Auctions can be a quick and easy way to buy and sell property. If you want to avoid the pitfalls, please contact our residential property team and we will guide you through every step.
Buying at an Auction
It is common for the auction house to supply a legal pack prior to the action day itself. We can assist you in reviewing the legal pack, and will provide you with a fully tailored report outlining any important legal issues. This will enable you to make an informed decision as to whether you will bid for the property at the auction or perhaps negotiate a private sale with the auction house before the property goes into auction.
At the auction, the interested parties will openly bid against each other. As long as any reserve price is met, the auction will end when the “hammer falls” and the highest bidder “wins”. At that point, the successful bidder enters into a legally binding contract to buy the property and must pay a deposit (which is normally 10% of the purchase price).
Completion of the purchase will normally take place within a set period of time from the date of the auction – normally around 21 days (although this can vary from auction to auction). During this is time we can assist you with all the post-auction legal work, including working with any mortgage lender, to ensure that the funds are in place in good time prior to completion.
Selling at an Auction
If you are looking to sell your property at an auction, we can help you put together a comprehensive legal pack which can be supplied to the auction house prior to the day of the auction.
Following the auction, and if the property is sold, we can assist you with the post-auction work which will include preparing the legal paperwork to be signed by the parties, and liaising with the successful bidder’s conveyancers to ensure that completion takes place .
Please feel free to contact us today and we will be happy to provide you with an estimate of costs for your specific auction requirements.