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Stuart J
Stuart J, Property Solicitor
Category: Property Law
Satisfied Customers: 23489
Experience:  Senior Partner at Berkson Wallace
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I'm enquiring on behalf of a friend who has signed &

Customer Question

Hi, I'm enquiring on behalf of a friend who has signed & submitted a bidding form (unconditional) relating to a property he wants to submit a bid for in the amount of £190,712.50. The auction date is detailed as 14/05/21 and he has instructed Keith Paterson Ltd to act on his behalf at the auction. However he is in a state of panic as he received an e-mail from the Auction Coordinator at Keith Paterson Ltd earlier this week, acknowledging his successful bid and a 10% deposit of £19,701.25, requesting that he pay the deposit immediately.
JA: Where are you? It matters because laws vary by location.
Customer: This seems an utter nonsense to me because how can his bid be successful if the auction is yet to take place? I suspect that Keith Paterson Ltd is not a reputable company because their Auction Coordinator has contradicted the Terms & Conditions stated in his e-mail i.e. if the bid is successful under unconditional auction terms, a non-refundable deposit of 10% plus admin fee & complete within 28% days. The buyer doesn't have the funds and is waiting for his mortgage to be approved. He has now advised that he wishes to pull out of the sale, so is he able to do this legally? The buyer is in Enfield and the Auction Corodinator is in Walsall.
JA: What steps have you taken so far?
Customer: It's not me - the buyer is a friend of mine. He's signed and submitted an unconditional bidding confirmation.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: No. Thank you for your assistance.
Submitted: 11 days ago.
Category: Property Law
Expert:  Virtual-mod replied 10 days ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Customer: replied 10 days ago.
I’ll continue to wait but hope to receive a response ASAP.
Expert:  TetyanaP-admin replied 8 days ago.
Hello,
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Tetyana-moderator
Customer: replied 8 days ago.
I’m not at all impressed with your service. What’s the problem in locating a solicitor who can answer my query??
Expert:  Stuart J replied 7 days ago.

Hello. Thank you for the question. It is my pleasure to assist you with this today.

Please bear with me as I will be online and off-line from time to time and therefore, may be delayed

getting back to you.

I’m sorry for the delay but this has only just been brought to my attention.

I agree with you that it does seem to be utter nonsense and either the some strange system which they are working, or, it’s an error, or they have decided that for whatever reason, they don’t want people causing problems by not paying after making a bid and they want 10% deposit in effect, on account.

All of this is highly irregular.

As it says in the conditions, the 10% deposit is payable within 28 days.

I would ignore what they say and I would say to them, in writing (text or email is fine) that as the auction has not yet taken place, he is withdrawing his bid.  Ask them to acknowledge.

Thank you for letting me assist you with your legal question.  I am glad that I was able to help.

I am not certain whether that answers the question for you or not, but I am happy to answer any specific points arising from this.

It will be my pleasure to help you again either further with this or any future questions you have

Kind regards