The Land Search Yo Yo
The view of this situation could be relayed very differently dependant on the specific point of time at which it is written. I write as the property has just gone to auction…
I could not have pre-empted you could have such a range of mixed emotions in such a short space of time with the changing fortunes of a land search for our own eco property; Such a high level of anxiety, hope and despair.
Since we first viewed this plot of land we have expressed an interest with the auctioneer (to see if we could get in and grab it before auction and as the vendor had a bad experience last time round thought he may have been open to it) who said (surprisingly) that there had been someone else who had asked this same question about selling prior to auction.
The vendor then stated that for him to consider it there would need to be an exchange and completion prior to the auction – a mere 4 days time…
So a made dash ensues to try and get the funds together for the purchase which are now needed far sooner than we had expected.
Maybe those unused credit card limits will come in handy after all!
I get a phone call the next morning from the auctioneer to say that the ‘other’ interested party has come back with the same offer as mine, so the auctioneer has deemed only fair way to resolve is to go to ‘best and final bids’.
We give it some thought and put in an offer just slightly above the maximum I was comfortable to go to.
It was a number I felt that if we didn’t get the land at this level at least I knew I had laid all my cards on the table, put in the best offer possible and could walk away knowing it was OK if the result didn’t go our way.
Success… the auctioneer confirmed my offer was still the highest bid.
There was one minor issue though in that I had not transferred that additional amount to my solicitor, so off to the bank again…. All the time with the auctioneer applying pressure to say the purchase needs to complete today!
We were now only 2 days before the auction!
The next mad dash to put monies together happens but for whatever reason the funds don’t reach the solicitor in time for the deal to be done that day! So very annoying – it seems the banks promise of transfers being with the recipient in 2 hours does not hold true…
So we are left with just the morning of the auction to exchange and complete before the property goes to auction.
My solicitor emails me that morning at 10am (auction to begin at 12pm) with what I hop is good news. Oh no, it is not: There is an issue with the title search on the property. There appears to be some adverse search registered by the previous intended purchaser, which means until this is removed it would mean registering the title in our name may not be possible (as effectively the prior name has first rights over it)
The timing is terrible but this is a last minute search to ensure most current information and it is the solicitors job to advise on scenarios such as this.
We offer to exchange with the bulk of the money and request time to complete to enable this issue to be dealt with. Due to it being so late in the day, and can only assume that the
vendor is thinking ahead to the auction, the vendor’s solicitor states it is all the money or nothing…We are stuck
My solicitor’s suggestion is that I attend the auction….This is not a suggestion I needed to hear at this point.
I have a prior appointment which I am unable to move and therefore cannot attend on time. Further I have not provided the auctioneers with any suitable ID and the solicitor now has all of my money. We are now discussing this at 11.30am with an auction starting in ½ hour!
As we were trying so hard to purchase the land prior to the auction we were never planning on attending and hence have missed the cut off to be able to participate. The property now goes under the hammer with no one there to intervene.
So very frustrating!
If you have ever seen a cartoon where the one of the characters has steam coming out of their ears – that is me right now!
We had tried so hard, come so far and now here was an opportunity slipping away from us. It is like the universe is conspiring against us, unless that is for a reason… that is the hope you must have through this gloom.
I feel sick with anxiety and so completely helpless that the (our) land will soon be offered to a room full of strangers and the hammer will soon come down.
Was it never meant to be? This is a very difficult time and hard not to be upset.