A family member is interested in a flat being sold by iamsold auctions. Has anyone dealt with them ? Anything to watch out for?
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No experience of iamsold but local estate agents gave up on the modern method of auction because no one bought them. Biggest problem I see is that you hand over a wadge of money before you find out something that means you don't want to buy it anyway (or lender won't lend etc). Ordinary auction is dodgy enough but at least you have a legal pack before bidding. -
The big fee (£6k min.) is non-refundable; if you don't complete in 56 days then they can cancel the sale and keep the money. Even if you are waiting for searches etc., the seller is not obliged to extend this period.
In their t&cs - if your solicitor doesn't reply to the draft contract within 5 working days, then you are in breach and they can keep the money. etc.
It's not an auction in any real sense - it's just a way for the seller to push the commission costs etc. onto the buyer.
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Thanks for the response. So it would only make sense if you are a cash buyer and its very cheap!Comment
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Disagree, cheap doesn't mean there isn't a property willing to become the next money pit. Will any type of property/ Investment, you need to do your homework, with Auctions you have limited time to get all the information you need to make an informed decision. You need to factor this into your bidding.Originally posted by Codger View Post
The major issue I find is not usually the with the property, as you can throw as much money at the problem to resolve it, what is out of your control is usually the management company, if they are bad or non-responsive.
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Attached the snippet of the title register (apologies the picture quality isn’t the best but I think you can make out the content).13-08-2022, 17:33 PM
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Hi all,
This is my first post here.
I am currently in the process of buying my first home so therefore I am not overly familiar with the processes and legalities of everything. This week my solicitor sent me many documents including the house title plan and title register extracts....13-08-2022, 17:32 PM -
Reply to CPO indemnityNow we know for certain that the CPO was registered in 1983 we can assert that "there was no CPO revealed in the searches" is a statement worthy of an Old Etonian because it is strictly true but misleading. When you purchased, the seller's conveyancer would have submitted various documents...12-08-2022, 15:12 PM
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Hi all,
Looking for some guidance on a mortgage that I am going through,
I own a property outright and my mortgage company noticed there is an CPO order showing on land registry from the 1980s and requires myself/solicitors to purchase a cpo indemnity policy to protect itself....10-08-2022, 20:43 PM -
Reply to CPO indemnityThe date on the land registry is the 23.02.1983.
I only found our about the charge when going through the mortgage.
I suspect (and I could be 100% wrong) that as I brought the house cash only, there were no mortgage conditions etc the convayoncer would have to meet in order...12-08-2022, 09:44 AM -
Reply to CPO indemnityThat is not making sense. If the CPO dates back to the 1980s no way would it have been registered after October 2021. In the unlikely event it was you would have been given written notice. Have a look at the relevant entry on the register. At the start in brackets is a date. What is it?...12-08-2022, 08:42 AM
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Reply to CPO indemnityHi lawcruncher
I brought the property in October 2021, my conveyancer mentioned recently that at that time "there was no cpo revealed in the searches to make this necessary" I was asking if they purchased a cpo indemnity policy
The CPO is showing on land registry....12-08-2022, 08:08 AM -
I am selling ne of my properties.
The sale is being held up as the freeholder, (Homeground), is refusing to provie information to my solicitor which has been requested by my buyer's solicittor as the ground rent is outstanding.
I pay the ground rent monthly along with my...10-08-2022, 09:58 AM -
Reply to problems with a freeholderNo ground rent is owing, it is paid monthly with the service charges to the HA. The buyer is aware of the nature of the HA and the freeholder as thy already own a flat in the lock....11-08-2022, 14:19 PM
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Reply to CPO indemnityThe first and important point to make is that a CPO must be exercised within 3 years. There may be some doubt about precisely when the 3 years starts, but there can surely be no doubt that a CPO made in the 1980s is now a dead letter. Either it was never exercised or, if it was, it related to a part...11-08-2022, 09:07 AM
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