Tomorrow's Developer: Buying a property at auction
3 min read
Last month saw the latest in our series of Tomorrow’s Developer events. Young developers and housebuilders as well as those hoping to break into the industry came together at Soho Works on Dean Street to network and gain insights from seasoned professionals.
The theme of the event was purchasing property at auction and the event featured a panel discussion with experts offering their insights on each stage of the process. From the importance of getting due diligence right to enlisting legal advice, any errors or oversights can put buyers at a huge financial risk so it’s vital to get it right.
The top tips that the panellists advised include:
Speak to a lawyer – they will be able to advise on special conditions and potential legal issues that need to be resolved, enabling you to factor this into overall costs. Some properties may have extremely tight deadlines for completion or contain obscure conditions that only a very experienced investor would be likely to pick up on.
Get your paperwork in order. Most properties will have a 28 day mandatory completion period and if you fail to meet this you will almost certainly forfeit your deposit. Not having secured the full loan in plenty of time could be disastrous and cost you tens of thousands of pounds.
Read the property information form carefully. This will contain details on any pertinent issues that prospective buyers should be aware of, such as whether any works have been done, if there are any invasive species such as Japanese Knotwood, or if there are any disputes with neighbours. If there is no property information form, this should be seen as a major red flag.
The panel discussion and a lively Q&A session were followed by drinks and canapes, with attendees networking over pizza and picantes!
To find out more about Tomorrow’s Developer as well as any upcoming events, click on the link below.
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