Buying a House at Auction

House Sold at AuctionMaking the commitment to buy a house is a huge step. Whether for the first time or any time after that, it’s the biggest financial transaction most people will enter into, by a long way. There’s no getting round the fact that buying a property involves thousands of pounds. But it is possible to get a bargain and make it that little bit more affordable.

One way to do this is by buying at auction. There are some great bargains to be had at property auctions, for those who are willing to take a risk and put some work into renovation. For those who are up for this challenge, one of their first steps is to talk to a London mortgage solicitor. Although a mortgage solicitor London, such as at Saracens Solicitors in the West End, aren’t involved in the purchase of the property directly, they can offer helpful advice.

Even more so than for a regular house, for a property old at auction, the buyers need to be incredibly cautious and thoroughly investigate the soundness of the building. It’s likely that the décor will need updating and there may also be structural faults to attend to. But whatever is stated in the legal pack provided by the auction house, it’s vital that potential buyers also get detailed searches done, to make sure that even greater problems aren’t being hidden from view.

This is where a mortgage solicitor in London can help. They will review the legal pack and provide a property report. This review will also investigate the title deed of the house and find out if there are any unresolved restrictions on it. This is particularly important if the house buyer wants to develop the property with an extension or extra buildings on the land. It will reveal if planning permission has been granted already for the site and discover if there are any highlighted concerns with the surrounding environment.

Auction buyers also need to have some cash at the ready: they’ll need to pay a 10% deposit on the day of the auction. Completion will take place about a month later. So, as well as getting a bargain, the new owners can also take possession quickly.