Land Registry Documents
Found in the auctioneer's legal pack, these should be consulted to check for outstanding charges or financial overhangs on the property. It defines in legal terms what is being offered for sale.
Residential leases are normally granted for a period of either 99 or 125 years, though longer or shorter terms are granted in some cases. Generally at auction the unexpired term will be offered for sale, unless the particulars specifically state a new lease will be granted on completion. It is important therefore to confirm the unexpired period that is being offered for sale as mortgage lenders are often reluctant to offer finance where there is less than 70 years to run on the lease.
The vendor's solicitor prepares a legal pack containing copies of all the legal papers that you and your solicitor are likely to need to make an informed decision about your lot. The pack should include (where applicable) copies of: special conditions of sale, title deeds, leases, office copy entries, searches, replies to pre-contract enquiries.
All legal packs will be available for inspection at the auction room. You must be aware that you buy subject to all documentation and terms of contract whether or not you have read them.
The company that provides you with the money for a loan or mortgage.
Properties that are listed are of architectural or historic interest and will have restrictions on their use and development. It is important to understand what you can and cannot do with the property. Consult the local Council or solicitor before bidding.
Each separate property described in the catalogue or (as the case may be) the property that the seller has agreed to sell and the buyer to buy.
'Loan To Value' - This is the size of a loan/mortgage as a percentage of the value of a property. For example, a property is valued at £50,000 with a mortgage of £30,000; the LTV is 60%.