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    We offer reassuring expert backing for anyone looking to buy or sell at auction

    Buying or selling a home or other property at auction is exciting and can offer high rewards. Our award-winning team will efficiently take care of all the checks or prepare the auction legal pack before auction day and complete the conveyancing processes if you are successful at auction. We will guide you through all the legal jargon and put everything in place to give you the confidence to get the most from your property buy or sale.

     

    The Conveyancing Quality Scheme

    We are an accredited member of the Law Society’s Conveyancing Quality Scheme. The Conveyancing Quality Scheme (CQS) is a recognised standard for quality residential conveyancing.

    How can we help when it comes to buying a property at auction?

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    Buying or selling a house or other property at auction requires swift expertise. Our award-winning solicitors and conveyancers will guide you efficiently and safely through the whole process, from reviewing or creating the sellers legal pack before the auction and on to completion after the auction.

    Before an auction it is vital that you are well informed about the home or other properties you are about to bid for. A sensible buyer will use an expert property solicitor or conveyancer to undertaken all the necessary checks on the properties before the day of the property auction. We have the all expertise and knowledge you need to ensure your auction experience is exciting and goes smoothly.

    If you are selling a property – commercial or residential – through auction, our award-winning solicitors and conveyancers can prepare all the required documents for the auction legal pack. We’ll make sure you are in the best position for the auction and have everything in place to get the best possible outcome from the auction sale.

     

     

     

    Auction Purchases & Sales FAQs

    • Do I need a solicitor when buying a home or commercial property at auction?

      The short answer, yes. A solicitor or conveyancer plays an even more important role when buying property through an auction. All the legal checks need to be done before the auction and bidding process, which means you need an experience expert before and after the auction to be able to complete.

      For example, it can be a false economy if you don’t carry out a title report or survey on the desired property before an auction. Admittedly you would have to pay for these whether or not you were successful in bidding for the property, but many buyers who don’t get title and survey report end up buying a property with a bad title. This can mean it will be impossible to get a mortgage on the property.

    • What are the practical considerations for buying a property at auction?

      There are many elements to an auction that you will have to consider, which is why you need the expertise of a specialist solicitor or conveyancer. Some of the practical details include:

      1. Arrange an inspection or preferably a survey of the properties you are interested in prior to auction
      2. Check comparable property prices of the same type of property in similar area as recently as possible
      3. Double check whether VAT is payable on the purchase with a commercial property
      4. Ensure that you have a 10% deposit available in clear funds
      5. Decide whether extra searches are advisable and if any of the information or searches provided by the seller are out of date
      6. Consider whether replies to enquiries are satisfactory or are there areas of concern
      7. Ensure funds are available to complete, if a mortgage needed, and whether the survey results are important and the mortgage in principle is enough
      8. If the property is tenanted check all paperwork and status of tenancy and underlying tenancy documents

      This is by no means and exhaustive list of considerations and we strongly advise you to contact us to talk through the auction process.

    • What is in an auction pack?

      An auction pack contains all the documents relating to the property that is being auctioned and should include (where necessary):

      1. Special conditions of sale
      2. Title deeds
      3. Leases
      4. Office copy entries
      5. Searches
      6. Replies to pre-contract enquiries

       

      It is vital that the pack and documents are reviewed by an experienced solicitor or conveyancer so that they can check for any potential problems. For example, if there are any environmental concerns or boundary issues.

      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 the property.

    • What is the main difference between an auction and the usual way of buying or selling a home?

      The main difference between conventional conveyancing and an auction is the speed at which the contracts are exchanged.

      In a typical home buying and selling process, a buyer’s offer can be accepted but contracts usually won’t be exchanged for weeks or months. This gives the buyer or seller a chance to change their mind.

      When an auction bid or offer is accepted, the contract is immediately concluded. The sale is complete and all parties our bound by the contract – you cannot back out.

      The buyer must pay a deposit, usually 10 percent, and have the balance ready to pay within 28 days.

      In practical terms this means that when buying at auction, your legal work must be done before the auction day, which is why you need to instruct an experienced auction solicitor or conveyancer before making any bid.

    • Do you have to pay stamp duty on a auction house?

      Yes, you will have to pay stamp duty and factory in other costs including mortgage costs and fees for professional services, such as a surveyor and conveyancing. You will also need to pay on the day of the auction a deposit (usually 10%) and reservation fees.

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    - Did you know?

    The most expensive council house sold for £2.96 million at auction in Southwark, London.

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    Let's start the conversation

    Reach out now to us for more information about buying and selling property at auction. There is no obligations and everything is in confidence. Simply call, email or request a call back and one of our experienced team members will be in touch to help you with your legal needs.

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