Buying a property at auction

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ATC110

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How long does a solicitor need to peruse the legal documents prior to the auction date?

Is two weeks enough time?
 
Inform the solicitor dealing with it that it's going too auction and they should have the legal pack reviewed within days,not weeks.
The fee you pay for the legal pack review might be slightly higher than a normal sale due too the quick time frame.
 
Pinoy adventure said:
Inform the solicitor dealing with it that it's going too auction and they should have the legal pack reviewed within days,not weeks.
The fee you pay for the legal pack review might be slightly higher than a normal sale due too the quick time frame.
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How much should I expect to pay for the review?
 
We ended up paying €750 +vat for review and did not proceed.
We later purchased with another solicitor who charged us €500 + vat however that came off the total as we proceeded with that sale.
Make sure you get written quotes as you might not proceed with sale or secure the winning bid
 
That's an unbelievable amount...

It's a receiver sale who is a well-known financial services company.

I've gone through the legal pack myself and can't see anything untoward. The access is directly onto a public road so there's no issues there.

I realistically don't stand much chance of being the successful bidder hence I'm reluctant to incur costs..
 
Always shop around for prices for the review.you can do yourself but run the risk of being burned (in some cases badly),so for the sake of a few hundred euro it would be money well spent.
There is also fees for a survey too be considered too befour the auction.
Set your limit and stick with it if going for it.
Auction day is always a fun day,there may be zero bids or hundreds.best of luck if your going for it.
 
Pinoy adventure said:
There is also fees for a survey too be considered too befour the auction.
Set your limit and stick with it if going for it.
Auction day is always a fun day,there may be zero bids or hundreds.best of luck if your going for it.
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Do you mean a structural survey? It's derelict so I'd take my chances on that.
It's hard to assess a limit - what it's worth and what it'll go for are quite different. The market is massively overinflated.

I think there'll be lots of bids based upon the interest so far.
The adjoining land is developable too so I can see the owner of that wanting to tag this on for a larger development.
Thank you!
 
Treat it like putting a tenner on the Grand National; if you win well & good; and if not, you've had a fun day out.

Don't ever bet money you can't afford to lose.
 
Thirsty said:
Treat it like putting a tenner on the Grand National; if you win well & good; and if not, you've had a fun day out.

Don't ever bet money you can't afford to lose.
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Well I couldn't afford to lose the amount of the bid:oops:
 
Eh? How would you lose what you bid? If yours is the highest you buy the item, if not you pay nothing. That's how auctions work.

It's the costs of the pre-work (legal / surveys etc) you have to treat as a bet.
 
Thirsty said:
Eh? How would you lose what you bid? If yours is the highest you buy the item, if not you pay nothing. That's how auctions work.

It's the costs of the pre-work (legal / surveys etc) you have to treat as a bet.
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Okay, that wasn't the way it was phrased. It's an expensive gamble with the amount suggested just for a legal review
 
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