Whether buying or selling a property by auction, there are differences in the way the conveyancing is carried out when compared to a “normal” transaction.
If selling at auction, our auction specialists can prepare the Auction Legal Pack on your behalf and guide you through the process of selling a property at auction.
When purchasing a property at auction, there is a binding contract when the hammer falls. The successful bidder is committed to complete the purchase of the property whether or not they have made any queries about the property. It is therefore advisable that any title checks and other enquiries be carried out prior to purchasing at auction.
There is usually a quick completion date and therefore not usually advisable for anyone requiring a mortgage to purchase a property at auction.
There are no guarantees when buying at auction. If you buy at auction then find something wrong with the property and / or the title you probably won't have any come back.
Don’t let any of the above put you off buying at auction. It can be a good way of getting a real bargain, but make sure you get professional legal advise from a solicitor used to dealing with auction properties first.