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Court order for auction of property despite private offer that way exceeds valuations

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  • Court order for auction of property despite private offer that way exceeds valuations

    Hi,

    My partner, we were not married, but had a house in joint names, and have a son together, went to court in January this year for force of sale. My oldest son from another marriage wanted to buy the property, and was given until February to do so. Unfortunately he could not get his finances until the 27th March, and so the house was put on the market.

    On the 27th of March he put in an offer for the first valuation fee, my partner rejected the offer. He then put in two further offers way above the valuation fee, these were rejected too. In the meanwhile I accepted the offers, and considered the house sold. My partner took me back to court saying that I had not let the estate agents in, which I had not, after they had done valuations etc, because I considered the house sold.

    The judge advised us to negotiate and if no offer was accepted within 14 days then the house would go up for auction. My partner's solicitors have evaded my solicitor, and not answered to any further offers, the last offer being 40,000 over the valuation price of the property. My partner is threatening to take out a court order for my removal fro the property.

    The reason my partner is not in the property is that he committed domestic violence on me, was physically, mentally, emotionally and financially abusive. When I asked him to leave he stopped paying the mortgage and took all the money from the business I helped him build, (my name not being on this), saying that unless i had him back he would get me evicted from the property. I have proof of his abuse as i went to Splitz and the police have records too.

    At first I paid half of the mortgage, then the full amount, but he had took us into arrears by not paying and leaving me struggling financially. So now it seems that my solicitor has not helped me stop this man from yet again financially abusing me by getting his own way of getting me out of the property and taking it to auction where we will get a lot less than my son's private offer. How can this be? I thought that assets were protected by the law? Is there anything i can do? Or do I just stand by and allow him to sell the house for a lot less at auction?

    The property is in disrepair, (thanks to his total lack of responsibility and control over family finance), and we are expected to get not much over 180,000 at auction. The offer from my son, with proof, was 220,000.

    Thanks.
    Tags: None

  • #2
    Re: Court order for auction of property despite private offer that way exceeds valuat

    So why doesn't your son attend the auction and bid for the property?
    Either he will win, or he will push the price up to a more acceptable level.

    Comment


    • #3
      Re: Court order for auction of property despite private offer that way exceeds valuat

      Don't you have to be a cash buyer to bid at auction

      Comment


      • #4
        Re: Court order for auction of property despite private offer that way exceeds valuat

        Originally posted by Lilyanna View Post
        Don't you have to be a cash buyer to bid at auction
        I don't think so ~ https://www.zoopla.co.uk/discover/bu...o81Klx5sodt.97
        3 top tips for auction day

        1: Be 100% prepared

        You’ll typically have to bring two forms of ID to an auction, plus proof that you can afford the 10% deposit. It’s always best to check with the auction house beforehand, though. Leave plenty of time to register and bag a seat that gives you both good visibility of the room and the auctioneer.

        2: Stick to your plan


        Have a bidding strategy clear in your mind – and only bid what you know you can afford. If you change your mind after a successful bid, the 10% deposit is non-refundable. You’re also likely to incur hefty administration fees.

        3: Don’t lose heart


        If you were outbid on the property you wanted, at least you didn’t blow your budget. And, with the experience under your belt, it could be a lot easier next time.
        Debt is like any other trap, easy enough to get into, but hard enough to get out of.

        It doesn't matter where your journey begins, so long as you begin it...

        recte agens confido

        ~~~~~

        Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

        I can be emailed if you need my help loading pictures/documents to your thread. My email address is kati@legalbeagles.info
        But please include a link to your thread so I know who you are.

        Specialist advice can be sought via our sister site JustBeagle

        Comment


        • #5
          Re: Court order for auction of property despite private offer that way exceeds valuat

          As [MENTION=49370]Kati[/MENTION] you don't need to have cash, but you do need to pre-arrange finance.

          Were your son's previous offers based on him obtaining a mortgage?

          Comment


          • #6
            Re: Court order for auction of property despite private offer that way exceeds valuat

            Originally posted by des8 View Post
            As @Kati you don't need to have cash, but you do need to pre-arrange finance.

            Were your son's previous offers based on him obtaining a mortgage?
            My son has MIP all set up

            - - - Updated - - -

            He had MIP all set up with proof

            Comment


            • #7
              Re: Court order for auction of property despite private offer that way exceeds valuat

              As long as your son knows that if he is successful at auction, he will have to come up with 10% immediately and the balance within 28 days, he will be ok. I'm not sure what you mean by MIP, has there been a survey of the property by or on behalf of his proposed lender? The potential risk of buying at auction on finance is that if for any reason, the finance falls through, your son is liable to go ahead with the purchase and can be sued if he does not

              Comment

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