Auction Purchases
We act for many property investor clients who buy properties at auction. This is not the sole preserve of property investors and many people buy their homes that they will eventually live in at auction.
Buying at auction can be a risky process if the correct steps are not taken.
Firstly, prospective purchasers must be aware that if their bid is accepted at auction then they are legally bound to buy the property, irrespective of whether they have finance in place or whether they have made adequate investigation of the legal title to the property.
You should always have funding in place prior to bidding at auction. Likewise you should have a survey of the property prior to making a commitment to bid.
At Griffiths Ings we can help to interpret the legal documents within the legal pack for you. Auctioneers will have a pack available for collection from their offices, others will have the packs on-line. We have a standard auction legal Report for as little as £99 plus VAT. In it we will comment on the legal title and on the content of any searches and also upon the consequences of going ahead with a bid without sight of missing documents.
If you are bidding at auction you cannot afford to take a chance on the legal pack not being checked out. We have sadly come across stories of purchasers who have done so and discovered, amongst other things, Demolition Notices registered against the property and also Restrictive Covenants which make the land they had hoped to purchase as a building plot to be virtually worthless.
Do not take a chance, contact us on 01446 725190 or auctions@griffithsings.com