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  • Legal FAQs

    Land registry legals different proprietors??

    We have bought at auction in the past but they seem to be getting dodgier lately.  We have been outbid three times in last 2 months, so I read the legals carefully myself as the success rate at auctions can be low.  This property is going to auction in April and has one name in the proprietorship register (a property company) and a bank listed as proprietor in the charges register.  Both registered 2/4/2019.  I usually avoid things I don't understand, but am keen to find a property.  I assume they are flipping it but don't know whether it is safe to buy with that charge and 21 days to complete after the auction.  I am guessing the answer is no, but thought the property tribe experts might have other ideas.  Thank you for reading my post.

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    but surely you are buying on the basis that the charge will be removed even if it is recent.

    I agree that many auction lots are very dubious from my looking at the catalogues.

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    Thanks for the reply. Re paying the bank charge, I can't quite see that in the legals, although logically it would be the case.   I usually only bid if I can more or less understand the legals and they don't seem too dodgy, but on this lot there seem a few odd entries.  For property in the M25 area, most of our auction bids are not successful as prices are now silly, especially with the extra 3% stamp duty, so it wouldn't be viable to ask our conveyancer.  I will just have to keep on looking!

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    never heard of a property being sold where you inherit the mortgage!  it would have to be spelt out in the legals that the buyer redeems the mortgage.  better buys imo private treaty.

    im not a solicitor.

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    Yea auction is sometimes silly money today and I think you often can get a better deal on the open market on properties who has been on the market for a time.

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