Buying property at auction can be an exhilarating experience, but it can also be an intimidating one. Before attending an auction with the intention of bidding, we would strongly recommend going a few times to spectate and familiarise yourself with the process and environment.
When you are ready to buy, your first step will be to examine the legal packs made available usually a week or so before the actual auction. These packs contain everything you need to know about each property for sale, including the contract, land registry details, and any relevant restrictions. It is important that you thoroughly scrutinise these packs before committing to a purchase, ideally with input from an experienced Solicitor. At this point you can also schedule a survey of the property, to ensure you are happy with everything prior to bidding.
When auction day comes around, you will have a brief window in which to bid on your chosen property, going up against other interested parties. If you win, you are contractually obliged to honour the purchase. At this point, you will pay the deposit (usually 10%), as well as any fees, with the remainder of the cost due when the sale is completed.
If you are interested in selling your property at auction, the most important part of the process is the preparation of your legal pack. This pack is required by the auctioneer, and it is what prospective buyers will judge your property on when deciding what to buy.
Getting the advice of an experienced Solicitor can be extremely useful during this process. We can advise you on what to include in your pack to ensure that all information is accurate and well-presented, which will make your property more attractive to buyers and will minimise the possibility of any disputes arising after the sale has been completed.
What We Can Offer You
Buying or selling property at auction is an excellent way of circumventing the usual problems associated with buying or selling property. Fewer fees and no chains mean sales are usually completed quickly and painlessly. This process runs smoothest when both buyer and seller are properly prepared and well-informed. A comprehensive legal pack is a must for a successful sale, and understanding the contents of these packs and the results of any surveys is essential for a buyer looking to make a smart purchase.
Our residential conveyancing solicitors have a thorough knowledge of auction sales and purchases. They are aware of what to expect the pitfalls to avoid at a property auction. Our solicitors have years of experience both producing and interpreting legal packs and guiding clients through the auction process. We have been awarded the Law Society’s Conveyancing Quality Scheme Accreditation which demonstrates our knowledge and expertise in all aspects of residential conveyancing.
An experienced residential conveyancing solicitor will have an initial consultation with you, free of charge, to discuss your situation in more detail. Once we understand your circumstances better, we can provide you with a clearer understanding of how we can help you. We will also provide you with a price quotation and a choice of funding methods at the outset.
Call 0800 086 2929, email email@example.com or complete our Free Online Enquiry Form to arrange a free, no-obligation discussion and let one of our experienced residential conveyancing solicitors explain your legal rights and options.