We specialise in acting for both buyers and sellers at auction. We do not charge any further fee for acting in an auction sale or purchase and so our usual conveyancing fees will apply.
Selling at Auction
We will prepare the auction pack documents for you to allow the property to be listed for auction. This pack will usually include: contract special conditions, draft TR1, HM Land Registry title documents, protocol forms, and may include other documents such as: AST documents, property searches etc.
We charge an up-front fee of £300 + VAT for this auction pack service but if the property sells at auction we will reduce our usual conveyancing fee by this amount that you will have already paid. We will then act for you in taking the sale through to completion.
Selling at Auction
We will act for you to complete the purchase of a property within the strict timelines required by auction purchases - often as short as 20 working days. It is therefore vitally important that you are confident that you will have sufficient funds in place to complete quickly.
We will review the auction and property documents and raise enquiries (although the seller is not obligated to reply to these). We will order searches if you need us to. We will then prepare for legal completion and provide you with our report on title. Once you are ready to complete we will send you the documents to sign, along with our completion statement and bank details.
There are several risks to consider when buying a property at auction in England:
Limited information: Unlike buying a property through a traditional real estate agent, when you buy a property at auction you may not have access to the same level of information about the property. This can make it more difficult to determine the true value of the property and assess its condition.
Lack of financing options: It is often more difficult to obtain financing for a property purchased at auction, as traditional mortgage lenders may be hesitant to lend on a property that has not been thoroughly inspected.
As-is condition: Properties sold at auction are typically sold "as-is," which means that you are responsible for any repairs or renovations that may be needed. This can be a significant risk if the property is in poor condition and requires significant work.
Competition: Auctions can be competitive, and it is possible that you could be outbid by another buyer.
Hidden liens or encumbrances: It is possible that a property sold at auction could have hidden liens or encumbrances that you may not be aware of, such as unpaid taxes or outstanding mortgages.
It is important to carefully consider these risks before bidding on a property at auction in England. It is a good idea to thoroughly research the property, obtain a professional inspection, and seek legal advice before making a bid.
Advance Review of Auction Papers
We offer a service for auction purchases where we will review the property documents in advance of the auction and provide you with our report on title. This in turn can help you to gauge your interest in the property. Our fee for this is £300 + VAT. It is payable in advance but if you are then successful at auction this fee will be deducted from our overall quote above.
Our lead property solicitor is Joseph Mulrooney, ably assisted by Josh White.