Inhibition on property bought at auction

DELETE

[Crazy council]

Re: Inhibition on property bought at auction

Hi

Whats your paperwork with the actuion say if she breaks the terms ( like 28 day possesion ), If she didnt inform the auction house that it was tenated, you could say she withheld material facts. You are supposed to check everthing yourself when buying at acution, but i beleive there are protections for the buyer against the seller intentialy missleading anyone.

How much is the debt, ( as you may negoteate the price down by that depending on terms from the sale )

Maybe consider ther seller might be on the endge of having the property repoed, and maybe trying to squease as much cash out beofre it goes. ( like rent ) ( just a guess ). Do you know what the morgagee outstanding is. Does the morgagge, plus this other debt, leave the property with much equity

Terms and conditions of the sale from the auction house, would be usefull, if you can posty them up without any personal details or property address

[varis_creations]

Re: Inhibition on property bought at auction

DELETE

[Crazy council]

Re: Inhibition on property bought at auction

Hi

Had i quick look but will read them properly tomorrow, am not sure on this, but, from what i can tell, its the origional owner thats responceable and can not transfair the property without perminnion from them or clearing it .. or .. They should have informed the auction of the issue BUT AM NOT SURE

heres a decent write up https://rosdev.atlassian.net/wiki/di...+Adjudications

and this may be relevent
https://shepwedd.com/knowledge/new-r...cting-property

Was it registered after the paperwork for the auction was subbmitted by the seller ?

[Diana M]

Re: Inhibition on property bought at auction

You're meeting your solicitor today so hopefully you'll get a full answer to your question.

I don't know at what stage they (your solicitor) became involved but they should have checked everything before you finalised the deal (missives are concluded).

Property buying/selling in Scotland is very different from the rest of the UK. In Scotland your commitment becomes legally binding early on > http://scotland.shelter.org.uk/get_a...ising_the_sale

As has been said you could try to bargain downwards for the amount owed to the creditor but if the property was in auction then it was probably sold below market value.

You paid £80k so what is it worth on the open market?

Was it in auction because it had structural problems (unable to get a mortgage) or was the seller in need of a quick sale?

Di

[Crazy council]

Re: Inhibition on property bought at auction

Hi [MENTION=102795]varis_creations[/MENTION]

Let us know how you get on with this if you can,