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  • Auction Tribe

    Buying a house at auction??

    I saw a house in a London auction.  The guide price seemed too low and we were in the middle of cleaning out a flat after horrific tenants has moved out, so didn't investigate.  It didn't sell but was available at considerably more than the guide price but still seemed a very good buy. 

    It has now been put with another auction. 

    I just read the legals and it says something along the lines of "the seller is only the contractual purchaser and the buyer shall raise no objection that the seller is not the registered proprietor." I am thinking this means the seller has exchanged contracts and not completed but is flipping it. 

    I don't know whether this poses any risk for me as the buyer?? I apologise if this question is not appropriate for this Tribe..this is my first visit here.  Many thanks

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    You can also find the situation where it was bought at Auction, the buyer then decided it wasn't for them and put it straight back in another auction. Consequently they don't process the change of ownership with land Registry.

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    Thanks Ian.  I am trying to find out whether my money could be at risk.  I don't think mortgage lenders would lend money unless the seller was the registered owner.  We would buy cash, but obviously don't want to lose our money.

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    Odds on seller is dodging sdlt & cgt....

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    DISCLAIMER just my personal opinion - for legal advice consult a qualified professional grown-up.