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  • Auction Tribe

    Checklist for first auction buy

    Hi, looking to purchase my first property at auction on Tuesday, hopefully one of many! I’ve been going over the numbers again and again and want to make sure I’m not missing anything re costs of purchase etc. Sure I am somewhere. 
    This is a cash purchase ..

    So far I have:

    Search Pack Fee
    £80 payable upon exchange of contracts.
    £13k stamp duty
    Administration charge from auction company  £1200
    Land registry for registering ur new property £135
    Solicitors incl legal pack £1000
    Buildings insurance £? not sure cost roughly on £325k property (7 units split as 5 flats / 2 commercial small units)
    Building regs ? Wasn’t signed off as eletric fire window and fire door needed is there something to pay them ?
    Searches £300

    Would appreciate if anyone can add further to this. 

    Many thanks James

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    Can't see anything relating to the deposit Common Conditions of Auction Sale clause G2. In addition if the properties are already tenanted be very careful of clause G11 (Arrears) this could contain a very nasty surprise.

    If you haven't already you need to go through the legal pack with a very fine tooth comb.

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    Make sure you address any legal enquiries that you may have prior to exchange cause once that is done then the vendor solicitors don’t have to respond.

    And go through the “special conditions”

    There will be a reason why it’s in auction....
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    Thanks I’m aware of these things. The deposit I’ve accounted for separately to this list. Also have a solicitor going through it in detail. Are there any smaller costs I have missed that generally would relate to the purchase of buying a property cash at auction
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    Hi All

    Can anyone recommend an experianced solicitor who is fast and on the ball ( goes through the legal pack with a fine tooth comb), and don't take too many holidays lol
    Much appreciated
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    I use the lovely Alan Zeffertt at Anthony Gold Solicitors in London.  (PT commercial partner).  He can be contacted at alan.zeffertt (at) anthonygold.co.uk ... but do check how busy he is and what capacity he has for a quick transaction, as that is only sensible if you need a speedy service.

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