalump itself is still not exactly Knightsbridge, but the surrounding areas have undergone a massive amount of gentrification - the huge Heygate estate has been flat-packed and replaced with... https://www.elephantpark.co.uk/

    Ah, outlets reflecting the 'vibrant' local community, providing them with coffee, craft beer and vegan food. The staples of South East London living!

    Has the shopping centre gone yet? It was grim, despite being painted that cheerful shade of bright, peeling pink.
    Everything that is supposed to be in heaven is already here on earth.
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
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    You are going to have to pay around the same amount as the last studio sold for I would guess. Guides are always set low.



    Why is it being sold by auction? Is it because no one can get a mortgage on it? This is not a problem for you buying it but it might mean that you have to sell it by auction.
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