Property Auction Solicitors
Buying a property at auction is a popular choice because it can be cheaper and the process tends to be quicker. There is also the certainty of a fixed completion date if you are successful. Our property auction solicitors are specialists in auction conveyancing, making the buying and selling process as stress-free as possible.
Barcan+Kirby’s property auction solicitors work with clients across the UK from our offices in Bedminster, Bishopston, Bristol city centre, Kingswood and Thornbury. If you are thinking of purchasing or selling a property at auction, we can provide you with straightforward, common-sense advice.
For a no-obligation quote, call 0117 325 2929. Alternatively, you can get an estimate here.
Do you need a solicitor for an auction property?
Buying or selling an auction property is a big commitment and despite the fact that the process is quicker than a regular purchase or sale, it still involves a legal transaction.
Once you have decided to bid for a property at auction, it is a good idea to contact our specialist property auction solicitors before bidding on the property. Your solicitor will review the legal pack, including searches, checking for any errors or unusual clauses that may delay or cause issues with the purchase. Our team will let you know about any concerns that may be a risk to you or may interfere with your intended use of the property so that you can make an informed decision before committing to anything.
If you have decided to sell a property at auction, your auctioneers will require that you appoint a solicitor to prepare the legal pack. Our team will be able to put this together for you and see your sale through the completion.
Blog | How do property auctions work?
Why choose Barcan+Kirby’s property auction solicitors?
Barcan+Kirby’s auction property solicitors have decades of experience in all aspects of conveyancing; from freehold and leasehold residential conveyancing to remortgaging, new builds and commercial property acquisition and disposals.
Our auction solicitors’ experience means we are able to offer a reliable service that protects your interests throughout the conveyancing process; from reviewing the legal pack for auction and raising searches to advising on due diligence and planning.
Our Conveyancing team is based in Bristol and South Gloucestershire, but we work with buyers and sellers nationwide. For more information, call us on 0117 325 2929.
Our fees for auction conveyancing
Our fixed-fee auction conveyancing costs range from £950 + VAT to £2,575 + VAT, depending on the type of property, the type of transaction and the property value.
We provide transparent quotes for all our conveyancing services, meaning you will know exactly how much you will pay from the outset.
For a no-obligation quote for conveyancing for auction property, fill out this short form.
Legal advice for buying a house at auction
If you are looking to buy a property at auction, our auction house solicitors can help you with the whole process, including:
Due diligence
With the fall of the hammer at auction, that property belongs to you and a contract is formed. In other words, you are then committed to buying that property and must pay the deposit then and there. That’s why it’s vital to carry out due diligence before placing that final bid.
All properties listed at auction will have a legal pack containing documents that the buyer can consider before buying it. This will also specify a completion date. Once the seller’s solicitor has submitted the auction legal pack to the auction house, our auction solicitors will review it and carry out the due diligence before the auction takes place. We will check for any clauses or conditions that could impact the purchase and/or your decision and advise you on the next steps so that you can make an informed decision.
As a buyer, it is your responsibility to visit the property and commission any surveys before the auction date.
Completion
Once you have placed the winning bid and the property is yours, our solicitors for auction property will start work on the completion in accordance with what is set out in the legal pack. This includes collecting the funds to send to the seller’s solicitor on the completion date and registering the property with HM Land Registry post-completion.
There is usually a time limit for completions (typically four to eight weeks following the auction), and failure to meet this deadline can result in you losing your deposit.
Other considerations
Because the auction process is different to that of a regular purchase or sale, there are other aspects to bear in mind before you buy a property at auction. These include:
- Securing funding: because you are required to pay a deposit (usually 10%) once your bid is accepted, it’s vital that you have these funds available. You can pay this by cheque or bank draft. You can arrange funding via a mortgage, but this will need to be arranged in advance.
- Mortgage: if any is required then, because of the strict time limits for completing, it is wise to obtain either a formal offer from your lender or an agreement in principle and acknowledgement that an offer will be issued in sufficient time to allow your solicitor to process any lender requirements. This is particularly important if you are using bridging finance.
- Fees: with all the excitement of looking at auction properties, it’s easy to forget about things like Stamp Duty and purchase fees. These can soon add up so consider these in your budget.
- Additional costs: it is not uncommon for auction sellers to require that buyers cover their legal fees and disbursements. It is important that the auction contract is reviewed prior to your bid so you are fully aware of all additional payments that may become due.
- Condition of the property: many properties listed at auction are ‘doer uppers’ or in need of repairs. It may sound obvious, but make sure you consider how much you will need to spend on making the property safe and liveable before committing to the purchase.
- Insurance: because of the risk element of property auctions, i.e. the increased responsibility of the buyer during the bidding process, it is a good idea to get quotes for building insurance before the auction and put it in place as soon as your bid is accepted.
Blog | How to buy property at auction
Legal advice for selling a house at auction
Once you have decided to sell your property at auction, our property auction solicitors will start work on getting the paperwork and legal documentation prepared. We will help you with:
Auction legal pack
You must submit your legal pack before the auction takes place. The auction legal pack is not only for the buyer’s benefit, but can make you look more attractive as a seller because you have all the documentation in place. It can also protect you should a dispute arise later down the line.
Our auction conveyancing lawyers will work with you to compile the legal pack ahead of the auction, advising you on what to include or not include.
Post-auction
Once your property has sold and the contracts have been exchanged, completion must take place within the timeframe set out in the legal pack. Our team will carry out the necessary work to meet this deadline, keeping you informed of any developments along the way.
Case study | Advising a South West property developer on the purchase of land at auction
FAQs
Yes, you can buy an auction property using a mortgage. However, because the auction conveyancing process is quick, it is wise to get a Mortgage in Principle (or Agreement in Principle) in advance of the auction date. This not only confirms what you can afford to spend but acts as proof once you’ve placed the winning bid.
Some lenders are hesitant to lend on auction properties because they are often in poor condition. If you are looking to renovate a property, you may need to consider a commercial loan.
Auction packs normally include:
- Land Registry title register
- Land Registry plan
- Conditions for sale
- Search results
- Planning information
- Guide price is what the auction house and seller think the property is worth.
- Reserve price is the minimum price or bid the seller will actually accept. This is usually kept confidential, much like in a conventional selling process when the seller and estate agent discuss how much they will and won’t accept.
Contact our property auction solicitors
To find out more about auction property conveyancing or for a free quote, call 0117 325 2929 or fill out this form.