Property Purchases that are sure not to break the bank!
Posted on 29th January 2020
When saving up for a new home, on average, prospective buyers are, in most cases, asked to have a 10% deposit in place to secure the same.
Our solicitors in Preston have recently discovered up to twenty-five homes across Merseyside, Doncaster, Rotherham, Sunderland and Newcastle that are, staggeringly, being auctioned with a starting price as little as £1.00! This could put an end to those harsh spending cuts many face when saving for a property.
The properties range from one, to two, bedroomed properties and are all in need of substantial works, in order to make them satisfactorily habitable. If, however, like our conveyancing solicitors, you like a challenge, this could be your next venture. The properties are to be marketed at Bond Wolfe Auctions’ in Birmingham, and could be the next best bargain for potential buyers and investors.
This may be music to the ears of the prospective buyer clients of MG Legal Solicitors, however, with auction properties, there are a number of factors that should be considered before proceeding. See our blog, with our conveyancing solicitor’s top tips for purchasing auction properties, for more information.
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There are certain ways in which an auction purchase differs to the standard conveyancing purchase transaction which, in many cases, is making them increasingly popular. The main difference is that Contracts are Exchanged on the day of the auction itself, with Completion to take place strictly within 28 days.
At Exchange of Contracts, you are entering into a legally binding Contract, therefore, it is important that you do your research beforehand, and know what you are getting into. In a standard property purchase, this would be the role of MG Legal’s conveyancing solicitors, whom would carry out the necessary due diligence on the property before you Exchange and become legally bound to purchase.
Where, however, you are satisfied, and have done your research on the property and sought advice on the legal pack, auction properties are an effective way of achieving a speedy Completion. At MG Legal, we understand that a quick turnaround is the aim of the majority of our clients. Our team are often praised for the same, however, do always ensure that your interest, as the buyer, is protected.
With an auction purchase, a copy of the legal pack will be available for download ahead of the auction. Our solicitors in Preston would strongly advise obtaining advice on the same before attending. Although no enquiries, as such, are raised on the legal pack, this does allow you, and your conveyancing solicitor, the early opportunity to review the relevant property documentation. It would be, at this stage, where our solicitors in Preston would review various title documents, property searches and relevant certificates. This would allow any potential adverse issues to be revealed before the auction itself and, more importantly, before you have legally Exchanged Contracts. This way, you are better equipped to attend the auction and are able to make an informed decision as to whether you do, in fact, wish to purchase, and at what price.
If you plan to purchase a property at auction, always consult the advice of our solicitors in Preston first. Contact our expert team today, at property@mglegal.co.uk, who will be delighted to assist you in your new venture.
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