1 What is Auction Conveyancing
2 Buying and Selling at Auction
2.1 What You Need to Know about Property Auctions
2.2 Terms and Conditions of Property Auction
3 The Process of Auction Conveyancing
3.1 Buying a Property
3.2 Selling a Property
4 PDR Auction Conveyancing Pack
5 Instant Quote
What Is Auction Conveyancing?
Buying a house at auction involves making a purchase at speed and our Specialist Property Lawyers understand that speed of service is a factor that needs to continue throughout the auction conveyancing process if you are successful at the auction.
Buying & Selling at Auction
Typically speaking property auctions are a place for investors, however, with property prices increasing over the years this has been widely welcomed for more domestic based sale including individuals both buying and selling at Auction. Read our brief guide on Auction Conveyancing – and how us, the Award Winning Conveyancers can help.
What You Need to Know about Property Auctions
Before attending an auction and purchasing a property it is important to be as well informed about your prospective 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 vendor’s conveyancers.
Terms and Conditions
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 property lawyer 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 unnecessary when you do not own the property, but it can prove crucial in helping you to avoid or make you aware of a costly problem before you buy.
Our specialist team offer fixed prices from £200 plus VAT* to review the legal pack prior to purchasing a property, where the event is over seven days away. Should the event be less than 7 days away please contact our experts for a quote. If you are successful on the day, we can complete your conveyancing for our standard fee.
The Process of Auction Conveyancing
Below you can learn about the process of buying and selling at auction, that all customers have to complete, in order to successfully complete purchase or sale of the property.
Buying a Property
After a 10% deposit is paid, we understand the necessity to complete 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 property lawyer, which contains all the legal papers that are needed. These include special conditions of sale, title deeds, results from 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 and will 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 this way. Auction pack check is non refundable regardless of success on the day.
Selling a Property
Selling a property at auction can be a quick and effective solution to a residential transaction, however, it is still important to obtain specialist legal advice to ensure that your sale runs as smoothly as possible. PDR Property Lawyers team of conveyancing experts have years of experience in advising both buyers and sellers in auction transactions.
Our specialist team are able to offer a fixed fee of £350 Plus VAT to produce an pack for property sellers – instruct us to prepare your legal pack online.
PDR’s Auction Conveyancing Pack
Our comprehensive auction property sales pack will include:
- Conveyancing searches
- Local authority
- Title deeds
- Office copy entries
- Special conditions of sale
If you would like more information on our auction conveyancing process or buying and selling at auction contact our specialist conveyancing lawyers on 01733 203873 or request more information via our online conveyancing quotes form.
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Frequently Asked Questions
Generally, it’s advised that you seek the advice of a solicitor before attending a property auction. A conveyancer will be able to advise on the contents of the legal pack so you’re made aware of any issues with the property before attending the auction. You will also need to hand over your conveyancer’s details available for completion of the memorandum of sale.
With PDR Property Lawyers our auction conveyancing is billed at a fixed price, starting from as little as £200 plus VAT*. This covers the cost to review the legal pack prior to purchasing a property (where the auction is over seven days away.)
If you make the final bid and sign the paperwork, it’s very difficult to back out of the sale after that. So, essentially, a buyer cannot pull out of an auction bid and you will be obligated to pay for the property. This is why it is highly recommended that you have a conveyancer look at the property details with a fine tooth comb beforehand.