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Original poster

Buying Land from auction - help!

13 replies

LandLover123 · 04/10/2017 08:55

Hello,

NC as outing.
Some land has come up for sale behind our house. We want to try to buy it as concerned that someone will build on it. There are quite a few trees with TPOs on them which I'm hoping will put people off and the plot isn't massive. The land is currently owned by a national company.
Anyway, we have already put in an offer via the auction company, but haven't heard anything so assume they have rejected it.
It looks like we are going to have to go to auction but I have no idea what to expect. Is there anything I need to know/take with me. Do I need to have a solicitor lined up in case we are successful?
Also, if anyone has any words of wisdom in buying Land in general it would be much appreciated!
Thanks

OP posts:

MissTook · 04/10/2017 09:19

Check the legal pack before the auction, OP and don’t just
skim over the mineral rights.
Some of these national companies have their cake and eat it
when it comes to selling land.
Good luck.

Ttbb · 04/10/2017 09:28

Make sure that you have the money on hand in the event that you are successful.

senua · 04/10/2017 09:35

How does the guide price compare to your offer price. Are you sure that they received your offer.

Get a solicitor to check it over before the event, not after. They can also give you the guidance you are looking for.

Original poster

LandLover123 · 04/10/2017 09:50

Thanks for all of your advice.
The offer was 20% over the guide price - is this reasonable?
The auction company say that they have sent it.
I will contact a solicitor.

OP posts:

senua · 04/10/2017 09:59

As a matter of noseyness interest, what are you going to do with the land once you have it? Will you have to pay rates on it?

Original poster

LandLover123 · 04/10/2017 10:20

What rates do you have to pay (these are the things I really should know!). From what I've read no extra rates. To be honest, we've thrown ideas around but most likely use would be to extend our garden and add extra parking - we can then possibly extend our own house in the future.

OP posts:

DancingLedge · 04/10/2017 10:43

1.Get solicitor to look at legal pack

Explore the mechanism for paying the deposit and fees, as this is required within hours of end of auction
If you want to change a field to garden, you'll require planning permission. You may or may not be able to have an exploratory phone call about that with your local planners, depending on which council.

If your current offers not accepted, the sellers want to see if they can get more on the day. You need to be clear on how high you can possibly go.
Make sure you have complied with every registration requirement, with the auction company, so that your bid will be accepted on the day.Position yourself at the back or side of the auction room if you want to see who else is bidding. If at any point you're not clear ,sing out- was that my bid? Or if auctioneer is taking it up in £5,000 s, don't be shy to call out a bid that's only £1000 more.
Good luck.

MissTook · 04/10/2017 21:54

Another thing OP, there are rules concerning what land can be used for
making a garden. Don’t assume you can’t make a garden on the patch of land.

MissTook · 04/10/2017 21:54

*Meant, don’t assume you can

MissTook · 04/10/2017 21:55

can arrrghh.

Original poster

LandLover123 · 05/10/2017 09:00

Thanks for all the info guys - it's really helpful. Even if we can't do anything with the patch of land, it is preferable to own in than having a house built on it. I am going to speak to the council though. It is basically an overgrown mess at the minute!

OP posts:

SunWindSun5 · 05/10/2017 17:23

An auction normally charge a set fee per item sold and it must be paid within in set timescale possibly within that day or up to 7 days, find out before the auction. To buy the land you can probably pay 10% on the day, then there will be a set timescale when all money must be paid in full. Find out before the auction. You will probably need a solicitor too, but the auction house can probably recommend one to you. Read the legal pack before auction about what you are buying and what you can and can't do with the land

origamiwarrior · 05/10/2017 18:56

If it's being sold by a national company I would expect there will be a clause in there entitling them to a percentage of any uplift in value in the event of the land getting planning on it (note, just for getting the planning, not necessarily even building).

So check this out.

Further, if you are planning to extend your garden/build extension, it will be really important to get advice to see if your plans for the land will invoke such a clause (garden land has a higher value than agricultural land)...

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