Welcome to our Auction Services page. We saw some areas of unmet need during 2019 so we have tailored our current services and offered some new ones in 2020.
Legal Pack Check:
There are two ways you can get information on a property being sold at auction; one is the Legal Pack and the other is by visiting/ inspecting the property in advance.
The legal pack is usually prepared by the Seller’s solicitors and contains both legal and practical information related to the property. Legal packs usually contain some or all of the following:
General Conditions of Sale (Common Auction Conditions). It is a standard document which is produced and reviewed periodically by the RICS. The most up to date version is the 7th Edition which can be found HERE. The document includes all of the standard terms and conditions for the conduct of the whole auction.
Special Conditions of Sale. The special conditions of sale relate to each specific lot, unlike the General Conditions which relate to the whole auction process. The special conditions vary the General ones and can include (but not limited to) changing the completion date, which can be earlier or later if, for example probate has not been granted; the Seller may reclaim their legal or search fees from the buyer; any specific details about the condition of the property etc. It is important that the buyer is fully appraised of the Special Conditions and what they mean both from a costs and legal perspective.
Title Register. The Title Register is a document held and available from the Land Registry for a small fee of £3. The title register has details about the property or land (in a PDF). It includes; the title number, who owns it, what they paid for it (properties only, if available), any rights of way, whether a mortgage on it has been ‘discharged’, for example paid off. It also includes a Title summary, which includes the title number, who owns it, what they paid for it, whether the property is freehold or leasehold (known as ‘tenure’) the lender’s name and address (if there is a mortgage on the property).The lease will have more information if the property is a leasehold.
Title Plan. The Title Plan shows the location of the property and a general indication of it’s boundaries.
EPC. The Energy Performance Certificate (EPC) rates the energy efficiency of a domestic dwelling. Following assessment, properties are rated on a scale. A is the highest rating, meaning a property is highly energy efficient and G is the lowest and least energy efficient. The average EPC rating for the UK is band D. Rental properties must achieve a rating of band E or higher.
Property Information Form. The Property Information Form, or TA6, is a form filled out by the vendor of a property. It is designed as a space for the vendor to provide information on the property directly to the buyer. The property world is guided by one gleaming principle ‘caveat emptor’ or ‘let the buyer beware’. It is the responsibility of the buyer to seek information and confirm any of the information provided, if they are unsure about the purchase in advance. It is a standard form with a series of questions pertaining to the property including; where the utilities and meters are, what will and won’t be left in the property, who is responsible for the boundaries, if there are any tenants occupying the property etc.
Be aware that the legal pack may be incomplete when you view it as sometimes the information comes in stages, especially as the auction date looms nearer. Always try to view the property before purchasing and don’t be afraid to ask questions.
Our legal pack checking service offers reassurance to inexperienced buyers. Our solicitors will review the legal pack in detail and provide you with a summary of any key points in plain English so you can bid with confidence on the day, or decide to wait for a more suitable property. Our fees are £100 +VAT for a freehold property and £150 + VAT for a leasehold property we ask for at least a week’s notice before the auction to allow our team to do a thorough job. We can look at packs with less than a week to go but this will add £50 + VAT to the price. When needing a pack checked urgently please call to check availability.
Kindly note that auction pack fees are not deducted from our conveyancing fees if you are successful at the auction and go ahead with your purchase
Conveyancing – Auction Purchases
Please see our conveyancing quote calculator for buying and selling at auction or you can call us on 01653 916606.
It really is that simple! Our team is very experienced at Auction Conveyancing and will guide you through the whole process. We know that speed is of the essence when it comes to auctions.
Conveyancing – Auction Sales
We currently offer sellers the opportunity to have your auction pack for your property prepared for FREE. This means that you are in a no sale no fee situation and that there is no opportunity cost to market your property for sale with an auction house. We will recover our fees from the Buyer as part of the Special Conditions.
*The above offer does not include the price of any searches you may wish to carry out.
If you bid on a property at auction, you are contractually obliged to purchase it once the hammer falls. Make sure you know what you’re buying and that your legal team have got your back. If you have any questions about buying or selling at auction, or would like us to check a legal pack for you please do get in touch by calling 01653 91 66 06 now.