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.
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.
Telephone -
9am to 5pm
Technical Director - Residential Property
Call the Taylor Rose team or fill out the form below and we will get back to you as soon as possible.
Telephone opening hours -
9am to 5pm