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tdlawyer
tdlawyer, Lawyer
Category: Property Law
Satisfied Customers: 1096
Experience:  Lawyer with 9 years experience of advising on property issues.
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I want to buy a property at auction - I have never bought at

Resolved Question:

I want to buy a property at auction - I have never bought at auction before. Can I use a mortgage to buy the property at auction? Also to buy the property I would have to sell my flat - would I beable to do this at auction?
Submitted: 2 years ago.
Category: Property Law
Expert:  tdlawyer replied 2 years ago.
tdlawyer :

Hello, thanks for the question. My name is***** can help with this.

tdlawyer :

You can use a mortgage to buy at auction, but buying in this way is not something for an amateur buyer.

Customer:

I was thinking my flat would sell extremely quickly in London and I have seen a place I really like at auction. I have a mortgage agreed in principle - are there timescales associated with this? I thought at auction they only liked cash buyers?

tdlawyer :

When you buy at auction, you enter into the contract to buy there are then. The dangers with this are many, and this is why I say you should not decide to do this lightly. You would need to investigate all of the title issues affecting the property there and then (and most people take a solicitor or have them on hand for this purpose) and you would need to make sure the lender would be happy with lending on the property too.

tdlawyer :

If you have any problems with any of this - then you may still have to buy the property without the lender agreeing to lend!

Customer:

I can't see why the lender wouldn't lend on the property I'm considering

tdlawyer :

Well, that might come down to legal reasons, about the title. It might be, for example, there are covenants affecting the land the lender doesn't like, it might be that it has subsidence issues, it might be that Japanese Knotweed is there etc.etc.

tdlawyer :

There are all sorts of potentials.

Customer:

Would I need to get a survey on this property beofre going to the auction?

tdlawyer :

Normally, when you buy a house, you don't sign the contract until you know the lender will be happy. That's not the case with auctions.

tdlawyer :

It depends....

tdlawyer :

Normally, they have auction packs, which give a lot (but not always all) details.

tdlawyer :

It depends what they provide in the auction particulars.

Customer:

Could I not do a survey on my own before the auction?

tdlawyer :

You can - for your own benefit. But the lender might want their own done.

Customer:

Is it usual to do an independant survey before an auction - id an auction house likely to be ok with that?

tdlawyer :

Ideally, you should send the auction particulars to a solicitor and see whether they could "report favourably on title" to a lender - and you'd need to tell them which lender so they can identify the relevant lender's criteria.

Customer:

OK thanks for your time - much appreciated

tdlawyer, Lawyer
Category: Property Law
Satisfied Customers: 1096
Experience: Lawyer with 9 years experience of advising on property issues.
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