Property At Auction - Be Careful

Bigus · 20-02-2020 11:33pm

Claw Hammer wrote: »

This has nothing to do with the qualifications of the receiver. He will have instructed a solicitor to guide him in the conveyance.

If the receiver’s a chancer it has, who do you sue when it goes tits up ? All receivers aren’t equal and this point is a vital part of the due diligence process.

Claw Hammer · 25-02-2020 4:05pm

Bigus wrote: »

If the receiver’s a chancer it has, who do you sue when it goes tits up ? All receivers aren’t equal and this point is a vital part of the due diligence process.

You sue your own solicitor for not spotting the problems with the title. If you are stupid enough to bid on a property without having the title and the contract checked by a solicitor, its tough. There will most likely be no one you can sue successfully. the equality of receivers has nothing to do with the quality of the title offered. All the receiver does is take possession or control of the property and instruct a solicitor to prepare a contract offering whatever title is available and disowning all responsibility on the receiver.

Bigus · 25-02-2020 8:52pm

Claw Hammer wrote: »

If you are stupid enough to bid on a property without having the title and the contract checked by a solicitor, its tough. There will most likely be no one you can sue successfully. the equality of receivers has nothing to do with the quality of the title offered. All the receiver does is take possession or control of the property and instruct a solicitor to prepare a contract offering whatever title is available and disowning all responsibility on the receiver.

Don’t be casting aspersions on me , I don’t bid on properties without checking out titles as stated above.

25-02-2020 8:58pm

Bigus wrote: »

Don’t be casting aspersions on me , I don’t bid on properties without checking out titles as stated above.

But what you are posting about GDPR, PPS numbers and Receivers just doesn’t make any sense. There would be no GDPR issue with the seller or their agent providing the necessary information to register a Title, the vendor/Receiver would supply a PPS as part of the legal pack/contract and the Receiver’s honesty has little baring on the auction, they just provide what info they have, then it is up to your Solicitor/you.

You don’t sue the Receiver if you end up in the mire after you buy at auction, you talk to your own solicitor and ask how they messed up, or if it’s a structural issue, you ask your surveyor how they missed it, if you didn’t take legal/surveyor advice before bidding, you ask yourself how you messed up.

Bigus · 25-02-2020 11:26pm

Dav010 wrote: »

But what you are posting about GDPR, PPS numbers and Receivers just doesn’t make any sense. There would be no GDPR issue with the seller or their agent providing the necessary information to register a Title, the vendor/Receiver would supply a PPS as part of the legal pack/contract and the Receiver’s honesty has little baring on the auction, they just provide what info they have, then it is up to your Solicitor/you.

You don’t sue the Receiver if you end up in the mire after you buy at auction, you talk to your own solicitor and ask how they messed up, or if it’s a structural issue, you ask your surveyor how they missed it, if you didn’t take legal/surveyor advice before bidding, you ask yourself how you messed up.

I haven’t messed up, and unlike others here I have successfully bought and completed purchases through bidX1, however some here are misinterpreting what I have said with other posters issues.

However on the receiver point , there’s a world of difference dealing with somebody like Ken Tyrell of PWC versus an unqualified uninsured mucker , who’s biggest attribute is pig ignorance.

A wise old time solicitor, once told me that no contract is watertight if you know your dealing with chancers.

Also good luck to those who think they can successfully sue their solicitor here in Ireland and get paid out, that’s la la land thinking. The buck stops with your own judgement.

26-02-2020 5:34am

Bigus wrote: »

I haven’t messed up, and unlike others here I have successfully bought and completed purchases through bidX1, however some here are misinterpreting what I have said with other posters issues.

However on the receiver point , there’s a world of difference dealing with somebody like Ken Tyrell of PWC versus an unqualified uninsured mucker , who’s biggest attribute is pig ignorance.

A wise old time solicitor, once told me that no contract is watertight if you know your dealing with chancers.

Also good luck to those who think they can successfully sue their solicitor here in Ireland and get paid out, that’s la la land thinking. The buck stops with your own judgement.

Ok Bigus, I’m not sure what point you are trying to make, but it certainly isn’t helping anyone considering buying at auction. Sales by Receivers are fairly common at auction. The Receiver is appointed by the lender who leant the money to the buyer, they are usually accountants and their sole aim at Auction is to sell the property if an acceptable bid is made.. There is absolutely no GDPR issue with the information your solicitor would request, the Receiver is acting for the owner, the Bank, and would have authority to give you information relating to the sale. Why would a bank sell a property at auction, then refuse to give you the info to register the title on GDPR grounds? It’s nonsensical.

It’s up to your solicitor to make the contract watertight, that is why property purchases are not covered by consumer law, you have the benefit of legal representation. Buying at Auction is straightforward in many ways, but there is often a good reason why the property is being sold this way, it is up to you/your solicitor to do your homework, but claiming a purchase was frustrated due to GDPR regs is strange, the seller/Receiver would need to provide the PPS info in the contract of sale. The Receiver is just a paid agent working on behalf of the bank, your contract would be with the person/institution who appointed him/her.

Since October 2019, if you have a complaint against your Solicitor, you can make it to the Legal Services Regulatory Authority.

Claw Hammer · 26-02-2020 4:40pm

Bigus wrote: »

I haven’t messed up, and unlike others here I have successfully bought and completed purchases through bidX1, however some here are misinterpreting what I have said with other posters issues.

However on the receiver point , there’s a world of difference dealing with somebody like Ken Tyrell of PWC versus an unqualified uninsured mucker , who’s biggest attribute is pig ignorance.

A wise old time solicitor, once told me that no contract is watertight if you know your dealing with chancers.

Also good luck to those who think they can successfully sue their solicitor here in Ireland and get paid out, that’s la la land thinking. The buck stops with your own judgement.

If you are buying from a receiver at auction you are dealing with the solicitor appointed by the receiver. Solicitors have been successfully sued in Ireland when the have messed up. If they are not involved and don't do anything they can'y be sued. The fact is if you are buying at auction and it goes tits up you ay not have aybody to sue. you have more rights buying a mouse tap from a shop if it goes wrong that you do against the vendor of the house you intend putting the mousetrap into.
Your claims about buying at auction don't ring true to me. You think you should be able to sue somebody anytime a transaction goes wrong. Receivers have to give conveyancing work to solicitors, by law. Receivers are very unlikely to be qualified in conveyancing and it doesn't matter a damn who they are or what qualifications they have. They are usually appointed by banks who make a commercial decision on who to appoint.

looksee · 26-02-2020 5:00pm

One of the very basic things to do when initially looking at a house for sale is go on to Land Direct, find the property, and just look at the boundaries and whether it is freehold or leasehold. In most cases this is very easy and free to find out and only needs access to a computer, you don't need any legal skills - though having done that you follow up by consulting your solictor.

This is an amazingly efficient service provided by the Land Commission, and I was very surprised to find out you cannot do this in the UK.

aqn29swlgbmiu4 · 26-02-2020 9:00pm

Hi Sydney77, I know the exact property you are referring to. I went to view it about 3 weeks ago as it was up for sale again. I asked the agent at the viewing why it was up for sale again after it had been sold in Nov, and they said the previous buyer couldn't secure a mortgage. I queried later on what did the 71 years on the lease mean and what would happen when it was up and she said to ask my solicitor.

The property went up for auction and didn't sell so it was put up for auction again on the same afternoon and was sold to a single bidder who bid a grand above asking price.

The apt had a lot of potential but it was only when I sat down to think about it that I remembered 3-4 other apartments in the complex going up for sale in the past year.

When I saw this thread I nearly fell through the floor!

Property At Auction - Be Careful

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