As with any type of property purchase, it’s important to think carefully before buying at auction, especially in light of some recent legal developments. Julia Dowdall, an associate at Mishcon de Reya, explains.
There are many factors to consider when purchasing an investment property and, when you do this at auction, there is often very little time to make your decision. The old adage of caveat emptor applies as much to buying at auction as it does to a private-treaty purchase.
The buyer is responsible for checking for any defects. So before you make your bid and the hammer goes down, you should be aware of some recent legal developments that could affect you and, importantly, the return you make. But remember there is always help at hand – finding the right professionals to assist you with surveys and legal check-ups before bidding could save you money in the long run.
Read the full article here.