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!
There is typically a legal pack available if you contact the auction house. Some have the documents available for download too. If you speak to the auction house they will be able to describe a typical purchase process for you. If you then speak to your conveyancer they will be able to add to the knowledge base for things to look out for and questions to ask.
Good luck at the auction (don't go over your limit!)
Thanks Charles - sounds like speaking to the auctioneer is the logical next step! I did look at the legal pack online but it has very limited information on quality of title.
Grateful for the useful and friendly response and all the best
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.