Meaby & Co for specialist legal advice when buying a property at auction
Buying or Selling Property at Auction
Buying or selling property at auction requires preparation. If you have not bought or sold property at auction before you should be aware that the process is not the same as buying or selling through an agent.
The main difference is that a binding contract is formed when the auctioneer’s hammer falls. If you have purchased or sold a property through an agent you will be aware that neither the buyer nor the seller is truly committed to the sale until written contracts are exchanged. Exchange only takes place when your solicitor is sure that all relevant enquiries have been made and a mortgage offer (if required) is in place.
Auction buyers beware!
At an auction the successful bidder is committed to complete the purchase whether or not they have made any enquiries about the property. So any title checks and other enquiries will have to be done before the sale itself.
Whether you have or want residential or commercial properties, for occupation, investment, re-sale, or development we can help you navigate the auction process.
Pre- Auction Reports
It may be that you’ll need a pre-auction report prepared. The pre-auction report covers contract terms and searches on the title plus other documents pertinent to your bidding strategy.
With auction purchases or sales time is of the essence. We’ll act quickly to ensure clients benefit from advice and receive reports in a timely fashion.
It’s also crucial for successful bidders to complete the necessary registration formalities with the HMRC and the Land Registry and we can make sure this is done properly and efficiently.
Please call our team on 0207 703 5034 to talk through your requirements in more detail or send us an e-mail firstname.lastname@example.org