Buying and selling Property at Auction Specialist property auction solicitors

If you are considering buying a property at auction, you need to be well prepared as the process is not the same as a normal house purchase. It is highly recommended that you instruct a solicitor with specific auction experience to represent you. If you exchange contracts at auction, in most cases you are legally bound to complete, even if you later find out there are issues with the property. Before the auction starts you should ask your solicitor to go through the contract and title documentation as well as any additional information that has been provided to ensure there are no nasty shocks and that your purchase will be a sound investment.

Buying property at auction can involve additional risks, as sometimes the auction packs only give limited information.

If you need a mortgage, you will have to instruct a solicitor and it is important that you use someone who is familiar with the auction process as they will need to move very quickly to ensure the mortgage funds are available for completion.

Our property team have extensive auction experience, acting for both sellers and buyers. We will help ensure that you have all of the legal information available to enable you to make an informed decision before putting in a bid. That includes highlighting the areas where legal information is missing.

Our auction services for auction property purchases

• We will go through the auction pack – advising you on the terms of the contract, the property’s legal title, the terms of any lease, search results and replies to pre-contract enquiries;
• If you need a mortgage, we strongly recommend getting funding in place before the auction day. We will work with you and your lender to minimise the risk that your lender is not prepared to lend by the completion date;
• We will liaise with the seller’s solicitor as far as the contract pack allows to finalise the transfer and other documents in time for completion;
• Pre-completion searches – checking the Land Registry before completion and where possible obtaining undertakings from the seller’s solicitor to discharge any charges registered against the property;
• Obtaining mortgage funds on your behalf where appropriate – working to ensure these are received from your lender in time for completion;
• Dealing with the payment of the balance of funds – sending the outstanding purchase price on the completion day;
• Dealing with any notice to complete served by the seller where funds are not available for the completion date (for example where lenders are not ready to proceed in time).
• Filing the appropriate Stamp Duty Land Tax return on your behalf
• Applying to HM Land Registry to register the transfer and any legal charge of the property into your name;
• Checking the completed registration – once the purchase is completed, ensuring the Land Register correctly records your ownership and, where appropriate, your lender’s charge over the property.

Our auction services for auction property sales

It is important to be organised and provide a comprehensive auction pack to the auction house as early as possible to ensure that you interest as many buyers as possible. Our services include the following:

• Dealing with any title issues prior to setting the auction date to make sure the auction goes as smoothly as possible. This could include serving statutory or contractual notices or making an application to the Land Registry;
• Applying for the searches required to provide a complete auction pack;
• Applying for a provisional redemption statement so the approximate amount needed to repay all mortgages is available before the reserve price is fixed;
• Drafting the special conditions to be attached to the standard auction contract – ensuring that the terms are accurate and appropriate for sale by auction;
• Putting together an auction pack – including the draft transfer and setting out sufficient information to satisfy potential buyers and their solicitors while limiting your liability as far as possible;
• Replying to additional enquiries – responding to enquiries from solicitors acting for potential buyers before the auction date;
• Discharging any mortgage – providing the necessary undertakings to the buyer’s solicitor and paying all outstanding mortgage monies;
• Dealing with completion – sending the executed transfer, title deeds and lender’s mortgage discharge form to the buyer’s solicitor following receipt of the balance of purchase monies.
• Sending you the net auction proceeds.

Pricing Guides

At Heald Solicitors, we don't believe in hiding our prices and we strongly support the SRA's policy of allowing you to judge value for money.

We have always been transparent regarding our fees. There will be no hidden surprises and our costs and anticipated disbursements are fully broken down in our quotes.

Below there are links to our pricing guides that outline typical costs, timescales and disbursements.

• Buying a property price guide
• Selling a property price guide

For a more tailored quote, based on your specific circumstances, please contact us direct.