in this video i'm going to take a look at bidx1 auctions and the legal packs to
legal documents that will be available online i've made a couple of other videos about blx1
the same principle and the same lessons should be applied to other auction houses
so the comments that i make on this generation the bid x1 and the auction process would be precisely
the same comments that make in relation to any other auction house for example
gibson's and so on i have made one or two other videos about buying online and buying at auction
and you should really watch those i have done one especially about the typical receiver contract
that you're going to encounter at a bid x1 auction a lot of bid x1 auctions a lot of auctions
of properties that are at gibson's and other online bidding online auction houses
are receiver sales receivers have been appointed by lenders and the receivers selling
the contracts tend to be very very similar very similar so i have done one video about
actually go through a receiver contract line by line and review it and it should be fairly
useful and it'll give you an idea about the type of contract that you're going to encounter in a
receiver sale and a lot of these properties that come up at bid x1 auctions and similar auctions
are receiver sales in this particular one though this particular video i'm going to take a look at
looking into the actual websites to bidx 1 websites looking at a particular property and
seeing the type of documents that you're going to encounter or your solicitor is going to encounter
you would be strongly advised as well very very strongly advised to get the legal pack
checked out by a solicitor before you bid because you do not want to bid without knowing what the
legal position is and end up with a winning bid and an absolute disaster of a purchase so let's
take a look at the typical bx1 auction we're going to be starting it up there now okay here's bill x1
today is the 25th or 6th 25th of september 2021 there's an auction coming up there this
coming week in fact there's two auctions one is residential one is a mixture i think of
residential and commercial in this particular one as you can see there on the screen there's a
property there ash hill bogenstown county meath this is on as you see the 29th of september
and this property is being given a guide price of 45 000 it's a detached house three beds
residential refurbishment opportunity on the site of about an acre looks very very attractive looks
very very uh competitive in terms of price and so on but that remains to be seen i happen to know
that there is a good bit of interest in this property let's have a look at the legal so
we're going to click in here we're going to go down here then to the legals and this is what
i'd be looking at every time i'm reviewing legals for a potential client for a potential bidder and
we have a look at that i've just seen something there now that i didn't actually see before
and you'll see there in the property summary it says subject to a tenancy at a current rent of 2
600 per annum and it also says please no viewings will not be permitted so this is the type of
stuff that you will come across with these properties you very much must do your research
you must do your research from a legal perspective and you must do your research on the ground
as you can see we've been told that we're informed properly subject to our tenancy at a rent of 2600
per annum that's a new development because last week or the week before no information
was given about the occupational tenant you'll see that it's a site extending to an acre and
so on now we have a look at the legals you see there's nine documents there and there's
one down here so we'll have a look at the nine and just see what is included you're
gonna have the usual contract for sale this is version two version one is down here someplace
maybe it's not this is version two anyway then you've got two replies to the uh replies from
the receiver these are the requisitions untitled requisitions on title are standard questions that
the law society operating solicitors will raise with other solicitors in order to ascertain the
position about a property that's being sold so you've standard you 44 or 43 requisitions requests
queries objections etc questions essentially that you want answered and you are given replies so
you see the requisitions are on the left these are the requests and over on the right then you
have the replies from the vendor in this case is the vendor and the vendor is the receiver
that means that the receiver is going to say he has little or no information or knowledge about
the property in question and you make your own inquiries and so on and that is always the case
with the receiver sales receiver sales the contracts will be drafted in a way that will
essentially say we know nothing i know nothing have never lived in the house i'm appointed by
the bank we're selling it as it is make your own inquiries and that is a problem with these
auctions and the receiver sales so the contracts are drafted in a way that protects the receiver
and the vendor and the requisitions then the replies requisitions are of fairly limited value
so that's the first document that you see there well the first document sorry is the contract
as i say i have done a contract or done a video already about a typical receiver sale contract
conditions of sale have a look at that i'll link it somewhere here on this video if i remember
but it is on my website you'll see the vendor is gary sharp by the receiver ken fenell so ken fennell
was appointed receiver and registered owner i think is gary sharp uh receiver ken fennell is
selling he was appointed by the lender the key thing about the conditions of sale the contract
is that it'll be drafted in such a way that the vendor the receiver will have limited knowledge
limited information and every information piece of information that he gives will be fairly highly
qualified you'll see in this one though that it's there's a folio property it's a land registry
property but it's subject to and with the benefit of the occupational tenancy so there is a tenancy
uh and we've told this 2600 per annum these are the documents that we're getting we're getting
the copy mortgage uh the deed of appointment of a receiver the folio the replace requisitions
family home declaration and so on and these are the contracts the conditions in the contract
special conditions are the vital ones but basically with a receiver say like this you
will see repeated ad nauseum the the purchaser acknowledges on the side of the other one
the receiver has limited information limited knowledge etc etc and the purchaser is put on
