At Express Conveyancing, we offer a range of auction services including specialist auction legal pack reviews before you bid at auction enabling clients to do their research and fully understand the property they are looking to bid on and any associated risks. With our bespoke auction legal pack reviews solicitors can give expert advice and cost-effective support.
When a property is sold at auction, auctioneers and sellers along with their solicitors and legal teams produce an auction pack. An auction pack contains title, property and contract information about a property and under what terms the property is being sold. They can also be known as legal pack auction, buyers pack, information packs etc.
An auction pack review is a service where a legal pack auction expert in property such as a conveyancer or conveyancing solicitor will review all the documents provided in the legal pack for the property. They also may consider other information available to them about the property. A report will be produced containing their findings and highlighting risks so you can make an informed decision about whether to proceed with the purchase under auction conditions.
Whether you are a seasoned property investor having bought and sold many properties, or this is your first time buying at auction, or even your first time ever buying a property, it is important to consider having a legal expert look at the property title. When buying under non-auction conditions, this happens as part of the conveyancing process and you have the option to walk away without being legally obligated to buy the property at any point up to exchange of contracts. When buying under auction conditions, you do not have this luxury. You are legally bound to complete the purchase once the hammer falls, or face substantial financial penalties. Even when buying via modern method auction, you are bound by a non-refundable reservation fee. By having a legal pack review, you are going into the purchase with your eyes open to any issues and have the opportunity to walk away before bidding and entering into a contract. It also ensures you are sure of the auction method by which you are purchasing and what your obligations are under this method.
This is an important question we get asked regularly, what is an auction legal pack review cost? Auction pack review costs do vary depending on the complexity of the property and the time allowed. You would expect to pay less for a freehold property, than a leasehold for example. It is important to talk to your legal pack auction conveyancing solicitor about the fees both for the legal pack review and completion work after bidding to ensure you fully understand what you are paying for. Availability also tends to vary especially when there are several auctions running at once, so it is important to speak to the conveyancer at the earliest opportunity to ensure the best possible chance of having a review completed by and experienced conveyancer and understand what is the auction legal pack review cost.
An experienced auction conveyancing solicitor knows exactly what to look out for and can provide detailed information about the risks you face. Our auction conveyancing solicitors provide a comprehensive review of the property title and regularly advise on:
Sadly, it is not uncommon for legal packs to be incomplete or have missing documents, especially if there are particular circumstances surrounding a sale such as a probate property or repossession, where the property owner is not selling the property directly. An experienced auction conveyancing solicitor can advise on what is missing and what implications that has.
There are always financial obligations when buying and selling houses, however when it comes to purchasing houses via auction, there are often additional fees that may not be easily spotted. Auction properties also come with contracts that contain costly penalties for delayed completions or certain circumstances that could arise as part of your purchase. Having an experienced auction conveyancing solicitor look over the legal pack will allow them to highlight these fees and contract terms so you can be prepared where necessary.
When completing an auction pack review, the conveyancer will consider the purchase from a legal point of view, both when it comes to the property title itself but also the contract under which you will purchase the property. The conveyancer will highlight any risks as the owner of the property, or risky clauses within the contract of sale which you may not have spotted yourself. An experienced auction conveyancing solicitor knows exactly what to look out for and can provide detailed information about the risks you face.
Due to our experience of working with a vast number of mortgage lenders, we will consider the property title from the point of view of a mortgage lender
Property searches, when included in a legal pack, provide a wealth of important information about a property. Our auction conveyancing solicitor will review the information and can advise on:
At Express Conveyancing, we offer a service in which we review the legal pack and produce a written report on our findings. Our aim is to produce something user friendly and easy to understand. You can find out more by reading our article on pre-auction pack reviews, or visiting the auction pages of our website. Our experienced auction conveyancers have worked on a wide range of properties listed with many of the main UK auction houses and are on hand to discuss your case and guide you through the auction property conveyancing process.
If you are the successful bidder on an auction property, you will need to have your conveyancer lined up ready to start work straight away. On the day of the auction or shortly after you will need to pay the deposit plus any costs set by the auctioneer, such as the buyer’s premium.
You will then have a set period of time in which to complete the purchase, which is done in much the same way as completion on a standard transaction. It is therefore important to have a conveyancer lined up as time is very much of the essence, along with any finance and any other arrangements in place as if you fail to complete, the consequences are the same as they would be in a normal purchase.
Our Auction Conveyancing Solicitors recognise both the sensitive and time critical nature of the transaction and will ensure these prescribed time frames are met. It is also worth noting that, given our track record of having dealt with similar transactions in the past, we have established relationships with lenders and auctioneers and so are used to handling their transaction. We are on hand to help you with your auction property conveyancing.
Contact our specialist auction conveyancing team today
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