Pitfalls of Buying Property at Auction

You are at your first auction, you get swept up with all the excitement, and make your bid. You have been successful.

 

What can go wrong? The answer is plenty. Some of the legal problems that you may encounter include:

 

  • Leases not registered at the Land Registry, so they are void which damages investment values
  • Recent covenants blocking development
  • Undisclosed legal proceedings to forfeit the main lease of the building
  • Vat payable, but irrecoverable by the buyer
  • No legal rights of vehicular access or to use services

 

Stephen has considerable experience of helping auction buyers in trouble, so please call him on 01727 858807 or email at slarcombe@labrums.co.uk