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You need to remember auction sales are used not only for selling unique and highly desirable properties but also for disposing of rubbish that will not sell under normal conditions.
It is fair to say that the majority of properties have a genuinely sound legal title but one or two can be a real problem. It is also generally the case that, out of necessity, the contract for sale and related title documents are presented in legal jargon which may mean one thing to a layman but may actually mean something different.
We have, however, seen a number of instances when we have been instructed by a successful bidder after the auction only to find that the contract they have signed is full of holes and puts them at risk of loss or litigation.
If you are not to get caught out by some innocent looking wording (and getting it wrong could be very expensive indeed) we recommend you take advantage of our pre auction contract pack review service, the Auction Buyer Service.
If you have a copy of the full auction pack for the property you are interested in, we can provide a report on the terms of the contract, observations on the property title and issues relating to planning and building regulation compliance. The report will aim to draw attention to specific issues of relevance to future resale potential.
The report will also contain standard advice in respect of the contractual position created by successful bidding at auction and respective parties’ remedies for the others subsequent breach.
Franklins Solicitors LLP are property experts so if you would like to take this opportunity to protect yourself in advance of the auction call on 01604 828282 or 01908 660966Â or fill out our online contact form.
Our expert legal advisors are always on call so you can relax knowing we are in control.
No, you don’t have to be a cash buyer to purchase property at auction. You can instead use financial mechanisms to help you finance the purchase of the property such as bridging loans.
Yes, there is usually a buyers fee or an administration fee that the buyer will pay above the hammer price.
Both buyers and sellers will pay fees for the sale of a property. Buyers will be liable for a buyers fee and sellers will pay fees similar to that of an estate agent, which will include a listing fee to put the house up for auction and a sale fee.
Once the auction is completed, the process is very similar. You will be required to enter in to a contract on the day that the auction is completed and will be required to pay a deposit, usually 10%. You will then likely be required to pay the rest of the balance within a few weeks, depending on the terms and conditions of the auction.
It is wise to instruct a solicitor before you get to auction as the solicitor will be able to advise on numerous aspects of the legal process and due diligence before you make a commitment to purchase the property.
Auction Passport is a system which allows buyers and sellers to access numerous house auction systems with a single login.
You will need to provide a photographic form of ID and a proof of address.
The legal pack provides all of the particulars about a property purchase. You can usually download the legal pack from the auction website.
If you have any questions about conveyancing, please don’t hesitate to contact our team of experts who are on hand and ready to help you.
