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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:
Emptybeaches · 15/07/2022 09:01

Have name changed for this as my house history is known by so many friends that it would be outing.

in my 50’s I also fell in love with a historically important house, designed by a relatively famous architect and set in a beautiful location.

Newly widowed, I figured I should sell up and throw all my money and passion for old properties into saving this gorgeous rotting pile, preserving it for the future. It would be my forever home.

i knew quite a lot about the historical aspects of properties like this and worked for a charity focused on their preservation. I figured that what I didn’t know, I could talk to colleagues about and at least get pointed in the right direction to locate the necessary tradesmen etc.

WHAT A NIGHTMARE

Buying it was easy. The vendor accepted my relatively low offer and ran, chuckling, to his solicitor.

The surveyor charged his enormous fee to spend a day crawling round the building and sent me a 200 page report, waxing lyrical about my ‘Dragon Beams’, while ignoring the rotting floors (covered in old carpet), the rampant woodworm (it had an active 19 year old certificate he referred to), the rotting windows (well camoflaged by paint), the dangerous boiler (it was Summer and not working) etc. etc. He mentioned the Bats in passing, but not that there were two colonies, one of Horseshoe, and lightly tripped in the Ice House in the grounds, which I later discovered was on the Buildings at Risk register.

I read the report, had a wobble, but figured my passion would see me through.

Skip to 5 months later, winter, with rotten floor boards exposed, a non working boiler and ice on the inside of the windows.

The listing officer called again to insist that no I couldn’t fit the internal condensing flu needed to replace the boiler, because of the impact on the roof line. The boiler would have to move to my living room. No alternative.

She was followed by the Bat people, advising me that the only way to sort the woodworm would be to move the Bats temporarily, but not yet. That had to wait till February.

Then the house upped the ante. To a terrible rumbling one night the tank from the airing cupboard crashed through the floor to the kitchen below, knocking out several water pipes on the way. The plumber sucked his teeth. No point doing anything other than stopping the flooding water, until the Listing Officer agreed a resolution on the boiler.

The listing Officer called again and again and again,

This was the start of 10 years of sheer frustration, phenomenal cost and more grey hair than you could imagine. I could bore you all night with stories like this. Practically everything I touched cost quadruple the initial estimates and involved considerable hassle.

At the end of my journey, the house was saved and looked beautiful, but I had poured all my equity and love into something that left me tired and unable to manage the ongoing £20k a year plus, needed for just the most basic maintenance.

I now live in a tiny cottage. The sale of my vanity project nowhere near covered the costs of buying and renovating it and I will have a much, much, leaner old age as a result.

While I smile and feel proud of the house every time I drive past, I am mightily relieved I actually managed to sell it at the end of the work, that it is no longer my rotting pile to fund going forward.and that I never have to see the Listing Officer again.

OP please, please, listen to all the warnings you are receiving !!!

LoonyIdea · 15/07/2022 09:17

@Emptybeaches loh you had dragon beams! 💝

OP posts:
LoonyIdea · 15/07/2022 09:24

@Emptybeaches honestly I hear you.

I think the only way this could happen now is if it doesn’t sell AND they take a very low offer. I woke up exhausted thinking about it.

And even then that would likely mean a spell of living, with my kids, in a static.

FWIW I think your taking on that house is an amazing thing, and you’ve done a wondrous thing for the nation in preserving it.

“My” house is on an amazing plot which is swaying me more than I’d realised. More than the house itself really. But then as my friend pointed out “so just buy a plot of land and save yourself the aggro.”

On a personal note, this whole episode has been a much needed focus and distraction from the more unpleasant bits of life, including finalising my divorce. And I’m certainly wiser.

OP posts:
senua · 15/07/2022 09:54

This is such a shame but I think that you need to be hard-hearted about it. The National Trust used to take all-comers but realised the error of their ways. As I'm sure you know, they now want people to pay the NT to take money-pits off their hands. article.

When I was younger, I used to dream of owning a balck&white timber house with a thatched roof and roses round the door etc etc. These days I would run a mile from anything with a Listing.

Emptybeaches · 15/07/2022 09:56

Have PM’d you

Alphabet1spaghetti2 · 15/07/2022 12:13

But no matter what the outcome - you investigated the possibility and learnt a lot on the way, about yourself AND the house. You didn’t do what a lot of would do - wax lyrical but not get if the sofa to do something, anything about seeing if it is possible.
I think that’s a win regardless of what happens next.

CamoTeaLaLa · 15/07/2022 12:50

Alphabet1spaghetti2 · 15/07/2022 12:13

But no matter what the outcome - you investigated the possibility and learnt a lot on the way, about yourself AND the house. You didn’t do what a lot of would do - wax lyrical but not get if the sofa to do something, anything about seeing if it is possible.
I think that’s a win regardless of what happens next.

Absolutely 😎 You’ve cheered a lot of us up too, thanks Loony 🫡

LoonyIdea · 15/07/2022 13:17

Feel really flat and I’m ashamed to say, I had a cry before. Pure self pity. Why is my life so shit that I don’t have a Scheduled Ancient Monument, etc. I cried so hard that I fell asleep. My Gentleman Caller made it all much worse by trying to be all jolly and upbeat and enthusiastic about the house I own now, but it made me want to scream with frustration. Instead I was ratty and burst into tears.

And then, without going into too much detail, part of my plan of how I was going to cobble together a deposit, fell apart. So if it wasn’t off after the horrifying conversation with the surveyor, it got booted into touch with this bit. I could get around it if I really wanted to but I’m tired and fed up.

