I understand how to buy at Auction and that a 10% deposit is payable immediately after the auction but what happens afterwards?.
Is the completion date negotiable? What happens is you cannot pay the remaining 90% by the completion date?
When is stamp duty payable? Is it on completion of the contract?
What happens if the bank changes it mind(after a pre approval) and the contract cannot be completed in time?
I have not purchased at an auction and are concerned about the extra risk taken on by the buyer if finances cannot be finalised by the completion date. Does anybody have advice on how to reduce the risks?
Thanks
Is the completion date negotiable? What happens is you cannot pay the remaining 90% by the completion date?
When is stamp duty payable? Is it on completion of the contract?
What happens if the bank changes it mind(after a pre approval) and the contract cannot be completed in time?
I have not purchased at an auction and are concerned about the extra risk taken on by the buyer if finances cannot be finalised by the completion date. Does anybody have advice on how to reduce the risks?
Thanks