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Buachaill, Barrister
Category: Law
Satisfied Customers: 11228
Experience:  Barrister 17 years experience
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I'm looking to buy a property at auction. Under the proprietor

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I'm looking to buy a property at auction. Under the proprietor register is a restriction that the provisions of section 172 of the housing and regeneration act must be complied with. I understand the seller is some kind of social housing company. Family Mosaic Housing.What does this mean?
1. Dear Gareth, essentially, when you bid at auction for this property, the sale is not guaranteed to happen. The social housing company, Family Mosaic Housing then requires the consent of the Regulator before the sale goes through. Accordingly, if this is a social housing property, you need to be able to show that you fall within the class of persons, the social housing was intended to benefit. Then once you are approved as a suitable person for the social housing, then the Regulator will give Family Mosaic Housing the consent necessary for the sale to go through. It is only then that you will get title to the house and be allowed to live there. Normally, a social housing body, such as Family Mosaic Housing will pre-approve people to bid at any auction of their housing stock, so as to prevent non-eligible people bidding. This then ensures someone doesn't bid who is not going to be approved by the Regulator as someone suitable for the social housing stock. Section 172 of the Housing & regeneration Act is the provision which provides that the consent of the Regulator is required for the sale to go through.
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Customer: replied 2 years ago.
Thankyou. So i bid, exchange contracts and make payment - if I am not approved am i given back my deposit?
3. Yes. I would suggest that you ascertain the requirements of the social housing company, Family Mosaic Housing before you bid as otherwise, you might simply be wasting your time. In this way, you will avoid having any deposit monies tied up for a length of time.
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