OP posts:
LoonyIdea · 15/07/2022 13:20

Alphabet1spaghetti2 · 15/07/2022 12:13

But no matter what the outcome - you investigated the possibility and learnt a lot on the way, about yourself AND the house. You didn’t do what a lot of would do - wax lyrical but not get if the sofa to do something, anything about seeing if it is possible.
I think that’s a win regardless of what happens next.

Thankyou. <sniff>

OP posts:
senua · 15/07/2022 13:23

Why is my life so shit that I don’t have a Scheduled Ancient Monument
arf

I'm sorry that you are upset but thanks for making us laugh. Keep looking, the Right House (or earthworks) is out there somewhere.

LoonyIdea · 15/07/2022 13:30

senua · 15/07/2022 13:23

Why is my life so shit that I don’t have a Scheduled Ancient Monument
arf

I'm sorry that you are upset but thanks for making us laugh. Keep looking, the Right House (or earthworks) is out there somewhere.

Yes but it’s fair enough though isn’t it? I need a moat. It has a moat and I need a moat. Doesn’t have to be a big one, I’m not very showy by nature.

Why do bad things happen to good people.

OP posts:
LoonyIdea · 15/07/2022 13:32

(This mood will pass shortly. I’m having a strong cup of coffee and some Percy Pigs I hid from the kids. Not sharing them.)

OP posts:
StartupRepair · 15/07/2022 13:39

Oh a moat! It's just like I Capture the Castle.

Geneticsbunny · 15/07/2022 13:40

Consumption of Percy pigs fixes most things. distracted by mention of a moat . Go on. Share a link now so we can all drool over it. Please.

LoonyIdea · 15/07/2022 13:41

StartupRepair · 15/07/2022 13:39

Oh a moat! It's just like I Capture the Castle.

I know!!!!!!! That’s wWhat set me off in the first place. I love love love that book. Feel tearful again. More pigs.

OP posts:
Alphabet1spaghetti2 · 15/07/2022 13:42

Dig a pond and put a bird house in the middle - hey presto one moat and (if our small brown birds are anything to go by) one knackered bird house within the year.

Percy pigs - lightweight! You need some sour cherry haribo. Maybe have a punt on the lottery?! Massive hugs.

Salome61 · 15/07/2022 13:59

So sorry, but do keep dreaming, I'm sure you will have your moat one day.

I can relate to Emptybeaches's experiences, I also had some terrifying moments. After some very scary noises at 3 am, I remember standing on the loft ladder in my listed II during the Beast from the East, crying, with snow flakes landing on my head through the gaps in the slate roof tiles. I'd had a £30K quote to repair/replace the roof - excluding the scaffolding, I didn't have the money. It was my late husband's castle and the kids have never forgiven me for selling, but I didn't have the money without Equity release, and couldn't find the energy to continue. I was lucky to sell at the start of lockdown to a developer who is spending the £500K it needed to renovate. I'm sad to be in a characterless box, but soon I can lock and leave it while I go travelling to see more of the world.

Gastonia · 15/07/2022 14:01

Emptybeaches I feel there's a book in there! It sounds really interesting!

Alphabet1spaghetti2 · 15/07/2022 14:17

@Salome61 whilst in your travels (enjoy!!)
please contemplate writing a book!

stayathomegardener · 15/07/2022 14:32

I think if it's meant to be it's meant to be, it may not sell at auction and you might get it reduced down the line.

On that basis I'd get your existing house ready for sale and photographed.

We always purchased wrecks at auction, 23 years renovating on the current one, never had surveys and didn't have a huge amount of capital either.

You can always live in a mobile and make it your life's work.

GodspeedJune · 15/07/2022 15:26

I’ve just read the thread from start to finish and despite thinking this sounded like a horrific money pit from the start, I’m gutted for you that it hasn’t worked out!

I hope that in some mysterious turn of fate, you manage to get it for a fair price.

LoonyIdea · 15/07/2022 16:15

Oh gosh Thankyou so much! I’ve instructed an estate agent to market mine anyway - this house has a lot of sadness in it I think. A fresh start is what I need. And it might end up with the beloved moated one after all. X x

OP posts:
esgee · 15/07/2022 16:59

can you please post a link to this house now OP - just so we can all breathe a sigh of relief with you!

TheMagicDeckchair · 15/07/2022 18:22

Just read your thread and been really gripped by this! You had me looking for £500k auction properties all over on Rightmove, still not found it. I’m really intrigued now.

I do agree a lot with PPs comments about money pits, I have an old (not listed) house and at times I get fed up of the maintenance and costs and want to move to a newer house. Though when I look at new builds I don’t have that love, that feeling I could imagine myself there like I have with my old house, so I understand the pull of this. However, I can’t imagine how much more involved and expensive grade II listed is, the other comments on this thread have probably put me off for life!

That said I am still rooting for you to get it, if it’s the right thing. It is easy to get fixated on a property and decide that it’s somehow your key to happiness when it’s actually more about projecting and the other things going on in your life- a form of escapism I suppose. What’s for you will not pass you by and all that. All the best and keep us updated, hopefully with a link at some point!

Swimmingpoolsally · 15/07/2022 18:48

I’d also like to see a link please, I’m so intrigued, I searched all houses being auctioned on 21 July as irs a central database for all auction houses. Listed, up against a motorway, has a moat, no vehicular access, was in the doomsday book, has an orchard etc.

nothing even came close. So I think thr good news is as it’s impossible to find on line it wil limit the bidders.