Properties sold and bought through auctions can be lucrative and be a great value for money. Alternatively, it can be very costly if the legal process surrounding acquiring auction properties is misunderstood. It must be clear that as soon as soon as bidding closes and the offer is accepted, both parties have entered into a legally binding contract (exchanged) to sell or purchase the property.
If you are looking to sell your property, our residential property team can assist to prepare a legal pack which will be required by the auctioneers, ensuring all information required by a buyer’s solicitor is provided in the pack.
For buyers, we strongly recommend you contact a member of our team as soon as possible for the reasoning below:
If we are instructed after the auction, we may identify issues within the title which can be costly to fix.
To ensure we verify source of funds as early as possible.
Finance must be in place prior to exchange. This could add further complications and result to you being in breach of contract – meaning you can lose the property and the deposit paid.
If you would like make an enquiry on the above services, please complete our online enquiry service by using our contact form below to receive a bespoke estimate of services.
We aim to advise our clients on costs at the earliest possible opportunity. Please read our information on costs and contact us for more information.