Subscribe Feed (RSS)Bargains Galore at Savills October Auction
October 13th, 2008 by Karelia | No Comments | Filed in London House PricesMusings of a London Property Search Agent
2 period houses in Camden, a 5/6 bedroom mansion flat on the Finchley Road, 2 adjoining mid-terrace properties on Holloway Road (currently a squat), a vacant HMO on the Talgarth Road and a cute 2/3 bedroom cottage on the Shaftesbury estate: there are plenty of bargains at the Savills auction, for those brave enough to take them on. Regular readers will know that we are fans of auction property, particularly at the moment . There are bargains to be had for the well-prepared, well-financed first-time buyer, prepared to roll up their sleeves to get the location and size of property they really want.
The adjoining houses in Holloway Road are currently being used as a squat so are best left to the professionals, but there is a plethora of other lots which could make the ideal first or family home with a bit of elbow grease, vision and of course additional funds to pay the builders.
There are two key benefits to buying at auction in our view: firstly, at the moment you can get a bargain and secondly you exchange on the day of the auction so no-one can pull out (including you!) and you know the date you will take posseession, normally 28 days later. As with any property purchase, you need to get organised and ensure that you are fully aware of the legal and material condition of the property and any other facts which may affect it’s value now or in the future and anything else which might affect the enjoyment of the occupier. This is all possible, you just need to be well-organised, with a good reliable team behind you.
A full structural survey and legal searches should be completed prior to the auction and any questions you or your solicitor have should have been answered. Finance must be in place, with the lender aware that the property in question is for sale at auction and you need to have 10% in your current account to pay on the day if successful.
The downside of purchasing at auction is that you need to pay for all this up front but someone else might have done the same and be prepared to pay more than you on the day, in which case all the money, time and effort would have been in vain. To avoid this it’s vital to accurately assess what the property will go for and what you are prepared to pay for it.
If you decide to go ahead, remember not to make friends with the auctioneer. Set a budget and stick to it. Good luck. This London Property Search Agent will help disappointed would be buyers if they give us a call!
Savills residential auction will be held on 27th October at The Royal Garden Hotel in Kensington.
Tags: development property, DIY bargain property, london property bargains, London Property Search Agent, October auctions, property auctions, Property Bargains, property to do up, refurbishment, Savills Residential Auction
