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Original poster

Auction - can this work? How?

420 replies

LoonyIdea · 03/07/2022 17:45

Here’s the bare bones:

I’ve seen a house I love, and it’s up for auction on July 21st with an auction house.

It’s a G2 listed house with some land.

It was previously on with A normal agent and an offer was accepted at £500k but it didn’t complete as the buyer’s solicitor wasn’t happy with a building certificate related to the underpinning. The old agent revealed that they believe the reserve to be £500k.

It is owned by MAG (Manchester Airport Group) who bought it as a compulsory purchase as a part of the A development, which never happened. They sold a lot of their portfolio but kept some with land, and this has been rented since.

My position:

I bought my husband out of my house as a part of our divorce and I now have a mortgage of £195k. My house is very saleable, on a popular estate and worth about £700 on a good day, £670 on a bad one. (Based on 3 local agents)

It was recently valued at £631 for the purposes of the remortgage as that was the figure I’d agreed with my husband some time ago.

I can put my hand on about £20k cash and everything else is in pension and in this house.

I earn £40k, PAYE.

And I really want to buy this house! How can I make it happen?

I had thought I might ask the seller to accept an offer prior to auction but if it’s ordinary auction terms then that doesn’t help me - I need more time, as it’s a cash flow issue.

I’m willing to pay a bit more for it and would go to £520 which I don’t think they’ll get at auction. The guide price is £475.

The house is uniquely unattractive to other buyers - it’s hard up against the motorway the plot is a Scheduled Ancient Monument, and the majority of the land at the back has no vehicular access at all. You can get a mower or a horse in and that’s it. And the house is a (properly underpinned) wreck. I however, love it and it would suit me perfectly.

im talking to some “we buy any house” sites and they’re talking about 75-90% of market value and could complete within a few weeks.

How should I proceed? Is this even possible?

OP posts:
meadowbleu · 27/07/2022 15:39

Thank you for the messages. I'd found that link earlier but not spotted the lot. I know, I know, how remiss.

They were right, lots of interest and it whizzed up.

Sorry @LoonyIdea there will be something else.

PointyMcguire · 27/07/2022 15:39

Anyone else hoping gentleman caller might have helped with additional funding or am I massively over invested at this stage?

dizzyupthegirl86 · 27/07/2022 15:41

PointyMcguire · 27/07/2022 15:39

Anyone else hoping gentleman caller might have helped with additional funding or am I massively over invested at this stage?

That JUST crossed my mind! Although actually I also think another poster had it right - this has clearly ignited her passion and although she might not have got this house, I hope she knows now that an old house with lots of history is where her heart lies.

ChuckBerrysBoots · 27/07/2022 15:41

PointyMcguire · 27/07/2022 15:39

Anyone else hoping gentleman caller might have helped with additional funding or am I massively over invested at this stage?

Steady on Mills and Boon! 😁

PointyMcguire · 27/07/2022 15:43

ChuckBerrysBoots · 27/07/2022 15:41

Steady on Mills and Boon! 😁

Show quote history

Hahaha what can I say, I’m a sucker for a happy ending 😄

PointyMcguire · 27/07/2022 15:50

dizzyupthegirl86 · 27/07/2022 15:41

That JUST crossed my mind! Although actually I also think another poster had it right - this has clearly ignited her passion and although she might not have got this house, I hope she knows now that an old house with lots of history is where her heart lies.

Show quote history

Agreed! If it’s any consolation to OP we had a similar situation with the house we fell in love with before this one. I honestly couldn’t imagine myself ever finding another house that I’d love as much, and am ashamed to admit I spent many a night crying over the situation. Sadly it wasn’t meant for us, and as it happens the house we ended up buying is absolutely perfect for us and I genuinely thank my lucky stars we didn’t follow my heart as we’d have been financially stretched beyond belief, and with the energy increases I suspect we’d have been close to breaking point. As glib as it is, everything happens for a reason.

meadowbleu · 27/07/2022 15:52

Has anyone seen that afternoon property show that started on Channel 4 this week at 4pm? It'll be on All 4 too. Called Help I Bought a Village, it has at least three different locations where people from the UK are either working in, or have bought numerous adjacent derelict properties and it follows their renovations and business plans.

I've seen some and while there are hiccups, it doesn't seem to be as dramatic as the usual Brits Abroad type property shows.

Original poster
LoonyIdea · 27/07/2022 15:54

Pfft. I’m drinking tea and eating cake with Gentleman Caller. And yes, I didn’t buy it. Way over my ceiling.

OP posts:
LilyKitten · 27/07/2022 15:56

Sorry OP. I've been keeping an eye on this thread and rooting for you! A friend sold her farm today at auction and it went for way under what she hoped, so that's two people I know who've had auction disappointment today.

franklymydearidontgivea · 27/07/2022 16:03

So sorry you didn't get it, but glad you have someone to drown sorrows with. Pretty please May we now see it, I was sooo invested in you following your dream

Original poster
LoonyIdea · 27/07/2022 16:12

Can’t get the link to work.

The Grange, Bambers Green.

OP posts:
LilyKitten · 27/07/2022 16:13

Oh OP it's lovely.

Original poster
LoonyIdea · 27/07/2022 16:16

www.rightmove.co.uk/properties/124519670

OP posts:
JellyBeanFactory · 27/07/2022 16:18

Sorry it didn't work out for you @LoonyIdea I was so hoping it would.

You've learnt a lot during this process and made some good contacts, getting the next (and the right) property is just in the horizon.

