0330 124 7474

Auction Conveyancing

Our Auction Property Team has a wealth of experience acting for clients buying or selling a property at auction.

Property auctions can be an efficient, cost-effective way to buy or sell a property and is increasing in popularity.  Buying a property at auction can not only prove to be a great opportunity to pick up a bargain – but it also means that you do not need to worry about the kind of delays you can end up with in conveyancing chains.

The process of buying a property at auction differs from the standard conveyancing process and the potential risks and gains should be assessed equally; especially as you’ll be contractually bound to buy the auction property after you win the bid.

Speak to our property team on 0330 124 7474 for more information or a no-obligation estimate for our services whether buying or selling at auction. Our expert, friendly and experienced team can help you throughout all stages of the auction process, from initial research right through to completion.

Acting for the buyer

Buying a property at auction involves making a purchase at speed and unlike with standard conveyancing, where you can take as much time as you like before you confirm you are happy to exchange contracts, an auction property is legally binding at the point the hammer comes down. The buyer is required then to pay a deposit, normally 10%, with the balance amount payable on completion of the sale. Sales are often completed within 28 days.

When buying a property at auction, it is essential to be well prepared. You will be provided with an auction pack from the seller’s solicitor or the selling agent/auction house. We can report to you any important information and give you advice on its contents, helping you to be fully informed when making the investment.

The auction pack provided by the seller’s solicitors is similar to the draft contract pack in a standard conveyancing transaction. The biggest difference is that the auction pack will usually contain much more information than a standard contract pack. The pack should include (where applicable) copies of special conditions of sale, title deeds, leases, office copy entries, searches, and replies to pre-contract enquiries. It is important that you get these documents reviewed by a conveyancer experienced in Auction Conveyancing so that they can alert you to any potential issues. For example, if there is a problem with the legal title to the property, any environmental or mining issues etc.

Because sales at property auctions are binding, it is essential to have expert legal advice, so you know exactly what you are committing to.

If you are successful at auction, we will assist you in completing the purchase of the property, dealing with its transfer and ensuring a smooth and easy experience.

Acting for the seller

Selling a property at auction can be a quick and effective solution to a residential transaction, however, it is still important to obtain specialist legal advice to ensure that your sale runs as smoothly as possible. If you choose to sell your property at auction, we are here to help throughout the entire process.

On your behalf, our specialist team will produce an auction pack which will be submitted to the auction house/selling agents before the auction for review by prospective purchases and their solicitors. Our comprehensive auction property sales pack will include:

  • Title deeds and documents
  • Leases (if applicable)
  • Office copy entries
  • An auction contract with special conditions of sale
  • Conveyancing Searches (to include Local and Mining searches where applicable and as directed)

On the day, we are happy to attend the auction of your property in order to answer any legal enquiries that may be raised by potential buyers.

Why is there a 28 day completion deadline?

The average property purchase can take up to 6 weeks or longer from when the sale is agreed to exchange of contracts. During that time, either party can pull out, change the price or other factors can delay the process. The 28 day completion clause in auction property contracts protects both buyer and seller from all of those possibilities and ensures a swift, problem free transaction. The compensation for the inconvenience is the (often) lower purchase price. When you compare conveyancing quotes, keep in mind that choosing a fast, experienced conveyancer with experience in auction conveyancing such as the conveyancers at BES Legal Ltd, can help you meet that deadline and avoid financial penalties. You should also bear in mind that whilst online conveyancing firms may offer lower prices, they may not have the expertise or speed needed to get you through the full conveyancing process in good time.

BES Legal Ltd’s team of conveyancing experts have years of experience in advising both buyers and sellers in auction transactions. Our specialist conveyancers understand that speed of service is a factor that needs to continue throughout the conveyancing process if you are successful at auction.

If you would like more information on buying or selling a property at auction contact our specialist auction Conveyancing team on 0330 124 7474 or request more information via our online enquiry form.

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