Specialist property auction solicitors

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Fast, experienced, fixed fee service for buyers to check the auction pack and special conditions.

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 Auction Pack 

The pack should include (where applicable) copies of :-

  • special conditions of sale
  • title deeds
  • leases
  • office copy entries
  • searches
  • replies to pre-contract enquiries.

 Completion and arranging a mortgage – another reason why you need a solicitors auction report on title 

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.

 Practical considerations for buying at property auction 

  • Arrange an inspection or preferably a survey of the property prior to auction
  • Check comparable property sales of the same type in similar area as recently as possible
  • Double check whether VAT is payable on the purchase with commercial property
  • Ensure that 10% deposit is available in clear funds
  • Decide whether extra searches are advisable and if any of the information or searches provided by the seller out of date
  • Consider whether replies to enquiries satisfactory or are there areas of concern
  • Ensure funds are available to complete, if mortgage needed, survey position important and is mortgage in principle enough
  • If the property is tenanted check all paperwork and status of tenancy and underlying tenancy documents

 Our fees 

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.

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