Solicitors specialising in Property Auctions
The property auction Solicitors at Freed & Co have extensive experience with acting for clients both in relation to buying and selling commercial and residential properties at auction. Our clients may be spread throughout the UK but they share one thing in common – an on-going relationship where they keep returning to Freed & Co for each and every property transaction.
At an auction contracts are exchanged immediately upon the acceptance of the highest bid by the auctioneer. Auctions can be a speedy and effective way of buying and selling property, but with high reward also comes higher risk. It is vital when buying or selling at an auction that you have the back-up of an experienced property auction solicitor with genuine experience of these types of transaction.
At a property auction, contracts are legally exchanged and both seller and buyer are committed, with a 10% deposit usually being paid on the day. A sensible buyer and his/her solicitor and surveyor should have undertaken all the necessary checks and enquiries before the day of the property auction.
Practical considerations for buying at a property auction
- Carefully check the general and special conditions of the auction contract
- Give consideration to the auction pack, including the Energy Performance Certificate (“EPC”), official copy of the register entries, the searches, replies to enquiries and further considerations if leasehold
- Arrange an inspection or preferably a survey of the property prior to auction
- Check comparable property sales of the same type in a similar area as recently as possible
- Double check whether VAT is payable on the purchase of a commercial property
- Ensure that 10% deposit is available in clear funds
- Decide whether additional searches, such as mining searches are advisable and if any of the information or searches provided by the seller is out of date
- Consider whether replies to enquiries are satisfactory or are there areas of concern?
- Ensure funds are available to complete
- If the property is tenanted check the assured shorthold tenancy agreement and other paperwork and status of tenancy and underlying tenancy documents
Selling a Property at Auction
Freed & Co will advise a seller what is required in relation to the auction pack and provide a
free residential EPC. We will assemble all necessary documents for a full property auction pack in good time before the auction and anticipate the concerns or possible enquiries which might be raised by a buyer or his/her solicitor.
The legal pack will include an Energy Performance Certificate (EPC), a personal local authority search together with drainage and water search, the registered title and a seller’s property information form (SPIF). There is additional information required in respect of leasehold residential properties and flats and again pre-planning by our experienced solicitors is vital.
At the auction, once the hammer goes down on the highest bid, contracts are exchanged and quick completion usually agreed to take place within 28 days.
Please contact our specialist property auction solicitors today by telephone or by completing our online enquiry form
here for immediate advice. Alternatively, find out the price via our online quote system
here.
Buying a Property at Auction
Similarly, it is essential to be well prepared. The seller will give no warranties as to the property and condition and you need to inspect the property, have it surveyed and employ Freed & Co to check the title and the contract and advise.
At the auction, things will happen quickly if your bid is accepted and it is vital to have arranged the necessary finance to pay the deposit immediately and to be able to complete quickly. Again, you should not consider buying at auction without one of our specialist solicitors by your side.
Buying a Property at Auction
When you are next attending an auction then speak to us first for a report on the title and marketability of the property you are interested in. This invaluable report only costs £125 + VAT, so long as you use us for the conveyancing if the purchase goes ahead.
Our residential conveyancing fees are only £325 for freehold houses and £450 for leasehold flats. These figures are subject to VAT and do not include any disbursements.
Contact us on our free phone number 0800 328 6540 today or by email to jlf@freedandco.com.
Fees quoted are subject to Freed & Co preparing an auction report