Results 1 to 7 of 7

Thread: Court order for auction of property despite private offer that way exceeds valuations

  • Share
  • Thread Tools
  • Display
  1. #1
    Lilyanna's Avatar

    Junior Member



    Joined
    Aug 2017
    Posts
    3
    Mentions
    0 Post(s)

    Default Court order for auction of property despite private offer that way exceeds valuations

    Hi,

    My partner, we were not married, but had a house in joint names, and have a son together, went to court in January this year for force of sale. My oldest son from another marriage wanted to buy the property, and was given until February to do so. Unfortunately he could not get his finances until the 27th March, and so the house was put on the market.

    On the 27th of March he put in an offer for the first valuation fee, my partner rejected the offer. He then put in two further offers way above the valuation fee, these were rejected too. In the meanwhile I accepted the offers, and considered the house sold. My partner took me back to court saying that I had not let the estate agents in, which I had not, after they had done valuations etc, because I considered the house sold.

    The judge advised us to negotiate and if no offer was accepted within 14 days then the house would go up for auction. My partner's solicitors have evaded my solicitor, and not answered to any further offers, the last offer being £40,000 over the valuation price of the property. My partner is threatening to take out a court order for my removal fro the property.

    The reason my partner is not in the property is that he committed domestic violence on me, was physically, mentally, emotionally and financially abusive. When I asked him to leave he stopped paying the mortgage and took all the money from the business I helped him build, (my name not being on this), saying that unless i had him back he would get me evicted from the property. I have proof of his abuse as i went to Splitz and the police have records too.

    At first I paid half of the mortgage, then the full amount, but he had took us into arrears by not paying and leaving me struggling financially. So now it seems that my solicitor has not helped me stop this man from yet again financially abusing me by getting his own way of getting me out of the property and taking it to auction where we will get a lot less than my son's private offer. How can this be? I thought that assets were protected by the law? Is there anything i can do? Or do I just stand by and allow him to sell the house for a lot less at auction?

    The property is in disrepair, (thanks to his total lack of responsibility and control over family finance), and we are expected to get not much over £180,000 at auction. The offer from my son, with proof, was £220,000.

    Thanks.

  2. #2
    des8's Avatar

    VIP Member



    Joined
    Mar 2013
    Posts
    7,794
    Mentions
    416 Post(s)

    Default Re: Court order for auction of property despite private offer that way exceeds valuat

    So why doesn't your son attend the auction and bid for the property?
    Either he will win, or he will push the price up to a more acceptable level.

  3. #3
    Lilyanna's Avatar

    Junior Member



    Joined
    Aug 2017
    Posts
    3
    Mentions
    0 Post(s)

    Default Re: Court order for auction of property despite private offer that way exceeds valuat

    Don't you have to be a cash buyer to bid at auction

  4. #4
    Kati's Avatar

    LB Team Member



    Joined
    Jun 2014
    Posts
    11,213
    Mentions
    1102 Post(s)

    Default Re: Court order for auction of property despite private offer that way exceeds valuat

    Quote Originally Posted by Lilyanna View Post
    Don't you have to be a cash buyer to bid at auction
    I don't think so ~ https://www.zoopla.co.uk/discover/bu...o81Klx5sodt.97
    3 top tips for auction day

    1: Be 100% prepared

    You’ll typically have to bring two forms of ID to an auction, plus proof that you can afford the 10% deposit. It’s always best to check with the auction house beforehand, though. Leave plenty of time to register and bag a seat that gives you both good visibility of the room and the auctioneer.

    2: Stick to your plan


    Have a bidding strategy clear in your mind – and only bid what you know you can afford. If you change your mind after a successful bid, the 10% deposit is non-refundable. You’re also likely to incur hefty administration fees.

    3: Don’t lose heart


    If you were outbid on the property you wanted, at least you didn’t blow your budget. And, with the experience under your belt, it could be a lot easier next time.
    Debt is like any other trap, easy enough to get into, but hard enough to get out of.

    It doesn't matter where your journey begins, so long as you begin it...

    recte agens confido

    ~~~~~

    Any advice I provide is given without liability, if you are unsure please seek professional legal guidance.

    I can be emailed if you need my help loading pictures/documents to your thread. My email address is kati@legalbeagles.info
    But please include a link to your thread so I know who you are.

    Specialist advice can be sought via our sister site JustBeagle

  5. #5
    des8's Avatar

    VIP Member



    Joined
    Mar 2013
    Posts
    7,794
    Mentions
    416 Post(s)

    Default Re: Court order for auction of property despite private offer that way exceeds valuat

    As @Kati you don't need to have cash, but you do need to pre-arrange finance.

    Were your son's previous offers based on him obtaining a mortgage?

  6. #6
    Lilyanna's Avatar

    Junior Member



    Joined
    Aug 2017
    Posts
    3
    Mentions
    0 Post(s)

    Default Re: Court order for auction of property despite private offer that way exceeds valuat

    Quote Originally Posted by des8 View Post
    As @Kati you don't need to have cash, but you do need to pre-arrange finance.

    Were your son's previous offers based on him obtaining a mortgage?
    My son has MIP all set up

    - - - Updated - - -

    He had MIP all set up with proof

  7. #7
    retired solicitor's Avatar

    Junior Member



    Joined
    Aug 2017
    Posts
    18
    Mentions
    1 Post(s)

    Default Re: Court order for auction of property despite private offer that way exceeds valuat

    As long as your son knows that if he is successful at auction, he will have to come up with 10% immediately and the balance within 28 days, he will be ok. I'm not sure what you mean by MIP, has there been a survey of the property by or on behalf of his proposed lender? The potential risk of buying at auction on finance is that if for any reason, the finance falls through, your son is liable to go ahead with the purchase and can be sued if he does not

Similar Threads

  1. Inhibition on property bought at auction
    By varis_creations in forum Housing, Property and Neighbours
    Replies: 5
    : 13th June 2017, 15:08:PM
  2. Replies: 0
    : 27th February 2017, 09:41:AM
  3. Replies: 54
    : 27th January 2017, 10:55:AM
  4. Auction Property - Own Conveyancing?
    By SweetandSour in forum Conveyancing Issues
    Replies: 4
    : 16th November 2014, 21:20:PM
  5. Replies: 3
    : 7th July 2014, 17:13:PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Contact Us



© Celame (UK) Ltd 2016
Hosted by Lodge Information Services Ltd
LegalBeagles® are DPA Registered No. ZA158014
LegalBeagles® is the trading name of CELAME (UK) LIMITED ( 09220332 )
Registered Address: 25 Moorgate, London, England, EC2R 6AY
VAT registration number 206 9740 02
User Alert System provided by Advanced User Tagging v3.1.3 (Lite) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd.
Feedback Buttons provided by Advanced Post Thanks / Like (Lite) - vBulletin Mods & Addons Copyright © 2017 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
Celame (UK) Ltd Powered by vBulletin® Version 4.2.3
Copyright © 2017 vBulletin Solutions, Inc. All rights reserved.

To find out more about managing your money and getting free advice, visit the Money Advice Service,an independent service set up to help people manage their money.

TOP