Going, going, gone … do your homework before buying a home under the hammer

[learn_more caption=”Click here to learn more”]HE is TV’s “Mr Property” – the familiar face who has presented the popular BBC show Homes Under The Hammer for 15 years, as well as swopping luxury properties for the Australian jungle in I’m A Celebrity Get Me Out Of Here …

But while one of the favourite memories of Martin Roberts during his stint on the prime-time programme still brings a smile to his face, it also sounds as a warning bell to those buying the dream home or an investment property at auction.

His stand-out episode involved a couple who had bought a house at auction without viewing it first. And they couldn’t find it when they went to visit it.

They thought it was somewhere else and had even gone into the Post Office to ask if they had heard of any houses bought at auction.
And while such stories may sound far-fetched, they do underline the dangers of committing to such a big purchase without having done proper homework.

All too often, buyers don’t realise the far-reaching consequences of a successful bid at a property auction.

The hammer goes down and the property is yours – along with any problems that come with it. And sadly more often than not, this is the reason why the property is in the auction.

Any questions or issues need to be dealt with before the date of the auction. Once the bid is closed there is no opportunity for this – and you will have entered into a legal agreement to buy the property within a strict time frame.

Auction packs are available before the date of the sale and it’s important these should be carefully checked by a solicitor.

You should also visit the property and even consider whether to have a valuation or survey carried out.

All this will equip you with the inside track you need to know what you are buying and whether this will present any issues after the property belongs to you.

Solicitors like Milners can review the auction pack and highlight any legal issues that will need to be dealt with, or that will cause you a problem when you come to sell the property.

So it’s vital that you do your research before committing to a home under the hammer. And don’t end up out-of-pocket and having a starring role in another of Martin Roberts’ property disaster anecdotes.

Should you have any questions or concerns regarding property auctions and the purchase procedure, or any other property-related issues, such as conveyancing, please do not hesitate to contact this article’s author, solicitor Elizabeth Shaduwa, or her colleagues the Property team here at Milners on 0113 245 0852 or email us at hello@milnerslaw

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