This is increasingly popular as a great way to avoid lengthy and sometimes uncertain conveyancing chains.
For sellers, it can mean a quick sale, albeit perhaps at a lower price. And for buyers, it can mean they land a bargain.
Both buyers and sellers must be clear that as soon as the hammer falls, a commitment is made and you are legally bound to buy or sell the property on the agreed date.
We regularly deal with auction properties for both selling and buying and can guide you through the processes.
If you are looking to put your property in an auction, please get in touch with a member of the residential conveyancing team. We can guide you and prepare the legal pack required by the auction company.
To ensure potential buyers and their solicitors have all the information required and to avoid uncertainty we provide a comprehensive legal pack.
Once the hammer goes down the completion date is agreed and sealed. We will then continue with the sale process and take it through to completion for you. We will deal with the buyer’s solicitors throughout the transaction and if you have a mortgage we will deal with its redemption.
If you are looking to buy a property at auction, we strongly advise that you contact us in plenty of time to review the property’s auction pack. There may be title defects or issues within the deeds that mean we would advise you not to go ahead with the purchase.
Too often we are instructed after the auction to deal with the purchase and by this time it is too late. You are committed to taking the property ‘warts and all’ and it may cost more than you thought to put things right.
You must also ensure you have the legal finance in place before bidding for a property. If successful, you have legally committed to buy the property within a timescale set in the contract. This is usually around 28 days after the auction; however, it can be as little as 14 days.
If the finance is not in place this could complicate matters and result in you being in breach of contract, which could see you losing the property and also the deposit paid.
If everything is in order, we will continue the property buying process for you and take the matter through to the completion date. We will then deal with all stamping and registration formalities for you.
If you are in any way uncertain when buying or selling at auction, or would like a quotation for our services, please contact us and we will be happy to advise.