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Property auctions can be an efficient and cost-effective way to buy or sell a property. Because the contract is completed when the bidding ends, it does not involve many of the lengthy and complex procedures that usually come with transactions on the property market.
We have specialist auction solicitors who can help with:
Instruct GloverPriest well in advance of the auction date to examine the legal title and resolve any issues such as the removal of redundant notices and restrictions which could deter prospective purchasers. GloverPriest will also prepare the legal pack containing special conditions, planning permissions and searches. You can increase your net sale proceeds by asking your solicitor to draft a special condition requiring the purchaser to bear your legal costs and disbursements in connection with the sale.
When looking to buy an auction property, it's important to research as much as possible and make sure you take a copy of the legal pack that contains details of title deeds, any special conditions of sale, office copy entries as well as replies to pre-contract enquiries and have the documents looked at by a specialist auction solicitor at GloverPriest.
The legal pack usually includes;
Unlike standard conveyancing, where you can take as much reasonable time as you like before you confirm you are happy to exchange contracts, an auction property is legally binding at the point the hammer comes down. You'll have to pay your auction fees, 10% deposit and complete the purchase in 28 days on a standard auction or around 60 NB this can vary dependant on contractual completion date (specified in the contract).
Prior to the date of the auction, the seller will provide (via the auctioneer) an auction legal pack which should contain the following information:
The pack may also contain other searches including an environmental search, drainage & water search or coal mining search, depending on the area. Please be aware that it is standard practice for the buyer to be responsible for the costs of the searches if you are successful in your bid at auction.
We would strongly recommend that auction packs are checked by GloverPriest prior to the auction. We also recommend that you get a survey done on the property, to assess any issues such as damp, rot, and structural problems.
When buying or Selling Property at Auction, it’s important to consider legal advice. The team at GloverPriest Solicitors work to ensure the selling or purchase process is smooth and handled swiftly, whilst securing the best possible price.