Our property auction lawyers and 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 Property auction, contracts are legally exchanged, and both seller and buyer committed (and usually 10% deposit must be paid on the day) immediately the reserve price is met and the auctioneer accepts the highest bid. Consequently, a sensible buyer and his/her conveyancer will have undertaken all the necessary checks and enquiries before the day of the property auction.
The pack should include (where applicable) copies of :-
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.
Our specialist team offer fixed prices for reviewing the legal pack prior auction, where the 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 and your auction fees paid to us will be deducted from the rest of our fees.