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  • Auction Tribe

    Guide to buying a property at auction - Auction packs

    The anagram of "Auction" is "Caution"!

    As auctions become increasingly popular, landlords need to understand the risks of buying via this route.

    I speak to Alan Zeffertt, Solicitor at Anthony Gold Law, to find out more about the importance of the auction pack and pitfalls to watch out for when purchasing property in the auction room:






    We have recorded a second video with Alan - Finance deadlines when buying at auction

    [Image: house.png]Related content:

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    Tips for buying at auction with David Sandeman of EI Group

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    Auction strategies with Clive Emson Auctioneers

    Buying at auction with a sitting tenant

    Best time to buy at auction?

    Experience of auctions

    Auction pitfalls?

    Is it harder to get a deal at auction?
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    Interesting situation I have just come across doing some DD on a property SDL are Auctioning on the 7th September at Nottingham. Lot 10 being sold as 3 x 6 Bedroom Flats. When checking the planning permission (Bolsover Council 13/00321) the approval was for 3 x 3 Bedroom flats on the application form and plans submitted.

    Not sure what the legal position on this re Planning permission. Also given likely introduction of mandatory licensing and guide price this is way beyond my risk threshold.

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    I seen many CPO (compulsary purchase order properties) being sold at auction over the yrs - doesn't happen so often these days and typically in the really poor areas so always look out for this in any low valued property.

    I also saw a freehold house for sale - nowhere in the particulars did it talk about any tenant or lease, however the waterboard had a 99yr lease just expired - they were trying to sell 'vacant possession' so i phoned the water board who said they were going through the legal process to extend the lease and keep occupation. Some poor person in the room didn't read this or enquire and paid vacant possession price - circa 500k (big potential loss or legal fight coming)

    here's a link to another thread where there's a little more insight into auctions - what happens behind the scenes

    https://www.propertytribes.com/what-happ...31484.html

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    regards Andrew Peers - property investor / sourcer - 07912674181

    a.peers@seamlessproperty.co.uk

    Property Redress Scheme Number 011436     NLA member 174404