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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:
Original poster
LoonyIdea · 15/07/2022 18:54

Thankyou. I’ll post a link when it’s all over - not long. I suppose I still have a hope of it coming through for me after all.

OP posts:
MintTeaLady · 15/07/2022 20:29

I’ve just soaked this thread all up. I’m rooting for you, even though I can see the many imminent and future challenges.

I can fully relate. I have a similar longing for a house that I just KNOW is supposed to be mine. I think about it every day. 10 years ago my dad said I couldn’t buy it until I had £1m cash in the bank and I suspect that figure might be closer to £2m now as the roof has started to fall in so that will be causing so many more issues. He’s been in the building trade all his life and I know he knows best, but my heart and soul belong in that house. I get to the lane way of it and get goosebumps because it’s calling me.

Sending you all the positivity and wishing you all the luck in the world that you can pull it off.

friskybivalves · 15/07/2022 20:32

How does anyone get past the terrible moment with the radio in I Capture the Castle? My heart bleeds for him every time and I can't bear to read the book again. Too tender.

But I think the moated fantasy has proved that you do need to move on from your current house. You are restless and need to find a Romantic Challenge but perhaps not quite at that level (unless for buttons etc etc). Have you scoured the realm for other moats and dovecotes?

Alphabet1spaghetti2 · 16/07/2022 17:32

@LoonyIdea What about Bull sand fort in the Humber estuary. Definitely moat like 😉

Auction - can this work? How?
Original poster
LoonyIdea · 16/07/2022 21:32

How funny! I was discussing that today with a friend! It’s amazing isn’t it?

OP posts:
Alphabet1spaghetti2 · 16/07/2022 21:34

Yes! I would love to live there. Dh not so much…

AppelFrench · 17/07/2022 10:25

I'm pretty confident I know the house OP and it is indeed, stunning. There are so many possibilities with a property like that. I can easily imagine walking the grounds with a coffee on a misty morning. It'd be lovely in all seasons. Though I can't help thinking that the costs to renovate would be 500k and upwards - over time. Listed work is extremely slow & costly. I'm stunned to hear there's no local conservation officer, how on earth is the council functioning?
Know this though, that even if you don't get it, you absolutely have it in you to create something magical elsewhere. I'm handy & hardy & I love renovating old homes - although not that old. I'm never happier than when I'm 10 months into a renovation, cooking dinner for 4 on a 2 ring Baby Belling sat on the stairs, with no rear wall on the house and snow blowing in... Grin

There are many ways you can create additional income with a property like this, If you can bear going slowly & roughing it over the years.

Original poster
LoonyIdea · 17/07/2022 14:30

AppelFrench · 17/07/2022 10:25

I'm pretty confident I know the house OP and it is indeed, stunning. There are so many possibilities with a property like that. I can easily imagine walking the grounds with a coffee on a misty morning. It'd be lovely in all seasons. Though I can't help thinking that the costs to renovate would be 500k and upwards - over time. Listed work is extremely slow & costly. I'm stunned to hear there's no local conservation officer, how on earth is the council functioning?
Know this though, that even if you don't get it, you absolutely have it in you to create something magical elsewhere. I'm handy & hardy & I love renovating old homes - although not that old. I'm never happier than when I'm 10 months into a renovation, cooking dinner for 4 on a 2 ring Baby Belling sat on the stairs, with no rear wall on the house and snow blowing in... Grin

There are many ways you can create additional income with a property like this, If you can bear going slowly & roughing it over the years.

That’s such a lovely and encouraging post!

I haven’t given up yet. It’s still in my gut to do this. But I’m also trying to do it sensibly.

my original figures were based on a quick sale on mine and an auction purchase with everything thrown at the deposit. Now im relying on it not selling but im also intent on selling mine for All The Money which should free up £££.

Im taking Gentleman Caller for a little trespass there tonight, when he arrives.

OP posts:
Clownsingovernment · 17/07/2022 14:54

i hope the gentleman caller falls in love with it…! I think I know the house also. I haven’t seen the auction pack as I have enough of my own to read at the mo, but a quick Google did throw up what I thought was permission of the airport group to demolish when they compulsory purchased a number of places? I know you have your heart set on renovation, But the cautious words of the the poster above with her own tale under similar circumstances made me think could you not reproduce and use as much of the original materials as possible if the house has been subjected to substandard work already? Just a thought…

Geneticsbunny · 17/07/2022 18:07

Maybe you could get people to pay to come and learn to do lime plastering by practicing on your walls? Or you could run some sort of amazing mumsnet kibbutz where people can drop in and out and live for a while. I am imagining something like the stories of what greenham common was like.