Wishing you well Flowers

Original poster
LoonyIdea · 27/07/2022 16:20

Fankoo

I have SIX viewings lined up on mine and no where to move to.

OP posts:
Turnfacethenamechange · 27/07/2022 16:25

Well, you dislike your current house, so maybe look around for something affordable and low maintenance that will enable you to save, while you wait for the next house you fall in love with?x

MadeForThis · 27/07/2022 16:44

Sorry it didn't work out. Hopefully you can befriend the new owner and find out how much it costs to renovate.

AlanThePig · 27/07/2022 16:46

it will work out. I promise you.

some years ago DH got a job that involved a 180 mile round trip commute daily. It was killing him and making life miserable. On his way to the car every evening he’d pass an old building. Without being to outing it was a 14th century gatehouse, Grade ll* listed and in rack and ruin.

He fell in love and took me to see it. It was owned at the time by the council and he worked for that particular council. We approached the conservationists and said “look, we want to turn this into a home again”. Conservationist was excited, very much so and backed our plan all the way. We approached the council and put our case. Conservationist pleaded to let us do what was an extensive period renovation and save the building. They said no.

we were gutted. Absolutely gutted.

Ten years on the building remains empty and worsening. It’s now on the at risk register. I can still see the little book we’d planned on restoring with its fireplace and me sat there with a book. Sadly, it wasn’t to be.

A few months after the knock back DH was offered a job out of the blue. Close to home and a lot more money. We didn’t need to move. Eventually we bought another house that we absolutely fell in love with at first sight, again it’s something a bit different and absolutely right for us.

Im sorry you lost out but I promise you in a few years time you’ll look back and think, like we do, “God I needed my bumps feeling for ever thinking that was a good idea”.
Flowers

brownbreadicecream · 27/07/2022 17:19

Sorry OP. I was picturing far more of a 'wreck'! Who knows where life will take you next... good luck.

friskybivalves · 27/07/2022 17:20

Oh OP. I hope you find solace with the GC and the cake. I am mighty impressed that you stuck to your ceiling and didn't bust through it in transports of reckless passion and zeal for the moated El Dorado.

You never know. Perhaps the successful bidder will not be able to close the deal. Or will realise they have bitten off more than they can chew. Can we all help you find another moated house? Does it have to be Essex/Suffolk/Cambs area?

Salome61 · 27/07/2022 17:28

Commiserations OP, but something else is waiting for you.

Original poster
LoonyIdea · 27/07/2022 17:29

AlanThePig · 27/07/2022 16:46

it will work out. I promise you.

some years ago DH got a job that involved a 180 mile round trip commute daily. It was killing him and making life miserable. On his way to the car every evening he’d pass an old building. Without being to outing it was a 14th century gatehouse, Grade ll* listed and in rack and ruin.

He fell in love and took me to see it. It was owned at the time by the council and he worked for that particular council. We approached the conservationists and said “look, we want to turn this into a home again”. Conservationist was excited, very much so and backed our plan all the way. We approached the council and put our case. Conservationist pleaded to let us do what was an extensive period renovation and save the building. They said no.

we were gutted. Absolutely gutted.

Ten years on the building remains empty and worsening. It’s now on the at risk register. I can still see the little book we’d planned on restoring with its fireplace and me sat there with a book. Sadly, it wasn’t to be.

A few months after the knock back DH was offered a job out of the blue. Close to home and a lot more money. We didn’t need to move. Eventually we bought another house that we absolutely fell in love with at first sight, again it’s something a bit different and absolutely right for us.

Im sorry you lost out but I promise you in a few years time you’ll look back and think, like we do, “God I needed my bumps feeling for ever thinking that was a good idea”.
Flowers

Ohhh you had me at 14th Century!

what a shame they wouldn’t sell! Did you ever get to the bottom of why?

OP posts:
AlanThePig · 27/07/2022 17:33

LoonyIdea · 27/07/2022 17:29

Ohhh you had me at 14th Century!

what a shame they wouldn’t sell! Did you ever get to the bottom of why?

Show quote history

I think the council had plans to turn it into some meeting rooms, but didn’t have the budget. I know at the time there was some kick back with a utility company that owned the neighbouring land and reading between the lines they wanted them to buy it for a lot more.

Annoyingly I’ve just had a look at it and the local heritage are still trying to raise money and their plan for it seems to be almost exactly what we wanted to do with a a small modern extension on the back. Whether they will raise the money before it falls down remains to be seen.

EllieBellend · 27/07/2022 17:35

Oh what a shame Loonyidea, I was really hoping you'd get it. As other pp have said, at least you know what you really want now so hope you find another property to fall in love with.

I thought I had found it with Swineyard Hall Farm but that was near Manchester Airport. Didn't think to look at Stanstead even though they are part of MAG!

Swimmingpoolsally · 27/07/2022 18:09

I’m sorry you didn’t get it op as I know How much you wanted it, but honestly I think uou had a lucky escape, I don’t think you could have really afforded to live there in reality and it would have become a millstone. You fast fall out of love when you are constantly faced with issues and bills.

in addition. It’s less than a mile from the runway, that’s a 24 hour operation, the noise would have been incredibly loud not just all day but all night and that’s hard to live with. Especially when no secondary glazing or ability to sound proof.

I think it went for 592 in the end, I was on a work call so couldn’t watch the auction. I hope whomever has bought it has deep pockets. We live in a listed building and anyone who does, knows that place was going to be a very costly labour of love.