Conveyancing – Launching Soon
Commercial & Residential
Specialist Property Auction Solicitors
Our property auction solicitors have extensive experience of acting for clients both buying and selling commercial and residential properties at auction.
There can be some real bargains, but with high reward also comes higher risk and it is vital, whether buying or selling at property auction, that you have the backup of an experienced property lawyer with genuine experience of property auction transactions.
At a traditional property auction, contracts are legally exchanged, and both seller and buyer are committed (and usually 10% deposit must be paid on the day) immediately after the reserve price is met and the auctioneer accepts the highest bid. Alternatively, with our on-line auctions, upon a successful bid, above the reserve price a non-refundable Reservation Fee is payable, consequently, a sensible buyer and his/her conveyancer will have undertaken all the necessary checks and enquiries before the day of the property auction or before the on-line auction ends for that particular lot.
It can be a false economy by not bothering with a title report or survey before an auction. Admittedly you would have to pay for these whether or not you were successful in bidding for the property. But many buyers who don’t get a title report first end up having to buy a property with a bad title – sometimes one on which it will be impossible to get a mortgage.
We are experienced in all aspects of property law and our solicitors have represented a wide range of clients nationally, from first time buyers through to experienced property developers and investors. If problems or obstacles arise, which are more common than meets the eye, we know how to try and solve those problems to keep the transaction alive rather than go abortive.
Conveyancing includes many different transaction types, including leasehold flats, new build, off plan, right to buy and shared ownership, and as with all things legal, experience counts in ensuring not only a smooth conveyancing service, but protecting your interests.
Buying & Selling
Buying a house at auction involves making a purchase at speed and our specialist solicitors understand that speed of service is a factor that needs to continue throughout the conveyancing process if you are successful at auction.
Speak to our auction property team on 0330 088 2013 for more information or a free quote for our services whether buying or selling at auction.
Before bidding on-line or attending an auction and purchasing a property it is important to be as well informed about your perspective purchase as possible. Once you have identified the properties you are interested in from the catalogue and researched the going market rate for properties in that area, it is crucial that you do your homework with regards to the legal pack that is available on our website or from the sellers solicitor.
Practical Considerations for Buying at Property Auction
Check comparable property sales of the same type in similar areas as recently as possible.
Arrange an inspection or preferably a survey of the property prior to the auction date or end time.
Decide whether additional searches are advisable and if any of the information or searches provided by the seller are out of date.
Double check whether VAT is payable on the purchase with Commercial Property.
Ensure that 10% deposit or the auctioneers fee plus any disbursements payable and/or the Reservation Fee (whichever applies) is available in clear funds.
Consider whether replies to enquiries have been satisfactory dealt with or are there areas of concern.
Ensure funds are available to complete, if mortgage needed, survey position important and assess whether a mortgage in principle is enough.
If the property is tenanted check all paperwork and status of tenancy and underlying tenancy documents, such as Assured Shorthold Tenancies, Leases and Underleases etc.
Our specialist team offer fixed prices for reviewing the legal pack prior auction (assuming we have not produced and provided the legal pack), where the on-line auction is more than 7 days ahead. For more urgent work, contact us for a quote.
If you are successful at auction we will finish your conveyancing with any professional fees being agreed in advance of carrying out any work.