Anyone with tips on buying land at auction?

[CheeeseOnToast]

DP and I are looking to buy a plot of land at auction, on which to build a house. We still need to do a lot of research into buying a plot with planning permission in place (and whether or not we can change the design of the build, as DP would design it himself), but just wondered what the best auction services are?

And if anyone had any tips on buying land in general? We are also considering buying a dilapidated old house, to rebuild, or a bungalow to extend. So just doing research at the moment really.

Does anyone have any experience in this?

We'd be looking in South East, somewhere between Essex and Hertfordshire (not settled yet on location either)

Can I be a real pedant and say there is nowhere between Essex and Hertfordshire since they share a county boundary?

Ok, somewhere around the border of Essex and Hertfordshire

When you go to the auction, take someone with you to watch the other bidders.

Ime, many auctions are well and truly rigged.

Really, melted? So some are rigged so a pre agreed person gets the property? how can you tell? didn't realise that went on...

Its just that whenever I've been, and from friends who have tried to buy at auction, the bidding process is not straightforward and everyone comes away feeling like the auctioneer was in cahoots with someone or pushing up the bidding.

However its something that is almost impossible to find hard evidence for...

I guess you should deffo go to a few and see how it all goes. Watch the bidders, watch the autioneer's body language as he gets near the reserve, etc.

Maybe I just live in Cowboy Country!

Hmm, that's interesting, thanks melted, I will definitley keep an eye out. It's a good idea too to go along to a few to get the gist of how it all works, before we go to one with the intention of buying. Thanks!

Any other gems of wisdom?

Remember you will need to settle the deposit in cash (not REAL cash, I mean a cheque or banker's draft) on the night, and settle the whole amount within a fortnight. (Most agents will not accept bagfuls of dosh due to the theft risk - many auctions take place in pubs in the evening).

You can often do the "searches" yourself - the agent may have a copy of the deeds and all previous paperwork ready for inspection in their office a few days before the auction.

Also look for land on rightmove, you can specify an area and see what's available.

Yes you can buy a plot with detailed planning permission and then put in another different application/design. It depend where it is, the important thing is to have in-date planning permission as that establishes the principle.
We did this our plot had permission for a hideous bungalow and we re-applied for a much bigger 2-storey house. The other good thing is that if you don't get permission for the second design then the first one still stands.

The other thing to look out for is proximity to services, water etc. and check the detail of the plans to make sure there are no ransom strips etc.

Have you looked at plots on Plotfinder?
www.plotfinder.net/

It is a subscription service, but not a huge amount and has some that are not advertised with estate agents. I also think (but check it) that they make sure that the plots/redevelopment opportunities they advertise are ok, as it were.

There are two benefits with a new build, you can get the full vat back on a new build, I think its only 5% for a renovation and even on just a £100k build thats £17k at practical completion. The other is that often is less of a risk in that once you are out of the ground there are few surprises whereas a renovation of older properties there are always things to surprise you, like no foundations.........

Hope that helps, we are getting our foundations poured on Tuesday so busy marking things out on the plot this weekend.

Its a good time to buy as many small developers/builders are are off-loading plots in this difficult economic time....