Buying a home at Property Auction in Manchester?
Respect the warnings every auction-specialist Conveyancing Solicitor in Manchester should make, and avoid an expensive mistake:
Inspect the property beforehand – this might sound obvious, but Conveyancing Solicitors in Manchester regularly encounter clients who haven't even seen the house they have bought! If you don't get the lot you are after, don't be temped to bid 'blind' on somewhere else.
Buy unless you get a building survey carried out. One of the reasons that many homes are sold by auction is that they have structural defects which only a surveyor would notice. Once your bid is accepted, you will have to complete even if you do discover defects afterwards.
Ask a Conveyancing Solicitor in Manchester to look at the seller's title. Houses are often put in auctions because they have title defects which could mean that it will be impossible to raise a mortgage.
Bid unless you have sufficient finance. If you don't have cash in the bank, do not assume that you can get a mortgage. You cannot rely on provisional offers from lenders, as these are always subject to a final survey.
Read the sale brochure carefully, including the conditions of sale relating to the lot you are interested in. Your Conveyancing Solicitor in Manchester will also look at these and let you know if there are any unusual provisions which could cause difficulties.
And finally. . .
Check the completion date specified in the sale conditions. That is when you will have to come up with the balance of the price. (You will be required to pay a 10% deposit immediately after the auction. ) Completion is often 20 working days after the sale, but may be less.
It is worth paying out something in fees before a sale, rather than run the risk of making an bad bargain. Advice need not be expensive, and if you decide not to buy or aren't successful you should only have to pay half the full costs for a completed purchase.
Fridaysmove work closely with Conveyancing Solicitors who specialise in Auction Conveyancing.
In a hurry? Phone 0330 660 0286 now.