Buying a house at auction involves making a purchase at speed and our specialist solicitors understand that speed of service is a factor that needs to continue throughout the conveyancing process if you are successful at auction. Speak to our auction property team on 0845 144 1441
Our specialist team are able to offer a fixed fee of £200 plus VAT to review the legal pack for the property, we can then complete the conveyancing if you are successful at auction for only an additional £195 plus VAT.
Prior to auction you normally have 3-4 weeks to thoroughly research the property you are thinking of buying and this should not be rushed. Before attending an auction and purchasing a property it is important to be as well informed about your perspective purchase as possible.
Once you have identified the properties you are interested in from the catalogue and researched the going market rate for properties in that area, it is crucial that you do your homework with regards to the legal pack that is available from the vendors solicitor. The pack should include (where applicable) copies of: special conditions of sale, title deeds, leases, office copy entries, searches, replies to pre-contract enquiries. It is important that you get these documents reviewed by a solicitor 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 issues etc. This may seem like an unnecessary cost when you do not own the property, but it may help you avoid or be aware of a costly problem as you buy subject to all documentation and terms of contract whether or not you have read them.
After a 10% deposit is paid at the auction we understand the necessity to ensure completion occurs by the fixed completion date and that the remaining 90% of the value of the property is usually payable within 28 days. We will be able to quickly assimilate the packs, prepared by the vendor's solicitor, which contains all the legal papers that are needed. These include special conditions of sale, title deeds, results from property searches and details of pre-contract enquiries.
An auction is a legally binding process and we understand the importance of dealing with your conveyancing in the most efficient way. As a result we have developed a state of the art IT system to deliver increased efficiencies and ensure that you are always kept up to date. We are able to offer fixed fee conveyancing at competitive rates for properties bought and sold under auction.
For information on upcoming auctions in your area please click here: Property for auction.
