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  • Auction Tribe

    Auction property issues

    So, scenario is... buy a property in an Online Auction. Due process starts to take place, with Exchange intended by best endeavours in 28 days and Completion 28 days after that. All well and good so far.

    In the Buyer's pack there are multiple pieces of mis-information. Mainly by the Seller and the forms they have to fill in. Several mistakes. The biggest of which is that some work took place about 10 years ago (specifically answered didn't on Form) and this required Building Control signoff (again nothing on Form) and BC didn't actually sign off on the work.

    Wheres the comeback for the buyer? Pull out of the deal - is that possible and sue for mis-representation and get their money (Buyer's Fee) back? Negotiate a lower price - well you might do that in the normal course of a normal purchase but what can you do in this case?

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    IMO (and this is not legal advice) - I'd say you should definitely speak to your solicitor about this. You haven't actually exchanged yet, which is good, so presumably at stake is the buyer/reservation fee. Without looking at the documents themselves, it's tough to say for sure what to do. Your solicitor should be able to advise as it depends what the actually say. You're right that options could be to get your money back and tear up the contract or indeed negotiate a lower purchase price (which in turn should result in a lower buyer/reservation fee, if that fee is expressed as a percentage).

    Have you had a survey done? If so, perhaps getting BC signoff is a formality, in which case, there might not be too much to worry about? It might also be that the seller could rectify this by getting any outstanding issues sorted before you exchange - you can always extend the 28 day period if you need to, by mutual consent between you and the seller.

    The agent or online auction provider should be able to assist with this as well.

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    Sell your property with 

    2 Angel Square | London | EC1V 2NY
    0330 088 9659

    Thanks! And it's not your online auction site. Find it bizarre how everything is skewed to the Seller also... our Solicitor has to raise enquiries within 5 days yet the Seller's can take as long as they want... currently 3.5 weeks and waiting! Gone past the expected Exchange Date!

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    And it's incorrect box ticking in the standard Property Information Form about Building works, outstanding Works and outstanding Building Control etc.

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