Back to back purchase

[NameChangeForProperty]

Bid on a property at auction and got accepted. We are buying cash. Is a really good investment. Have seen it, with contractors on hand to let us know it's all structurally sound etc.

Only problem is the current seller does not own the property and is going to complete the same day as us. It sounds weird to us and we're thinking of pulling out.

Solicitor says it means there will be a delay in title deeds being transferred to us, as they have to be transferred to seller first. This will mean we can't get a mortgage against the property or resell.

Potentially not a huge issue but it could take a year apparently for it all to be transferred over and I feel uneasy about it.

We're thinking of pulling out, would lose our deposit.

Wwyd?

What do you mean he doesn’t own the property ? Is it a probate property ?

It doesn't say it's a probate anywhere on the paperwork. All we know is that they (the sellers) are completing on the same day as us. We haven't been given any other information

If the seller doesn’t legally own the property and doesn’t have title deeds in their name I’d run for the hills !

I don’t see why you should lose your deposit if the vendor has been selling something they don’t own. That’s all kinds of messed up. What does the auction house have to say about it? Surely the baseline for a property being auctioned is the vendor providing proof of ownership?

You are buying a property from a person who doesn’t own it? Is that right?

It’s taking land registry a year to process documentation at the moment, but you can apply for them to expedite this if you need to sell or raise a mortgage. Most people don’t do this because there is no need, but it is an option.

That being said I wouldn’t touch this with a shitty stick, but I am very risk averse