Going once ... going twice ... going three times ... GONE – And so has your 10% deposit!

But what exactly have you bought? Do you even know?

Buying a property at auction is fun; it’s exhilarating; and it’s quick. You can make a lot of money by buying the right property at low price; it takes away the long drawn out process of instructing a solicitor, waiting for searches, enquiries and everything else to be resolved. So then why doesn’t everyone do it?

The truth is that there is usually a reason a property is being sold at auction. We have been involved in sales of property at auction so we know....

Most people attending an auction do not consult with a solicitor and Seller’s know this and that is why they are selling the property at AUCTION.

They know that most people are not going to speak to a solicitor until after they have
paid a 10% deposit, but we know our clients wouldn’t want to throw that away. This is why we have developed the

"SECURE AUCTION SYSTEM"

If you are buying a property at auction, DO YOU KNOW EXATLY WHAT YOU ARE GETTING???
Well, you may look at the title to ensure it is actually the owner who is selling to you; but what about the rest of the title?
DO YOU KNOW WHAT IT MEANS AND HAVE YOU ACTUALLY LOOKED AT IT???

The majority of properties in the UK are now registered at the Land Registry. Title documents can be half a page long or up to 60 pages long, so which bit do you look at? If a Title document consisted of one line stating; the owner of the property is Jo Blogs then why do Property Solicitors go through years of training in how to read the documents and what they mean? Well, THE ANSWER IS title documents are not that simple and property solicitors are trained to learn a whole lot more, like how to identify whether an old covenant means the property has been illegally built, either in breach of a covenant or restriction; why searches are carried out and what they mean, what covenants are and what affect they can have. IF YOU CAN'T ANSWER these questions, how can you possibly consider buying a property at auction without first seeking legal advice?

You cannot know if the property may have to be knocked down; whether you will be able to RE-SELL the property; mortgage the property; or even own the property without massive expenditure?
All these reasons are why we have put together a very simple system for the benefit of all of our clients who are considering buying property at auction. "The Secure Auction System".
"The Secure Auction System" is simple and works as follows:

1. Choose the property you are interested in;

2. Get in touch. Contact Bains Cohen Solicitors and request a detailed explanation on the Title (report on title) Our telephone number is 020 8252 7373 or you can send us a call back request.
3. We will forward you the complete Report On Title for you to consider and decide if you still intend to purchase the porperty; or

4. You can download the Report On Title electronically using our Online Access System.

5. The Report on Title will give you enough information to decide whether the property is worth the paper the title is printed on! Discover if there are any onerous covenants or whether you’re likely to receive a massive bill just after you move in, and all for a small fee, which if you decide to buy the property, is refunded anyway.

Otherwise

What are you risking?

• 10% of the purchase price as a deposit if you decide to pull out after seeking legal advice;
• The whole of the purchase price if you buy a property you can’t live in

What can you afford to lose?
Not only can we help you with the legal side of things, but from our extensive experience and expertise in dealing with auctioneers and the procedure involved, we can give you tips on how to get the best deal once you are at the auction; some do’s and don’ts so that you can make an informed decision on the big day.

So if you are serious about buying a property at auction, you realy don't want things to go worng.

Pick up the phone now and call us on 020 8252 7373 or send us a call me back request.