When buying a property at auction, there’s always the risk of something hidden, which could cost you a lot of money.
And today, I am here to give you very important information that could save you a lot of money
You might not be aware but over recent weeks, there has been a significant increase in the UK’s market interest rates
The rise in interest rates is crippling the UK market fast
UK property sellers are desperate to sell before the proposed capital gains taxes rise to save themselves from huge financial implications
So, for you as the buyer, why is this information important?
It’s important because there are hidden costs and auction pitfalls that could befall you if you don’t get the right legal guidance
This is information that only top legal experts can decipher, and that’s why I am here to tell you the importance of hiring one.
Okay, leave alone the interest rates issue
There is one other thing that is sapping the life out of the pockets of auction property buyers
Do you want to know what it is?
Yes, it’s Auction “Special Conditions” which is information found in the Auction Legal Pack
Special conditions often relate to complicated and costly issues the property may have.
And the worst thing is that special conditions in an auction contract almost always favour the seller
You see, the seller in an auction always wants the property to sell, and it’s not just to sell. They want it to sell at the highest price possible.
So, if the seller’s solicitor knows there’s a particular issue with the legal title, they may add a special condition about it. This prevents you as the buyer from raising any enquiries or objections to it after the sale.
This information is normally hidden deep within the Auction Legal Pack, and in our experience, most buyers miss out on reading it.
Besides the Special Conditions, there are additional financial obligations which are normally imposed by the seller of the property to limit their costs.
This could be fees they’ve paid for searches, auctioneer fees, leasehold management pack fees, rent arrears, Section 20 works etc.
So, what they could do is tell their solicitors to make this information purposefully vague so that it might not affect the saleability of the property.
Any financial conditions which are not specified with a specific sum are a huge red flag.
This is because there is no limit to what they could then ask from you on completion.
For example, if there are arrears for rent or service charges on a leasehold property, the sums payable could be hugely significant.
To be concise here’s what we are saying
Imagine having a whole document of legal jargon. A document that’s full of legal language, appraisals and conducts.
Special conditions and hidden financial obligations are just a scratch of the surface.
There is more hidden information on:
- The auction agreement and contract
- Auction terms and conditions
- Energy Performance Certificate (EPC)
- Official copies of the title register and title plan, plus any supplementary documents referred to in the registers of title
- Search information, including local authority searches, drainage and water search, and any other searches application to the location
- The property information form (TA6)
- The fittings and contents form (TA10)
The list is endless!
Literally one line; that’s enough to cost you fortunes. That’s how tight the legal pack can be.
Sellers intentionally limit risk information in the legal pack, so most buyers are normally not aware of the danger that’s looming.
Unlucky buyers come to us all the time, crying about their misfortunes. And it’s something we believe they could have avoided from the very get-go…
You need people with clear first-hand experience who have been in the auction legal scene for a long time. We cannot stress this enough.
The legal pack is a tough read for anyone, so having someone with the right expertise to help you review it could be absolutely huge for you.
Luckily for you, though, our years of legal expertise regarding the auction business could come in handy!
We’ve helped many auction buyers, and our dedication and experience mean we work faster, smarter, and better than anyone else in the auction conveyancing space.
Not only does our method save you time and money, but in terms of property potency, we also do a good job of analysing it for you!
And in light of the fast-approaching festive season, we want to spread our generosity to you.
You see, we understand that you might be saving up for a good time with your loved ones, which is why we’ve tailored this special offer to ensure you get the absolute best from our services…
Here’s our special offer to you:
- A full legal pack review service with a detailed report alongside comprehensive Zoom/telephone meetings
- Plus, an extra package containing the hidden pitfalls and hidden costs in the special conditions
But I’d emphasize the extra package more…
There are hidden secrets most auction property buyers aren’t even aware of. And this is info that separates the most successful auction buyers from the ones that fail.
So my question to you is this:
Which one will you be?
Which category of auction buyer will you be? The successful one or the failing one?
I trust you’ll make the right choice!