Buying at Auction Solicitors
Legal Expertise for Buying at Auction
Buying a property at auction is an alternative to the traditional home buying process and is often much quicker, offering potential buyers more certainty.
However, it is important that you attend the auction house fully informed, so you know exactly what you are buying – not every property is the bargain that it first appears to be!
The team of expert lawyers at Home Property can help you with this.
We can review an auction pack for you before you attend the property auction and talk you through the documents the seller has provided so that you know what you are buying and are confident about your potential purchase.
If you successfully bid on a property at auction, we can help you reach completion on your purchase within 28 days.
What Does Reviewing an Auction Legal Pack Involve?
If are planning to purchase a property at an auction sale, you should first review the property’s legal pack with a qualified auction property conveyancing solicitor.
A specialist conveyancing solicitor will advise you on any loopholes, potential issues, or notable information available in a legal pack via a summary of the contents.
The legal pack will include the following:
- Information on title deeds
- Local and other property searches (provided these form part of the pack, alternatively we can request these on your behalf)
- Special conditions of sale
- Form for fixtures and fittings
- Form with property and management information
- Details of any leases
- Any tenancy agreements
- Documentation for planning permissions (provided these form part of the pack, if not we can endeavour to obtain copies from the planning department directly)
Your conveyancer should check the auction contract for matters, such as special conditions that differ significantly from the conditions in a contract when you buy a property in the usual way.
It is important to check that the property has appropriate rights of way and that the covenants in the property register will not adversely affect you, particularly if you had specific plans for the property which may be prohibited by the covenants.
Also, bear in mind that in some cases the seller might be selling the property at auction because of a fundamental legal problem.
Specialist auction property conveyancing solicitors will know what to look out for and can advise on these issues if and when they arise.
What Is the Process for Buying a Property at Auction?
If you are looking to buy a property at auction, it’s best to attend a few auctions first to get an understanding of the process.
When you’ve found a property you’d like to purchase and you’re ready to go as a bidder, you need to carefully review the legal packs in advance. If you make an offer and it’s accepted, you are contractually bound to purchase the property.
We would also recommend that you get a survey done on the property to assess any issues such as damp or structural problems, which are not uncommon in older properties sold at auctions.
Your conveyancer can advise on any searches that need to be conducted so you become aware of any issues in the surrounding area that could affect the value of the property.
This could include:
- Plans for roads or buildings nearby
- Environmental searches, including flood risk
- Public rights of way and common land
Reach Out to Our Expert Buying At Auction Team
Our conveyancers help individuals, couples and families buy their new homes every day.
We’re with you every step of the way, from pre-contract right through to land registry and completion and it’s our job to make the whole process as smooth and stress-free as possible. We’ve supported our clients in buying a wide range of properties – from rural, urban, leasehold, freehold and new builds to listed properties.
We have also built excellent relationships with industry contacts, such as:
- Surveyors
- Estate agents
- Brokers
- Accountants
- Mortgage lenders
- Search provider
- Other solicitors
No matter the stage of your buying journey, we can help. Get in touch with one of our experts today by calling us on 0333 433 0275 or send us an email at hello@homepropertylaw.co.uk.
