If you are searching for a reputable conveyancing solicitor who can handle your auction property transaction, BHW Conveyancing are here to help you.
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Auction property with BHW Conveyancing
We have the knowledge and experience needed to navigate the fast-paced and distinct nature of auctions and are here to provide the expertise and support you require to ensure a successful auction property sale or purchase.
Selling a property at auction in the UK
Once you have decided that auction is the best way to sell your property, you can get the ball rolling by first finding a good solicitor that has expertise in selling a property at auction. You should do this as early as possible so that your solicitor can analyse the legal title and resolve potential issues like removing redundant notices or restrictions. Your conveyancing solicitor will then need to prepare a pre-auction legal pack for your auction sale.
How to buy a property at auction in the UK
A successful property purchase at auction is exciting, but once the hammer goes down, it’s full steam ahead. The highest bidder will be legally obligated to go ahead with the property purchase, exchange of contracts and deposit transfer. This all happens on the day of the auction if the auction house uses the traditional auction method, or within 28 days of the offer being accepted with modern auctions.
This means you’ll need all the necessary documentation in place at the time you make the bid, including your proof of funds and proof of identification. You should have properly reviewed the auction legal pack and it is recommended to have a survey arranged before the day of the auction. As such, it’s a good idea to have your property auction solicitor on hand to start the process as soon as possible, ideally before the auction. Your solicitor can review the legal pack in advance to make sure you are aware of all the details of the property and the terms and conditions before you are contractually committed to purchasing it.
At BHW Conveyancing, you’ll be given a dedicated team of expert auction conveyancers. Selling or purchasing a home through an auction is a time-sensitive process. Having a conveyancing solicitor who specialises in auction properties is crucial to a smooth and efficient experience.
Partner & Head of Residential Property
Pre-auction legal packs
Preparing a pre-auction legal pack for an auction sale
Your conveyancing solicitor will ensure that you have all the right documents prepared for the legal pack, and that all information about the property is well presented and accurately portrayed. Your auction property solicitor will be able to advise you on exactly what you will need for the pre-auction legal pack, which will usually include things like planning permissions, certificates, and local authority searches. You can even ask your auction solicitor to include conditions within the legal pack, such as requiring the buyer to cover legal costs connected with the property sale on completion. Once the pre-auction legal pack is complete, it is sent to the auction company to upload alongside your property listing. Potential buyer’s solicitors can raise questions on their behalf ahead of the auction, and your solicitor will be able to advise you on these.
Reviewing the pre-auction legal pack before you buy
You can ask your solicitor to go through the pre-auction legal pack which is prepared by the seller’s solicitor prior to the auction. They will review things like the Land Registry documents, the title deeds, local authority searches, fixture and content form and leasehold information. While this involves some upfront costs on a property you may not successfully have a bid accepted on, it can prevent the even costlier mistake of purchasing a property at auction that turns out to have issues. If your solicitor has had sight of the legal pack before you bid for the property they can advise you of any concerns before you commit to the purchase. If you would like to try to gain further clarification on something concerning the property, your solicitor also has the opportunity to raise it with the seller’s solicitor prior to the auction.
What happens after auction?
The conveyancing process after auction is different to the usual property conveyancing process. The majority of the relevant paperwork is prepared before the auction including signing the contracts. As such, after the auction, everything is relatively straightforward.
The buyer’s solicitor will ask the seller’s solicitor any follow-up questions they may have, these are called ‘enquiries’ to help clear up any details, like safety certificates or planning permissions. Bare in mind that the buyer is contractually committed once the hammer goes down on their bid, therefore there is very little can be done if an enquiry reveals something adverse about the property.
Once everything is finalised, you can complete the property purchase. All parties will usually be required to reach legal completion within 28 days of their bid being accepted as part of their auction agreement. Completion is when the keys are handed over to the buyer. Typically, exchange and completion happen shortly after one another or on the same day, but with auction purchases, exchange usually occurs on the day of the auction.
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What to expect from BHW Conveyancing
If you choose BHW Conveyancing, you can expect the highest quality standards and a specialised conveyancing team that you can rely on to handle your auction transaction.
Selling or purchasing a home through an auction is a time-sensitive process. Having a conveyancing solicitor who specialises in auction properties is crucial to a smooth and efficient experience.
If you are planning to sell a property at auction, we can put together your pre-auction pack and work with your chosen auctioneer to ensure everything is available to buyers ahead of the auction therefore maximising potential bidders. Once your property goes under the hammer, we’ll complete the conveyancing on your sale.
If you intend to purchase a property at auction, before the auction day we’ll assist you in conducting due diligence on the property, ensuring you’re well-prepared and informed about the potential purchase. Once you’ve successfully bid at the auction, we’ll conduct a thorough legal review of all documentation to ensure that everything is in order and there are no hidden issues or encumbrances that could affect you.
At BHW Conveyancing, you’ll be given a dedicated team of expert auction conveyancers. This level of support gives you the peace of mind you need and your auction transaction will be completed efficiently and successfully. We’ll update you every step of the way and make sure you know how your transaction is progressing.
To view BHW’s costs guide visit our pricing page.
Contact our conveyancing solicitors
BHW Conveyancing is part of BHW Solicitors Limited, which is one of the leading property law firms in Leicestershire and the wider East Midlands. BHW is a top ranked real estate firm in the East Midlands by the Legal 500, as well as being ranked in the Chambers & Partners legal industry guide.
We hold the Conveyancing Quality Scheme (CQS) accreditation and have been awarded the Lexcel quality standard by the Law Society. This recognises our impeccable standards of competence, risk management and client care practices.
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Frequently asked questions
Yes, you do need a solicitor when you’re buying a house at auction. This is because the conveyancing process involves legal procedures such as transferring title deeds. In addition, the auction process has legal timescales that need to be met, and an experienced conveyancing solicitor will be familiar with these.
Your solicitor can also play an important role prior to you bidding on a property. They can review a property’s legal pack and report to you on any potential issues or risks that could come with purchasing it.
Whether it is better to buy a house at auction is dependent on your situation. If you want a fast purchase, auction tends to be quicker than the usual conveyancing process mainly because everything is prepared before the property goes to auction.
Contracts are exchanged at the beginning and your deposit is transferred. It could be said that it is more risky to buy a house at auction because once your bid has been accepted, you are legally bound to continue the process, or you may receive a fine for pulling out. This means that everything moves a lot quicker and if you are unsure about anything, you don’t have much time to ponder your options. You must be certain that you want to buy the property and make sure that you have done all the due diligence like the survey and collected all your documents in advance.