notice to carry out his own inquiries as best he can and so on but the receiver has limited
knowledge there you go limited knowledge of vendor the purchaser hereby acknowledges and accepts that
the vendor has limited knowledge knowledge as to the affairs of the subject property
prior to the date the receivers were appointed over the subject property
the purchaser should i conclude conclusively accept the position and no objection requisition
or inquiry may be raised in relation to this this is a typical receiver sale typical receiver
contract as i say i'm doing a video elsewhere or on youtube have a look at it and i go through that
particular contract but it's precisely the same sort of modus operandi rundown that you're going to
come across so that is the contract for sale this is the legal patent i remember we're looking at
here's two replies then you've got to be er cert which in this case is the lowest possible value g
you are given the folio itself then the folio is a land registry folio it's a certified land
registry sealed and certified copy folio sealed by the land registry it sets out the description of
the property it sets out the register owner this gentleman here is the registered owner
and and it charges on the property you'll see that there's a charge there a mortgage
for first active they sold the mortgage then to promontory oyster designated company you see
they're the owner of the charge registers not entry number one
so first active sold this loan to promontory promontoria then appointed ken fennell as receiver
and he's selling and that's the site then of the property because this is the filed plan with
the folio that's the site again that's a typical document that you want to get with the legal pack
that's the folio and down here then you've decision in relation to planning permission
the only interest or the only document in relation to planning that's been provided that's it
there's no certificate of compliance with planning or anything of that nature but
that's what they're getting then there's the mortgage in charge this gives rise
to these copy of the mortgage and the copy of the charge on the property this gives the rise to the
appointment of the receiver and it gives rise to the power of sale being vested in the receiver
this one then is what is this instrument of the appointment
of the receiver so this is the instrument or the document which appoints the receiver
promontoria ken fennell promontory as i say
bought the loan off first act of gary sharp was the original lender or original borrower rather
and promotoria then bought the loan off first active and they've appointed ken fell to sell
and that's it that's really the documents that you're getting there in title documents now
there's one more down here and it's a family home decoration it's a standard document a
standard declaration which must be provided but the bottom line is the key thing is the
legal pack should be gone through should be reviewed by your solicitor and the contract
in particular particularly if it's a receiver sale will be vitally important to have a look at
because it will probably say that the receiver has limited information
and you are put on notice about making your own inquiries and so on
the key things you'd want to be looking for would be services on the road to butting the property
are they in charge or not and more often than not the receiver will simply say i don't know have
limited knowledge go and make your own enquiries so that's that particular property if we go to
any other property you're going to have a similar sort of a situation there's a house there in mayo
foxford we scroll down here now to the legals the legal pack we confirm
we're looking after legal pack and there's a contract there for sale take a look at that
again harry fannie and bridget stubbings they got into difficulty i assume and the receiver
then acting by the receiver appointment clearly so again you have a receiver who's appointed
it'll be a similar sort of contract very much drafted in a way that basically says the receiver
has limited knowledge about the property and so on because the receiver didn't live in the property
for a number of years never lived in the property the title documents then again you're looking at
the ber cert you're looking at the pra map and you'll see there now the map that's an unusual
looking map and you'll see that it doesn't go to the boundaries of the road or anything so that's
something that we want to be looked at closely if you're interested in that property you have
a draft section 72 declaration draft family home give a deed of insurance this is the draft deal
of insurance basically from the receiver to the purchaser so you'll see there and the transfer of
the property from the receiver to the successful bidder you'll see the letter re-roads and services
in other words confirming the position in relation to roads and services servicing the property
you'll see confirmation from joe burke and partners regarding completion of the property
and compliance with building regulations so presumably that's a certificate of
compliance applying permission on billing rigs uh there's one there on your original certificate of
apply information and building rigs that's important copy planning permission
and then certified copy instruments these are copy instruments from the lan registry and then
this is the certified copy mark which again this gives rise to the appointment of the receiver
and the power of sale that is typical of a bid x1 auction property as i said the same principle
applies to all of these properties or property auctions so it could be gibson's it could be some
other auctioneer or real estate business selling online same principle a lot of these properties
are receiver sales appointed by the banks and you can get lucky or things can be very competitive
there can be a lot of interest in the property but you can get lucky and i have seen people
getting lucky and getting a property with one bid but um that's the story hope you find this video
useful if you do would appreciate if you give us a thumbs up down below and i would strongly
recommend that you have a look at the video that i made which reviews reviews a typical receiver
sale contract because you're going to come across as time and time again and if you do one thing
uh only before you go bid at a bid x1 auction or any of these auctions get the legals checked out
because you do not want to be repenting in leisure and um and rushing in and then bidding and winning
uh property and then discovering that there's a significant problem for example a sitting
tenant that you can't get rid of anyway i hope you find this video useful thanks for watching