Archives: FAQ

Failure to complete is a breach of contract and can bring significant penalties. This will usually include forfeiting the 10% deposit and any other fees paid out. Such situations are very rare, they can be costly to the buyer that doesn’t complete, and you would be advised to take advice from your solicitor regarding any other consequential claims that could be made against you and what other obligations you might have. Buyers in this predicament may wish to explore the possibilities of short-term finance and put in place a plan to resell the property quickly after completion.

If you find yourself in this situation, please discuss this with your solicitor and the auctions team.

The most common circumstances are;

• Properties without a kitchen or bathroom.
• Properties with any kind of structural defect, damp, dry or wet rot.
• Properties close to mining works, areas of landfill, areas of recent flooding or subsidence.
• Leasehold properties with a short lease, typically less than 70 years, or a defective lease.
• Where there are boundary disputes or where planning applications have not been applied for correctly.
• Derelict property or where part of the building is in severe disrepair and needs demolishing.
• Properties of non-standard construction. Standard construction has brick or stone walls with a roof made of slate or tile, so anything that differs from this will be classed as Non-Standard.
• Some properties with sitting tenants or regulated tenancies.
• All properties with a value below a threshold, sometimes stated as £40,000.

Any property falling within this category will be clearly marked as ‘Cash Buy Only’

Standard settlement in an auction purchase is 28 days, however this can vary and may be shorter or longer. Any variation to this period will be included within the Special Conditions and your solicitor will be able to advise you further.

A survey isn’t compulsory, but if you are unsure about the structure or condition of the property then you might wish to instruct a surveyor, an engineer, or your builder for advice. If the property in question is in Scotland, there will be a Home Report available, which should be read in full.

As soon as the property has reached legal completion, you will be the owner and keys will be released to you as soon as is reasonably possible.

An ‘Open Viewing’ is exactly as it sounds. We will advertise a set date and time, where our viewing agent will be in attendance and the property will be available for all interested parties to look around.

LINK TO WHY BUY AT AUCTION PAGE

A Reservation Fee is normally associated with properties sold under the Conditional auction method. This is where the successful bidder secures an exclusivity period (usually 20 working days), during which time they will finalise any mortgage that they require and move the legal process through to exchange of contracts. The reservation fee is non-refundable is paid by the purchaser to secure the exclusivity period. Details of this fee will be shown within the property details.

Disbursements is the collective name given to additional charges incurred by the purchaser as part of the sales contract. These could include cost of searches, legal fees, additional documentation and supplements. They will become payable on completion. Please refer to the Special Conditions of Sale or your solicitor for more details.

Any and all additional fees will be included within the property particulars and within the Special Conditions contained in the Legal Pack. You should be fully aware of how much you will be expected to pay should you be successful.