Auction Property Conveyancing

Auction Property Conveyancing

We are noticing an increase in the number of properties being sold at auction. Since Auction Property Conveyancing goes hand-in-hand with this increase of instructions, we are hoping to make sense of what and why Auction Conveyancing is important, what to expect and what to look out for, if you are considering selling or purchasing a property through Auction.

There is good reason for sellers looking to follow this route to market, some of which are listed below –

  • Cost effective – most auction properties being sold require the purchaser to pay the auctioneers costs
  • Time effective – upon a successful bid at auction, contracts become legally binding immediately and the purchaser is required to complete the transaction in a set period of time. This naturally eliminates the usual void time involved in selling using conventional methods with no clear guarantee of the buyer completing on the purchase.
  • Committed – expanding the above point and on receiving a winning bid, the purchaser irrevocably commits a deposit (usually 10%). Should the buyer later fail to complete the purchase, they will lose the deposit and further, the seller is free to remarket the property.
  • Non-marketable titles – it is not uncommon sometimes for properties that were originally non-saleable to ‘crop up’ on auctions on the hope that they will find a buyer. This is not illegal or misrepresentation of information. Auction properties are almost always ‘sold as seen’ and therefore, once a buyer commits with a winning bid, the purchaser will then be contractually obliged to complete the transaction or forfeit the deposit if they can longer do so.

What you can expect when buying or selling an auction property?

Whether you are looking to sell or purchase at a property auction, the transaction must progress at speed. Our panel of experienced Property Lawyers and Conveyancing Solicitors regularly deal with sellers for some of UK’s biggest Auction Houses and their purchaser’s post-auction.

Speak to our Auction Property Conveyancing team on 0203 375 187 for a no obligation Conveyancing Quote and more information if you are considering buying or selling at auction.

Prior to auction, the sellers’ solicitor prepares a Contract Bundle which is made available by the auctioneers. Typically, the Contract Bundle will contain, Special Conditions of Auction, Title Deeds, Plans, any Protocol Information forms and miscellaneous documents the sellers might hold. Unfortunately, though a property might appear sound, structurally; this does not automatically mean that the property in question has a marketable title (the property might have a plethora title defects which could mean the property is unmortgageable etc).

It is therefore imperative that any prospective bidders (purchasers) have these contract documents professionally reviewed by a Conveyancing Solicitor before committing to the purchase as for reasons explained above, once you have committed yourself to purchasing the property.

If you require one of our Conveyancing Solicitors to review an auction pack, please contact us on 0203 375 2187.

Auction Property Conveyancing Process – following your auction

Assuming you have been successful at auction and have paid your deposit, contracts and the special conditions previously supplied becomes legally binding. More often than not, you are now legally required to complete the purchase in 28 days – failure to do so would inevitably mean you forfeit your exchange deposit. 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 Bridging Lenders who work closely with us in ensuring they are able to offer solutions to potential complications which you might not have originally accounted for.

Contact our team at Express Conveyancing on 0203 375 2187 to discuss how we may assist you, with your auction sale or purchase.

 

 

What our clients say

Great value for money. Everything went smoothly and I was very pleased with the service provided
Rachel Whitfield
Rachel Whitfield
20:59 12 Oct 18
Excellent! Very responsive, and really helped to push the purchase. There were unexpected delays during the process, but Anthony really helped to reassure me that he was doing everything he could to progress the sale. Ultimately, it all worked out in the end, and I would highly recommend! I would also recommend for auction purposes.
Sean Stevens
Sean Stevens
09:14 21 May 18
Very happy customer. Understanding of our needs and recommended a really fantastic solicitor.
Jack Hearne
Jack Hearne
17:49 12 Oct 18
I have just completed the purchase of my flat with them. They were recommend by the estates agents Phillip Arnold and they were fantastic. My case was handled by Milena who was really helpful and always available on the phone. The online system is also really easy to use. If I buy or sell a property I will definitely be using them again.
Sharon Kelly
Sharon Kelly
18:27 20 Dec 17
I used this service following a recommendation. The online case tracker worked really well. I would recommend this service as it's vital in the coordination between Estate Agencies and between Solicitors. The service proved invaluable in helping progress the conveyancing work efficiently and effectively. Completed the transaction just before Christmas having instructed the Solicitors on the 4th.
Shelly Harrill
Shelly Harrill
16:30 19 Dec 17
Excellent Service. Final Price same as quoted.
A Google User
A Google User
14:26 19 Dec 18
Have used them twice. Both times completion happened in less than 4 weeks, even over Xmas! Totally amazing. They take the stress out of the whole process.
Daniel West
Daniel West
13:04 21 Dec 18
Excellent Service. Final Price same as quoted
Parsa Khamooshi
Parsa Khamooshi
15:54 21 Dec 18
Being a first time buyer they guided me smoothly through the whole process of moving into my first home. Very professional and economical.
Uday Seth
Uday Seth
12:31 24 Dec 18
Express Conveyancing have been excellent in the handling of my recent house sale and purchase. Would highly recommend
James Ellis
James Ellis
11:43 30 Apr 19
Express Conveyancing have been excellent in the handling of my recent house sale and purchase. Would highly recommend
Michelle Preston
Michelle Preston
12:20 30 Apr 19

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