Buying a property at auction is an extremely fast paced process, so it is vital that if you are considering purchasing property in this way that you get legal advice before bidding.
If you have spotted a property that you are interested in, you should first download the Auction Legal Pack, which provides important information about the property, and ask a solicitor to look over the pack too. Receiving independent legal advice can help you avoid or make you aware of potentially expensive problems. Additionally, it can save you the costs relating to discovering an issue post-auction which could lead to a non-completion of the purchase.
What’s included in an Auction Legal Pack?
An Auction Legal Pack will contain all the relevant information related to the state of the property and should be downloadable from the auction’s website.
Normally it will include:
Ensuring that you have an overarching view of the state of the property and any covenants or clauses connected to it is particularly important when purchasing through auction. This is because, typically, the auction process is a fast paced and legally binding process, with completions of sale usually happening within 28 days of the hammer falling.
What happens if you discover an issue and feel you can’t complete the purchase?
The hammer falling at an auction constitutes a legally binding contract. This means that failure to complete the purchase could have significant financial implications including losing the 10% deposit which is payable on auction day, and additional fees and costs.
Jarmans Solicitors have an outstanding conveyancing department, with extensive experience in fast paced auction processes. Our team are happy to review and advise on any pre-auction documentation and guide you through the purchasing process. As you would expect, we are also able to assist in the conveyancing process if there is a bridging loan involved.
Chris took the time to explain several items and offered some very good advice. I will definitely use them again.
Excellent service here. Needed a one off legal document and they were able to accommodate us the next day. We were given good advice. Highly recommend.