buying at auction

Jjax8

Hi Guys

I know the title would suggest I should run a mile. But I am speculating without exact knowledge. Maybe someone could have a look and give an opinion. I intend seeking legal advice anyway.

I am looking at this property up for auction to make my family home. Cant post URL its allsops catalogue lot 249
Basically I have a partner and children and currently rent. Good friend with cash has asked me to take a look at it with a view to him loaning me the money to buy it and fix it up. Further down the line the idea would be that I would mortgage it and repay them.

However looking at the folios for this house it appears the gable end and the shed is on an unregistered piece of land that is not included in the sale. How very strange, and yet planning and retention were passed. There are a no of legal docs etc pon the allsops site that seem to suggest that the previous owner maintained some kind of squatters right to the strip of land.

But if i went ahead and bought it, wouldnt it be impossible to mortgage in the future?

I know the initial reaction is to run a mile...but perhaps it is more clear cut than i think? Otherwise how was it sold previously and planning obtained and retention received?

Very curious

coylemj

Nobody here can give you any kind of answer other than run a mile or pay a solicitor to check it out, your choice.

Mr. Incognito

You need to talk to a property solicitor.

Seriously.

Jjax8

Hi

Yes I will see a solicitor. I dont know if there is an actual problem. I'm speculating from what I can make it. I just wondered if someone had an opinion after reading through the legal attachments to this on the allsops website.

coylemj

If you buy the house, the Revenue will want your PPS number and will probably ask you where you go the money so make sure your 'friend' isn't using you to launder his hot cash - just a warning. Why doesn't he buy the house and put you in on a low rent? It has the look of a situation where he wants someone else to front a deal that he doesn't want exposure on.

the_syco

Google map image from 2009; http://goo.gl/maps/rpjrU

You should look into how often the river overfloods.

Jjax8 wrote: »

I just wondered if someone had an opinion after reading through the legal attachments to this on the allsops website.

I'm taking it you don't have access, but hoping someone on here does?

Victor

If you want a proper opinion, you need to pay a solicitor.

If the land is unregistered, it is quite likely that this is the reason it is at auction, but there may be other reasons. Auctions are binding and that's why they are used to sell off 'special' properties, typically ones with special advantages or disadvantages.

Why would you enter an arrangement to buy at a future date from a friend who is buying now? With all the inherent risks. Potentially, you are risking the friendship.