UK / England - Conveyancing and Auctions
I'd be really grateful if anyone in the forums could help me with a question relating to real estate auctions in England & Wales (the system is most likely different in Scotland and Northern Ireland). I've had a pretty good look around but so far I've not found a satisfactory answer.
I understand that when purchasing property at auction you need to pay for a survey beforehand, at a likely cost of around £700 for a proper job. As auction properties are higher risk in terms of structural problems etc. trying to save a few quid by commissioning a less thorough survey is not a great idea.
However, I'd like to understand better how conveyancing works. Will the auction house arrange the searches, or do you have to do it yourself/take a risk on title? If they do arrange the searches and they miss something, do you have any recourse?
Any feedback VERY gratefully received!