Island knowledge, national expertise

Auction Sales & Purchases - Legal Services on Isle of Wight

Buying a property at auction offers the chance of a tempting bargain or an unusual property such as a folly or a lighthouse which cannot be valued through conventional means. 

Your successful bid is a binding commitment. to buy and has all the legal obligations of a conventional contract.

Before a sale, the auctioneers usually provide a catalogue giving details of each property. This catalogue is sent to anyone who requests it and gives prospective buyers a chance to arrange a viewing before the sale.

If you are interested in a property in the catalogue, you should find out all you can about it before the day of the auction. For example, you should:

  • Look into the history of the property
  • Investigate the location
  • Check the state of repair.
  • If possible, have a chat with one of the neighbours and make sure that the catalogue description and estimated guide price match the market value.
  • If you’re concerned about the condition of the property, it could be worth involving a surveyor and maybe a builder as well to find out how extensive the renovations required are and how much they will cost to undertake.

After these investigations contact the Glanvilles Damant Property Team for support on how to proceed.

Adding certainty to uncertainty

First of all, Glanvilles Damant will check the catalogue conditions of sale and advise on any legal issues therein. We’ll carry out all the usual land and property searches for you to make sure there are no nasty surprises later. If you are thinking of making alterations to the property, we’ll ascertain whether there are any potential problems with your plans.

If everything is in order, you can go ahead and make your bid: 

  • You’ll need a 10% deposit on the day of the auction, so you’ll need to make financial arrangements to make sure these funds are available. 
  • If your bid is successful, the remaining 90% needs to be paid within 28 days or you lose your deposit.
  • If you need a mortgage, Glanvilles Damant can help you arrange a mortgage in principle with a bank or building society in advance of the auction.

Your successful bid is a binding commitment to buy and has all the legal obligations of a conventional contract.

Copies of the seller’s legal documents will be lodged at the auctioneer’s office. You need to make sure these are handed to the Glanvilles Damant Property team as soon as possible to ensure that the property is legally yours within 28 days of the sale.

 

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