Buying or selling a house at auction differs from the traditional conveyancing process. Property auctions provide excellent opportunities for both buyers and sellers to snap up a bargain, get rid of a property quickly or sell at a higher price. However, the legal requirements and necessary preparation work is unique and requires the specialist knowledge of an auction property conveyancing solicitor.
Our team of auction property conveyancing solicitors can advise you at every step.
Buying at auction
One of the biggest differences between buying a property at auction and as a standard purchase is that a binding contract is struck as soon as the hammer falls. This means that, as a buyer, you are obligated to complete the purchase, regardless of whether any checks on the property have been undertaken.
You can pull out of the purchase, but it could cost you a significant amount. Therefore, any research should be conducted prior to auction to avoid any potentially nasty surprises.
We do not advise turning up and bidding on a property without prior research. Many properties are put up for auction due to complications that can make them difficult to sell traditionally. For example, the property may be in poor condition that would cost you a significant amount in repairs.
Selling at auction
Selling property at auction is becoming increasingly common, especially if you want it off your hands quickly. However, you will need to instruct a qualified property solicitor as soon as possible in order to put together a comprehensive pre-auction legal pack.
The legal pack is a collection of documents compiled for the benefit of the auction house and any potential bidders; this is usually displayed on the auction house’s website. Our team of auction conveyancing solicitors can prepare a prompt and very competitively priced legal pack for your property.
Why choose Trethowans?
We have a team of highly skilled auction property solicitors working on behalf of both buyers and sellers.
Our auction property solicitors can guide you on the best course of action when it comes to buying or selling at auction and can review property legal packs on your behalf so that you know exactly what you are investing in. If needed, we can also assist you with finding the right auction house with which to sell your property.
Contact our expert auction property conveyancing solicitors today on 0800 2800 421 or fill in our quick contact form to request a call back.