When you are selling or buying a property at auction, we understand that time is of the essence and our residential property solicitors are well prepared to ensure that the entire process is quick and seamless throughout.
Time, or lack of it, is usually the deciding factor when placing a property for sale through an auction. When purchasing a property at auction, it is often the case that detailed information about the house is not available until closer to the auction date.
When our solicitors are selected to represent a property seller at auction, we look to flawlessly manage the entire process, from preparing a suitable contract pack, liaising with auction houses, and prospective purchaser’s solicitors. Once the gavel has fallen, we can then deal with all legal formalities through to completion of the sale.
As lawyers acting for a purchaser at auction, the process is similar to a traditional purchase but must take place in a considerably reduced timescale. Most of our auction property clients approach us one to two weeks prior to the auction date; once the gavel indicates that their bid was successful, the transaction is fast forwarded to exchange of contracts. At this point, all parties are bound to sell and buy on that basis. It is therefore imperative that, as a purchaser, you make the necessary investigations including enquiries and searches before auction day.
When discussing auction properties, we estimate our costs on a two-stage basis. The first stage being the costs of preparation and/or advice on the sale or purchase leading up to the auction, and the second stage being the overall costs should the property be sold or should you make a successful bid and the transaction follows through to completion.
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