Property Auction Conveyancing

Sellers sometimes decide to sell at auction and buying at auction can be an exciting experience, but there are important points that you need to consider before placing a bid.

If you need an auction conveyancing solicitor please do get in contact. We are highly experienced in advising on buying a property at auction and can act quickly, which is vital where there is limited time to consider the auction pack, raise enquiries and ensure that a client is fully advised.

Key issues when buying a property at auction

The following are important considerations if you are considering bidding for a property at auction and are not an experienced property investor or experienced in the auction conveyancing process and possible pitfalls :-

• Survey and valuation? - Prior to the Auction, you should consider instructing a surveyor to carry out a survey of the Property. This is to ascertain the state, condition and value of the property. In some instances, it would be prudent to consider a full structural survey or at the very least a homebuyers report. Your survey report may also indicate that it is worth considering further expert reports before placing a bid.

• Short timeframes - auctions often have very short time frames for completing the sale. This means that you may not have enough time to get a traditional mortgage in place. Bridging finance can be used to bridge the gap between the auction deposit and the completion date.

• Auction pack - you will not be able to negotiate on the contract terms so a solicitor should check, especially any special conditions. The pack may or may not include suitable replies to usual pre-contract enquiries and may or may not include items usually associated with a non-auction purchase such as local authority search or management pack if a property in a large block.

• If your bid wins you will immediately have exchanged contracts and must complete - If you have enquiries, you can ask your solicitor to raise enquiries with the seller’s solicitors prior to the auction, so you have all the information that you need before placing a bid. You will have no legal rights to demand information or answers after the auction.