Auction Property Conveyancing

As we mentioned, buying property at auction can differ from the usual buying of a property, one of the first differences is a legal pack.  The legal pack contains information about the property including title plan, register of title, conveyance searches and contract of sale. Legal packs can lack certain information due to a number of reasons and this is why it is important that a specialist auction solicitor reviews the legal pack and reports any issue they find.

How do I buy a property at auction?

To start off with you need to find what property you want to buy, once you have found the property you need to figure out the maximum price you want to pay for it. Turning up to an auction with no financial idea of what you want to pay could be detrimental to your finances as you could make impulse decisions that you can’t afford, this is because once you make the offer and win you must pay all the remaining costs.

Upon deciding what property you want to buy you should arrange a viewing to go see the state of the premises, this is so you can make a final decision on how much you want to pay for the property. Once you have gone through the legal pack and set a max price for your auction you are ready to go to bid for your property. Upon arrival you should already have 10% of the deposit ready to be passed over to the seller, the other 90% must be paid within 28 days from when the property was sold, in some circumstances it can be lowered to 14 days depending on the auction site.

How do I sell a property at auction?

Generally, when trying to sell a property at an auction you need four weeks or more to prepare. Firstly you need to call a range of different auction sites and request an appraisal, this is because each auctioneer will give you a range of prices and fees. Once you have chosen a specific auction house you want to work with they will help set up your catalogue listing. During this process, you will have to arrange a legal pack with your auction property conveyancing solicitor so buyers have all the information they need about your property. Once you have completed all of your set-up processes the actual auction day is very straightforward, meaning that you sell your property to the highest bidder and sign any contracts once the 10% has been handed over, after this the process of conveyancing will be carried on by your solicitor.

Why choose Monarch Solicitors?

Our team of experts will help you throughout the whole experience, the most complicated bit for our clients is when the buyer and seller have to sign the legally binding contract of the deal. With our team of solicitors who specialise in auction sales, we understand that contracts for the buyers can be stressful as there are many different aspects that can be involved with handing over the title deeds. That’s why we will handle any legal issues that you face with signing over the deal.

Contact Our Corporate Solicitors in Manchester and London, UK

To get in contact with one of our auction property solicitors send an email to us at [email protected] and one of our solicitors shall call you back.

Alternatively, please call our auction property lawyers on 0330 127 8888 for a no-obligation discussion.

Monarch Solicitors are a leading UK law firm and our award-winning Manchester solicitors, London solicitors and Birmingham solicitors offer their legal expertise nationally and internationally.

We are also able to leverage an international network spanning across Hong Kong, Turkey and Dubai to provide seamless assistance with cross-border matters relating to auction property conveyancing.