MeridianGrey · 17/07/2022 18:50

@Clownsingovernment I think it’s grade two listed so you can’t just rip it down and use the bits to make a new house.

StartupRepair · 17/07/2022 22:48

@friskybivalves yes the radio scene is distressing. But there is so much to love in the book.

Swimmingpoolsally · 18/07/2022 08:01

MeridianGrey · 17/07/2022 18:50

@Clownsingovernment I think it’s grade two listed so you can’t just rip it down and use the bits to make a new house.

It’s already approved for demolition, so In this instance you can. Really the price here is for the land.

if it’s the one I now think it is. Then it should be worth about 1.5m. Which gives an indication of how much would need to be spent to make it sound if indeed that’s possible.

sadly I think the ideal is someone who has several hundred thousand to fix it, the worst possible scenario is someone like the op with no money left after purchase to fix it, living on a relatively low income, as it will just Continue its decline, with cracks and gaps letting water in and causing damage to the structure . It will be the end of it ultimately.

Original poster
LoonyIdea · 18/07/2022 08:52

I don’t think it was approved for demolition - it was just bought under a compulsory purchase - at a hugely inflated price - which then skews the projection on the value today. All done, compared with others of a similar size and construction I reckon £900 is a lot more accurate. The Scheduled Ancient Monument is a massive pain the arse, there is almost nothing you can do with it, plus a margin of 2m around it.

OP posts:
Swimmingpoolsally · 18/07/2022 09:03

I think demolition is authorised op I’d investigate if this isn’t something you’re aware of?

Gastonia · 18/07/2022 09:39

I can't see anywhere that the demolition was actually authorised. Wouldn't that be a huge selling point, so the estate agent would include it in the details?

However, I do think that the cost of repair will be much greater than the final value of the building.

StartupRepair · 18/07/2022 10:43

Can't wait till the op is able to reveal more about the property.

Original poster
LoonyIdea · 18/07/2022 10:45

Swimmingpoolsally · 18/07/2022 09:03

I think demolition is authorised op I’d investigate if this isn’t something you’re aware of?

You seem v sure of that but I can’t see anything on the legal pack at all and I’m fairly certain that if the vendor could have demolished it, they would have.

Do you have info from somewhere else?

OP posts:
Swimmingpoolsally · 18/07/2022 11:45

LoonyIdea · 18/07/2022 10:45

You seem v sure of that but I can’t see anything on the legal pack at all and I’m fairly certain that if the vendor could have demolished it, they would have.

Do you have info from somewhere else?

Show quote history

Op have you spoken to a solicitor? Your question is concerning. You understand why fhis was compulsory purchased and why it would have been knocked down, why the expansion didn’t occur to date and how that’s been fought and reversed by the airport right and the current plans?

Gastonia · 18/07/2022 12:22

I just checked. They applied to demolish. It was called in, and in 2010 they withdrew the application. Therefore, there is no planning to demolish.

Original poster
LoonyIdea · 18/07/2022 14:56

Swimmingpoolsally · 18/07/2022 11:45

Op have you spoken to a solicitor? Your question is concerning. You understand why fhis was compulsory purchased and why it would have been knocked down, why the expansion didn’t occur to date and how that’s been fought and reversed by the airport right and the current plans?

Show quote history

Yes, informally. The expansion isn’t going ahead, it’s been properly shelved.

OP posts:
Original poster
LoonyIdea · 18/07/2022 14:56

Gastonia · 18/07/2022 12:22

I just checked. They applied to demolish. It was called in, and in 2010 they withdrew the application. Therefore, there is no planning to demolish.

Thankyou! X

OP posts:
LemonSunchine · 18/07/2022 16:13

OP I've lost track, would you mind reminding me of the auction date? I can't remember if you said it'd been moved?.. Too hot to rtwt again.. Grin

LemonSunchine · 18/07/2022 16:14

I need to pace my excitement...Grin

SheilaWilde · 18/07/2022 18:23

I really hope you get the house, one way or another.

I've just spent an hour down a rabbit hole trying to find it. I didn't. I'd really love to see it (I live 500 miles away, I'm poor and have a Grade 11 listed house that is falling down around my ears.

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