Our fixed fee conveyancing solicitors can help anyone thinking of buying or selling a property at auction in England or Wales. Our solicitors specialise in property auctions, so you can be sure that you’re in safe hands.
For a free, no obligation enquiry, call us on 0191 567 7244 and we’ll be happy to help you. You can also email email@example.com or complete our Free Online Enquiry and we will be in touch with you shortly.
What does a conveyancer do before an auction?
If you have seen an auction lot that you intend to bid on, please contact our conveyancing solicitors as soon as possible. There is a lot to do before the auction takes place.
Our property solicitors will examine the auction legal pack and the catalogue. We will go through this information with you, making sure you’re aware of any potential risks. We can also raise enquiries with the seller and explain any special conditions of sale.
Completing this due diligence before the auction is essential. If you are the highest bidder at the auction, then there is no backing out. You are contractually obliged to see the purchase through, or you risk losing your deposit and being sued for breach of contract.
As property solicitors, we understand all too well the importance of these pre-auction checks. We are here to protect your best interests. We are meticulous in our approach, ensuring you make an informed decision when it comes to bidding on the property.
After the auction
If your bid is successful, you must pay the deposit and exchange contracts straightaway. A completion date is usually set for 28 days later. Our solicitors appreciate the time limits involved and will get to work immediately.
We will draft the transfer documents, liaise with your mortgage lender and arrange the payment of the balance funds. You may need an auction bridging finance between exchange and completion, which we can process for you.
Our solicitors also handle the payment of Stamp Duty Land Tax, if required.
After completion, we will register the purchase with HM Land Registry and liaise with the management company, if applicable.
Specialist property auction solicitors
Buying a property at auction is very different to buying a property on the open market. You need a conveyancing solicitor who specialises in auction conveyancing. With Cooklaw Solicitors, you can trust that we know exactly what we’re doing.
We regularly represent both buyers and sellers at auction. Our fixed fee conveyancing solicitors provide expert advice and guidance throughout, completing every aspect of the transaction. This includes:
Checking the legal title to the property
Alerting you to potential issues
Checking the lease, ground rent, service charge or other monthly costs
Raising pre-contract enquiries
Advising on special conditions of sale
Preparing for the exchange of contracts
Drafting the transfer document
Arranging the payment of balance funds, including processing a bridging finance loan
Registering the purchase with HM Land Registry
Completing and submitting a Stamp Duty return
Selling property at auction
We also act for vendors who are selling their property by auction. We will prepare the legal pack, answer pre-contract enquiries and arrange for the exchange of contracts on the day of the auction. Following the exchange of contracts, we will liaise with the buyer’s solicitor to finalise the transaction by the specified completion date.
If the buyer withdraws from the sale, or cannot source the necessary funds, we can advise you on your next steps. You have certain legal rights in this situation, and you may even have grounds to sue for breach of contract.
Want to review an auction property for sale?
The first step to buying a property at auction is research. If you are eyeing up a property that is being sold at auction, our fixed fee conveyancing solicitors can review the legal pack for you. Without this specialist insight, you might commit to a purchase that doesn’t serve your best interests. Let us do the homework for you.