Purchasing property at auction is different from the usual conveyancing process, with the key distinction being that you are legally obligated to buy the property if you win the auction. Our specialist auction solicitors are here to guide you through the process, ensuring a smooth and successful purchase.
One of the primary differences in buying at auction is the legal pack. This pack contains vital information about the property, such as the title plan, register of title, conveyancing searches, and contract of sale. However, legal packs can sometimes lack important details, making it crucial to have a specialist auction solicitor review the pack thoroughly to identify and report any potential issues.
Steps to Buying a Property at Auction
- Identify the Property: Start by finding the property you want to purchase and determine the maximum price you’re willing to pay. Going into an auction without a clear budget can lead to impulsive decisions that may strain your finances.
- Arrange a Viewing: Inspect the property to assess its condition, helping you finalise your bidding limit.
- Review the Legal Pack: Have your auction solicitor review the legal pack to ensure there are no hidden issues.
- Prepare Your Finances: On auction day, be prepared to pay a 10% deposit immediately if you win. The remaining 90% must be paid within 28 days, or in some cases, 14 days, depending on the auction terms.
Selling a Property at Auction
Selling a property at auction requires careful preparation, typically taking four weeks or more. Here’s how to get started:
- Appraise Your Property: Contact various auction sites for appraisals to get a range of prices and fees. Choose an auction house that meets your needs.
- Prepare the Legal Pack: Work with your auction property conveyancing solicitor to create a legal pack that provides potential buyers with all necessary information about your property.
- Auction Day: On the day of the auction, your property will be sold to the highest bidder. Once the 10% deposit is paid, contracts are signed, and the conveyancing process is handled by your solicitor.
Whether buying or selling at auction, having the right legal guidance is essential. Our specialist auction solicitors are ready to assist you every step of the way.
Why Choose Nova Solicitors?
At Nova Solicitors, our expert team guides you through the entire auction process, ensuring a smooth experience. We know that signing the legally binding contract can be challenging, especially with the complexities of transferring title deeds.
Our solicitors specialise in auction sales and expertly handle all legal aspects, giving you peace of mind. With us, you can trust that your auction transaction will be managed with care and precision, allowing you to focus on completing your deal successfully.
