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Can I back out of an auction sale if terms weren't adhered to fully?
18 Answers
Last week I spotted a house for sale post-auction. I was told that I needed to provide a valid AIP. I only had an out of date one and my offer was accepted on the basis that one would be found. To speed up the process, the admin side of things was completed on the Friday and I was expecting to get an AIP on the Monday before the transaction was executed.
On the Monday, it was made clear that there was no chance of getting an AIP but, after trying to pull out, I was told I'd lose my deposit (�4,000) which had been taken from my account that same day. I'm now formulating a complaint but legally I don't know where I stand. I was given no contract at the time, just made to sign, no terms of business, no letter telling me of the complaints procedure and I'm being treated like a complete child despite being assured that a valid AIP was absolutely essential for the offer to be accepted.
Any ideas would be greatly appreciated.
On the Monday, it was made clear that there was no chance of getting an AIP but, after trying to pull out, I was told I'd lose my deposit (�4,000) which had been taken from my account that same day. I'm now formulating a complaint but legally I don't know where I stand. I was given no contract at the time, just made to sign, no terms of business, no letter telling me of the complaints procedure and I'm being treated like a complete child despite being assured that a valid AIP was absolutely essential for the offer to be accepted.
Any ideas would be greatly appreciated.
Answers
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It all hangs on what you signed up for. What the piece of paper actually said. Whatever, you must get legal advice. At the very least go and see the CAB.
If you are committed to it legally, then at least you'll buy time to get finance sorted.
It does rather sound as though you've signed with a non-refundable deposit.
You must find out.
It all hangs on what you signed up for. What the piece of paper actually said. Whatever, you must get legal advice. At the very least go and see the CAB.
If you are committed to it legally, then at least you'll buy time to get finance sorted.
It does rather sound as though you've signed with a non-refundable deposit.
You must find out.
Was going to say the same as my lovely friend The Builder, it depends what you have signed, it hangs on what it said and any terms which attach to it. It could be a conditional contract, conditional on the AIP, in which case it depends what was conditional. It could still mean losing your deposit though depending on the terms.
Get a lawyer urgently in case there is some way out.
Get a lawyer urgently in case there is some way out.
Have you got any legal expenses insurance with your home insurance or similar? Worth checking if you are covered.
See if you can find a lawyer with a free half hour or legal surgery or similar and try and get someone who has contract litigation experience, preferably with property auction experience to see if you can get an idea on your chances of challening it successfully.
Have you got a copy of what you signed? If not it is difficult to advise properly without. Get as much information as you get - everything you signed, additional terms and conditions, copy correspondence, AIP docs, the more you have, the better they can advice. Make a note of all communications, who said what when how etc...
A good lawyer could be key in this - make sure you have a good chance of getting money back before agreeing fees - and although you say you are broke, if they could get your deposit (or even part of it) back then it'd be worth it in the longrun.
See if you can find a lawyer with a free half hour or legal surgery or similar and try and get someone who has contract litigation experience, preferably with property auction experience to see if you can get an idea on your chances of challening it successfully.
Have you got a copy of what you signed? If not it is difficult to advise properly without. Get as much information as you get - everything you signed, additional terms and conditions, copy correspondence, AIP docs, the more you have, the better they can advice. Make a note of all communications, who said what when how etc...
A good lawyer could be key in this - make sure you have a good chance of getting money back before agreeing fees - and although you say you are broke, if they could get your deposit (or even part of it) back then it'd be worth it in the longrun.
Jenna - I seriously appreciate your time spent answering this. I've been through an industrial tribunal before so I'm all up on my record keeping. I've created a complaint letter with 24 points (my request for all documentation to be sent and getting only some of it being one more point - I have the page I've signed and the preceding page, a letter and a copy of their complaints procedure and that's it).
I'll check the home insurance tomorrow, that's excellent.
I feel like such a fool and I've been walking around like a zombie all week but I sincerely got told that the AIP was vital for anything to happen (it even states it on their site!!!)
Again, thanks everyone.
I'll check the home insurance tomorrow, that's excellent.
I feel like such a fool and I've been walking around like a zombie all week but I sincerely got told that the AIP was vital for anything to happen (it even states it on their site!!!)
Again, thanks everyone.
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