Going halves with Neighbour at public auction

abnormalnorman

Hi,

There is a large parcel of land for sale near me, 50 acres, by public auction and Id only have the money for half of this.

A neighbour of mine is in the same boat.

Other neighbours may be interested in all of it.

If I was to bid on this on public auction, with the intention of my neighbour taking half of it, agreed beforehand, how would this be arranged? Could we get a solicitor involved beforehand to make it legal? ie - i dont want to bid for it, win it, and then my neighbours decides not to take his half, then im stuck with bill of about half a million!! :eek:

cute geoge

Get solicitor to bid both parties would have to pay deposit on drop of hammer .If you buy at auction will you lose your deposit if deal falls through?

Bass Reeves

cute geoge wrote: »

Get solicitor to bid both parties would have to pay deposit on drop of hammer .If you buy at auction will you lose your deposit if deal falls through?

You can lose more than your deposit. If the land is resold and fails to make previous price you are also responsible for difference between your bid and the new selling bid as well as any costs involved.

However any solicitor involved can draw a legal agreement to resolve this. If you let a solicitor bid he can and will go no further than instructed. As well he will not be able to use his judgement if land is being puffed or if other bidder is genuine.

kk.man

abnormalnorman wrote: »

Hi,

There is a large parcel of land for sale near me, 50 acres, by public auction and Id only have the money for half of this.

A neighbour of mine is in the same boat.

Other neighbours may be interested in all of it.

If I was to bid on this on public auction, with the intention of my neighbour taking half of it, agreed beforehand, how would this be arranged? Could we get a solicitor involved beforehand to make it legal? ie - i dont want to bid for it, win it, and then my neighbours decides not to take his half, then im stuck with bill of about half a million!! :eek:

A place near me went for sale two neighbours joined together however the fella bidding reneged on the 'agreement' after the auction.

BENDYBINN

kk.man wrote: »

A place near me went for sale two neighbours joined together however the fella bidding reneged on the 'agreement' after the auction.

I’d say he has a full time job keepin the walls built.

patsy_mccabe

Deffo a job for a solicitor. Talk to one beforehand but he doesn't necessarily have to do the bidding.

kk.man

abnormalnorman wrote: »

Hi,

There is a large parcel of land for sale near me, 50 acres, by public auction and Id only have the money for half of this.

A neighbour of mine is in the same boat.

Other neighbours may be interested in all of it.

If I was to bid on this on public auction, with the intention of my neighbour taking half of it, agreed beforehand, how would this be arranged? Could we get a solicitor involved beforehand to make it legal? ie - i dont want to bid for it, win it, and then my neighbours decides not to take his half, then im stuck with bill of about half a million!! :eek:

BENDYBINN wrote: »

I’d say he has a full time job keepin the walls built.

The other fella should have known better!

Grueller

kk.man wrote: »

A place near me went for sale two neighbours joined together however the fella bidding reneged on the 'agreement' after the auction.

That happened near here too when the land made 4k an acre less than the 2 expected. Fierce bad blood there now.