Auctions

Whether buying or selling a property by auction, there will be differences in the way that the conveyancing is carried out when compared to a normal transaction.  The major difference between property auction conveyancing and an ordinary purchase or sale is that a binding contract is concluded when the hammer falls. This means the successful bidder is committed to complete the purchase whether or not they have made any enquiries about the property, so any title checks and other enquiries will need to be done before the sale itself. 

If you are buying through auction, It is not a good idea to bid for a property without knowing what you are letting yourself in for. The best thing is to get a pre-auction title report from a Conveyancer beforehand, as well as a proper building survey.   An  auctioneer should be able to provide us with a legal pack including title details which may also include copies of any searches which have already been carried out, and other important legal information. We can review the title, check the sale conditions and  advise on any points  that are particularly significant.  We will then prepare a pre-auction report for your review. This costs much less than the Conveyancing for a full purchase, and unlike a full purchase this is not done under a 'no sale, no fee' basis.  However, if you do buy the property the cost of the report can be deducted from the full costs. 

If you are selling at auction we appreciate the need for the early preparation of the legal pack for the auction.  We will liaise with the auctioneers regarding any special conditions that may need to be added to your contract.  The pack includes a Contract, Land Registry Title and Plan, Property Information Form, Fittings and Contents Form and Local Authority and Drainage Searches.  We can promptly prepare a legal auction pack for your property but unlike a full sale this is not done under a 'no sale, no fee' basis but the cost of the report can be deducted from the full costs and it is traditional to seek reimbursement of the cost of the searches from the winning bidder.

© 2017 by Vanessa Newman Property Lawyers Ltd, a company registered in England and Wales. Registered No: 10407347.

Registered Office: Suite F2b, Oakpark Business Centre, Alington Road, St Neots, Cambridgeshire, PE19 6WA

Regulated by the Council of Licensed Conveyancers. Recognised body No. 3192. 

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