News
You are here: / / / Auction Contracts-Look out for the additional costs

Auction Contracts-Look out for the additional costs

Bidding on a property at auction can be exciting. Whilst you can pick up a good bargain, it is worth bearing in mind that properties are often sold at auction because they are in poor condition or have title issues.

Unlikely the traditional conveyancing procedure, an auction contract is binding as soon as the hammer falls. It is therefore important that you carry out all necessary searches, surveys and inspections and ensure your finance is in place before the day of auction. You should also read the legal pack carefully.

The legal pack will usually  refer to common auction conditions which will form part of the sale contract and are likely to be varied by special conditions. The legal pack can be amended by way of an addendum at any point before the auction takes place.

The special conditions of a contract may contain clauses requiring a buyer to pay additional costs on completion such as auction fees, the seller’s conveyancing costs or the seller’s costs for preparing the legal pack.

It is also becoming increasingly common to see reference to a “Buyer’s Premium in the special conditions. A buyer’s premium is a sum payable on completion in addition to the sale price. The modern buyer’s premium was first introduced to auction houses by Christies and Sotheby in the 1970’s. It is typically calculated as a percentage of the hammer price. The percentage payable can vary however, you should be aware that such premiums are now commonplace in property auction transactions and can significantly  increase the total cost of purchase.

We would recommend that you instruct a solicitor to review the legal pack if you are interested in a particular property, before you place a bid at auction.

If you are interested in purchasing a property at auction and have any queries, please contact Varsha Varsani at Meaby&Co: vvarsani@meaby.co.uk or call 020 7703 5034

/41 Comments/by
41 replies

Trackbacks & Pingbacks

  1. find out here now says:
    17/04/2022 at 04:51

    … [Trackback]

    […] There you will find 25707 more Information to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  2. Firearms For Sale says:
    19/03/2022 at 00:06

    … [Trackback]

    […] Information to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  3. relx says:
    04/03/2022 at 02:53

    … [Trackback]

    […] Find More here to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  4. spintheblog says:
    24/02/2022 at 07:24

    … [Trackback]

    […] Information on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  5. สล็อตวอเลท ไม่มีขั้นต่ำ says:
    08/02/2022 at 00:32

    … [Trackback]

    […] There you will find 21626 additional Information to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  6. Guns For Sale says:
    06/02/2022 at 00:30

    … [Trackback]

    […] Find More on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  7. slot999 says:
    26/01/2022 at 23:58

    … [Trackback]

    […] Find More on on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  8. find-hookups.net/tranny-hookup/ says:
    06/12/2021 at 20:41

    … [Trackback]

    […] Read More on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  9. Primary Source Analysis Example Essay says:
    24/11/2021 at 22:10

    … [Trackback]

    […] Find More here to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  10. Construction Surveillance says:
    18/11/2021 at 23:51

    … [Trackback]

    […] Read More to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  11. visite a página oficial do gb apk says:
    27/10/2021 at 00:14

    … [Trackback]

    […] Read More on on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  12. kardinal stick says:
    16/10/2021 at 01:30

    … [Trackback]

    […] Read More here on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  13. franchi instinct l says:
    01/10/2021 at 15:49

    … [Trackback]

    […] Information on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  14. buy psilocybin spores online says:
    29/09/2021 at 15:06

    … [Trackback]

    […] Read More here on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  15. English Bulldogs says:
    29/09/2021 at 06:31

    … [Trackback]

    […] Read More Information here to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  16. Ayahuasca For Sale says:
    26/07/2021 at 21:50

    … [Trackback]

    […] Find More on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  17. Svenskt ID-kort says:
    16/07/2021 at 02:17

    … [Trackback]

    […] There you will find 4990 additional Info on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  18. Supercritical CO2 Extraction Machine says:
    15/07/2021 at 22:53

    … [Trackback]

    […] Find More on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  19. exchange online plan 1 fiyat says:
    11/07/2021 at 23:30

    … [Trackback]

    […] Read More to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  20. how to spot a fake rolex says:
    28/06/2021 at 23:08

    … [Trackback]

    […] Find More here on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  21. kurumsal it danışmanlığı says:
    28/06/2021 at 21:41

    … [Trackback]

    […] Here you will find 64521 more Info on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  22. microsoft exchange says:
    27/06/2021 at 19:15

    … [Trackback]

    […] Find More to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  23. fake rolex sky dweller says:
    21/05/2021 at 11:24

    … [Trackback]

    […] Find More Info here to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  24. en güvenilir bahis siteleri says:
    20/05/2021 at 01:29

    … [Trackback]

    […] Find More Info here to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  25. ดูบอลสด says:
    07/05/2021 at 00:16

    … [Trackback]

    […] Find More on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  26. source says:
    23/04/2021 at 04:51

    … [Trackback]

    […] Information on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  27. cvv dumps shop says:
    20/04/2021 at 09:01

    … [Trackback]

    […] Read More Info here to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  28. sex selection ivf cost says:
    31/03/2021 at 08:21

    … [Trackback]

    […] Find More to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  29. sexy tattoos for black women says:
    16/03/2021 at 16:07

    … [Trackback]

    […] There you can find 36344 more Information to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  30. Rescue Tow Wauwatosa WI says:
    13/03/2021 at 12:00

    … [Trackback]

    […] Information on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  31. syarat cpns sma 2021 says:
    31/01/2021 at 16:09

    … [Trackback]

    […] Read More Information here to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  32. rolex replica says:
    21/01/2021 at 01:01

    … [Trackback]

    […] Read More here on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  33. Sony Cyber-shot DSC-W1 manuals says:
    20/01/2021 at 17:18

    … [Trackback]

    […] Read More here on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  34. HP 10s+ Scientific Calculator manuals says:
    20/01/2021 at 06:16

    … [Trackback]

    […] Information to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  35. Vollrath Cookers manuals says:
    19/01/2021 at 11:13

    … [Trackback]

    […] Read More Info here to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  36. mơ thấy xem bói says:
    06/01/2021 at 04:10

    … [Trackback]

    […] Read More Information here to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  37. mơ thấy cãi nhau đánh con gì says:
    05/01/2021 at 01:04

    … [Trackback]

    […] Find More here to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  38. 만화보는사이트 says:
    26/12/2020 at 06:29

    … [Trackback]

    […] Find More on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  39. Regression Testing says:
    21/12/2020 at 20:30

    … [Trackback]

    […] Info on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  40. nằm mơ thấy cháy rừng says:
    21/12/2020 at 01:11

    … [Trackback]

    […] Find More to that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

  41. plumbinggiant.com says:
    13/12/2020 at 03:17

    … [Trackback]

    […] Read More Information here on that Topic: meaby.co.uk/auction-contracts-look-additional-costs/ […]

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Meaby & Co Solicitors LLP is a limited liability partnership authorised and regulated by the Solicitor’s Regulation Authority (SRA Number 447880) and registered in England and Wales with registered number OC322672. Its registered office is at 2 Camberwell Church St, London, SE5 8QY where a list of members’ names and their qualifications is open to inspection. The term ‘partner’ is used to refer to a member of Meaby & Co Solicitors LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status.

Complaints Policy

The effects of the Abolition of Employment Tribunal FeesCommonhold: Bringing Homeownership into the 21st Century (with a bit of rec...

Contact

Property
Quote

X

Contact Us Today

    X

    Get a Property Quote