Property Auction Conveyancing

At Express Conveyancing, we offer a range of fast, high quality and low-cost auction property conveyancing services in London and nationwide. Our online methods, mean we can provide auction conveyancing wherever you may be in England and Wales. Read on to find out more about buying an auction property, our auction services and how we can help you, or call us on 0800 799 9892 to speak to one of our specialist team.

Express Conveyancing offer two main services for auction properties, a pre-auction pack title review prior to attending an auction and the post auction conveyancing once you have placed a successful bid

Buying an Auction Property

Buying a property at auction can be a good way to secure a good deal on a property. There are other advantages too. It is fast, transparent and since it isn’t for the faint-hearted, it cuts out many of the competitors that you would be bidding against on the open market.

Like all ‘too good to be true’ deals, there are downsides to purchasing at a property auction. Auctions are often full of unmortgageable, unregistrable and title defective properties. You also need to bear in mind that you will need to have your 10% deposit plus costs ready to hand over on the day of the auction if your bid is successful. If going down the traditional auction route, contracts become legally binding the moment the hammer falls. More recently however, a new, Modern Method of Auction has become more common giving slightly more flexibility, however you still risk losing a substantial reservation fee if you withdraw or don’t meet the strict deadlines. As with any property transaction, knowing the exact details and terms which you will be bound by is crucial and our property experts will be able to assist you understanding what these are.

You also need to be particularly cautious if you plan to pay for the property with a mortgage. Standard property auction terms usually give you anywhere between 14-28 days to pay the balance and arranging a mortgage within that timeframe can be tricky. If you miss the deadline for completion, you may have to pay penalties as you would on a conventional purchase plus added auction costs. You may even forfeit the full 10% deposit, so check the contract terms carefully prior to the auction. You should always make sure you have an Agreement in Principle with your chosen lender before placing a bid, and you should also compare conveyancing quotes before you go to auction so that you can get the ball rolling immediately if you win.

Pre-auction title check

At Express Conveyancing, we offer a service in which our experienced auction conveyancers review the legal pack provided by the auction house prior to your auction and before you commit to any contract to purchase a property. We produce a written report detailing our findings about the property. Each report is bespoke and if there is a specific area you are concerned about, we can tailor your report to ensure this is covered. Contact one of our specialist auction team today to discuss how one of our reports may help you in making a decision to bid. You can find more details about this service and why a pre-auction title check review is important on our relevant page.

Post auction conveyancing

Let one of our experienced conveyancing solicitors guide you through the completion formalities once placing your successful bid. Whether purchasing in cash, a limited company or using mortgage or bridging finance, we have a team to assist you. Call our team on 0800 799 9892 to discuss your individual circumstances and discuss how we can help you.

WHY IS THERE A STRICT COMPLETION DEADLINE?

The average property purchase takes at least 6 weeks from sale agreed to exchange of contracts. During that time, either party can pull out, change the price or drag out the process. The strict 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 property solicitor through Express Conveyancing can help you meet that deadline and avoid financial penalties. You should also bear in mind that whilst online conveyancing firms offer low prices, they may not have the expertise or speed needed to get you through the full conveyancing process in good time.

WHAT IS THE SELLER’S LEGAL PACK?

If you are seller thinking of taking your property to auction, our specialist auction conveyancing teams can assist you (and your auctioneer) prepare the relevant legal packs. We will also offer your advice on how to keep costs to a minimum when selling at auction. Contact us today to find out how.

GOING TO A PROPERTY AUCTION?

Bid with confidence once you have carried out a legal check on the property you are buying. As a number of the properties going on to be sold in auctions have unmarketable or defective titles, auction properties can be a legal mine field. Our property solicitors offer great value pre-auction title checks upon which you can bid with confidence. Contact us today to find out more about our pre-action checks service by calling 0800 799 9892 or request a call back from one of our experienced team.

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