Buying at auction
Spectrum are your one stop shop for auction property conveyancing across the UK
Buying a property in an auction is a unique experience, and one that our specialist team are experts in. Below is a brief summary of the auction process:
When you buy at auction, contracts are exchanged at the fall of the auctioneers hammer, so the purchase becomes legally binding at this point.
It is essential that you have done your research into the property before this point so there are no hidden surprises!
Most lots in a property auction have a legal pack available from the auctioneer or agent for you to inspect before the auction. This pack should ideally contain official copies of the title to the property including the plan, copies of any documents referred to in the title, any special conditions of sale and any searches carried out on the property. Between them, these documents should reveal any issues with the legal title or services to the property, if you know what to look for. That’s where we come in!
Contact us before an auction, ideally as early as possible, and we will obtain the legal pack for you, review it and provide a summary of what it contains, identifying any issues revealed. You will then be able to make an informed decision on whether to bid, and how much the property might be worth to you.
If you bid successfully at auction, you will be expected to pay a 10% deposit immediately after, usually along with the auctioneers fees.
A completion date will then be set, often for 28 days after the auction.
At Spectrum Solicitors, we are used to handling such speedy conveyancing and the need to meet a pre-set deadline. We will report to you on the contents of the auction pack (if we have not already reviewed this for you prior to the auction), and take your instructions on any additional searches you may wish to obtain. We will also make arrangements as quickly as possible to meet your pre-arranged completion date.
Selling at auction
Selling in a property auction can be a fast and efficient way to sell your property, as contracts are exchanged at the time of the auction, so you can be sure the sale will proceed to completion. However, you will need to make sure you have a legal pack prepared as soon as possible for the buyers to inspect prior to the auction. Again, this is where we can assist. We can put together a legal pack for you containing all of the necessary documents (official copies of title, documents referred to in the title, title plan, searches and special conditions of sale), and arrange for this to be sent to the auctioneers for you.
Once the property is successfully sold in the auction, we will make arrangements to ensure the remainder of the sale runs smoothly and the completion deadline is met.
Please contact Amy or Chloe on 01653 606050 for quotes on buying or selling at auction.