Property Auction Lawyers London & Liverpool and Online Property Auction Legal Advice
Our experienced solicitors and conveyancers in our Auction Team would be happy to assist anyone buying or selling at any Property Auction - including Online Property Auctions.
Considering the purchase of a property at auction involves making a quick decision and our commercial real estate solicitors understand that a speedy service throughout the whole real estate process is extremely important to our clients.
For those looking to purchase a property from Auction, for a small fee our Auction Team can provide you with a review of the Auction Legal Pack and will be able identify any possible risks for you. It is important that you have researched the property you are going to bid on before attending the auction. If you are successful in your bid and decide to instruct Gregory Abrams Davidson Solicitors, then the cost of this review will be credited against your final bill of legal fees charged.
What is included in an Auction Pack?
The Pack should include the following (where applicable):
- Any special conditions of sale
- Office copy entries
- Title Deeds
- Replies to pre-contract enquiries.
Having the Pack reviewed prior to bidding at auction can prove crucial in avoiding expensive problems that come to light after purchase.
What is included in the Review?
- Whether or not the title of the property is clear?
- A check to see if there are any arrears of ground rent, service charge or rent under tenancies and if necessary, advise you to seek further information from the seller regarding the same.
- Whether or not there are any supplementary costs or troublesome conditions in the contract?
- There could be something specific in the content of the legal pack which we believe may cause an issue for what you intend to do with the property?
- Whether the legal pack suggests any notice requirements of a freeholder or management company?
- We will assess the statement of account (if applicable)
- To check that the searches contained in the legal pack don’t contain any adverse entries that will affect your purchase?
- Based on the content of the legal pack, we will suggest whether the title to the property is likely to be good and marketable?
- Guidance on whether there is any information omitted from the legal pack which we would normally expect to be included?
The Auction Process
The best way to see how an auction works before you buy is to attend an auction to get an understanding of the process.
Legal Packs, discussed above, are available prior to the auction. The time between the Pack being released and the auction can be short (sometimes a week) so instructing Gregory Abrams Davidson Solicitors beforehand to review the Pack can avoid potential issues.
The Auction Team at Gregory Abrams Davidson Solicitors would also recommend that any potential buyers at auction get a survey completed on the ‘target’ property to assess any issues such as damp, rot or uncover any structural problems.
On the day of the auction, the bidding may only last a matter of minutes. Once a bid has been accepted and the hammer falls, the sale is legally binding, and the buyer is required to pay a 10% deposit. The balance is then due on completion of the sale, which can be within 28 days.
The Legal Process (Conveyance) for Property Auctions
Our services for acting for successful bidders are as follows:
- A review of the legal pack and provision of a summary to you pointing out the key points of the binding agreement to purchase;
- Drafting of the Transfer Documents and arranging your signature to the same;
- Accounting to you for Payment of the balance funds required to complete your purchase and then onward transfer of these to the seller’s legal representative on the date of completion;
- Completion and Submission of the SDLT return to HMRC, if required, along with payment of the Stamp Duty applicable;
- Completion and Submission of the application for registration of your Purchase confirming the transfer of the title to you following completion and dealing with any requisitions by the HM Land Registry;
- Submitting of notice of assignments/deed of covenant to the Landlord and/or Management Company, if required, and obtaining any required certificate of compliance;
- Processing any Auction Bridging Finance between exchange and completion.
Online Property Auction Legal Advice
Our Auction Team can also help provide legal advice and guidance in respect of online property auctions.
Contact our property auction solicitors in Liverpool & London today
If you are a buyer or seller requiring expert advice at auction call the Gregory Abrams Davidson Solicitors Auction Team on 0151 236 5000 or complete our online contact form for more information.
Sutton Kersh Auctions (Liverpool)
Our Auction Team attend the Sutton Kersh auction days in Liverpool and are on hand to provide legal advice on the Property Legal Packs and provide you with a quote for our services on the day of the auction.