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Properties for sale by auction can range from small dilapidated flats to semi-detached family homes which have become mortgage repossessions. Unusual properties such as water towers or lighthouses also appear at auction because come on the market so rarely it is difficult for an estate agent to value them in the usual way.
Property auctioneers who hold regular sales wait until they have a sufficient number of homes, perhaps within a wide geographic region. When they have enough on their books, they then print a catalogue which is sent to anyone who asks for a copy. The catalogue gives the details of each property so that prospective buyers have a chance to arrange viewings.
As with any standard potential property purchase, you should research the building and its situation, talk to neighbours and check if the description and quoted guide price is accurate. If you have any doubts about the condition of a property, you should consult a chartered surveyor and, possibly a builder. This will give an accurate idea of costs should major renovations be needed.
If you then decide to make a bid, contact Glanvilles. With our extensive experience in residential property conveyancing, we'll be able to check the conditions of sale as printed in the auctioneer's catalogue and advise on any legal issues which could arise.
Glanvilles can carry out the usual land/property searches for you, ensuring that there are no hidden risks. If you have specific plans for the property, such as building an extension, any possible problems can be detected and analysed for you.
Given the all clear, you can then make a decision on your upper limit for bidding. You will need to make financial arrangements to ensure you have a ten per cent deposit available on the day of the auction. If your bid is successful, the remaining 90 per cent must be accessible within 28 days or you will lose your deposit. Glanvilles Home solicitors can help you arrange a mortgage in principal with a building society or bank in advance.
On the day of the auction, if the hammer does come down in your favour, you will have made a binding commitment to buy the property in question and have the same legal obligations as a conventional transaction contract.The auctioneer's office will have copies of the seller's legal documents and you will then have responsibility to give them to our property team as soon as possible so that you can become a home-owner within 28 days of the sale.