Buying a property at auction has many advantages. The process is quicker than a conventional purchase and you may end up getting a great deal on price. You also have the certainty of knowing that, once the hammer has fallen, the property will be yours – subject to you being able to pay a 10 per cent deposit on the day the auction takes place and the balance of the agreed price within a further 28 days.
However, acquiring a property at auction is something that needs to be approached with care in order to ensure that you know what you are letting yourself in for. This is particularly true with properties that have been put up for auction because they may have problems and so cannot be sold in any other way.
At Step Legal Solicitors, we specialise in the purchase of auction properties and in supporting potential buyers to make sensible and informed decisions on whether to proceed.
Our service is fast and efficient and delivered for a fixed fee, the amount of which you can gauge in advance of instructing us by using our online costs calculator.
How we can help
Working as part of our wider residential conveyancing team, our experienced auction property solicitors can:
- review the auction catalogue to check the property details;
- obtain a copy of the legal pack which will confirm what is being sold, together with the results of any searches that have been carried out, including environmental searches which reveal past and present incidents of contamination;
- raise enquiries with the seller’s solicitor where further information is required;
- request access to the property so that you and your surveyor can inspect it prior to the auction taking place to check for things like damp, rot and structural problems;
- report to you on any legal issues you should be aware of, including any disparity between what the seller is proposing to sell and what they legally own;
- support you on the day of the auction if there are any last minute queries you wish to raise;
- finalise your purchase of the property, assuming your bid succeeds;
- advise you on any stamp duty land tax that needs to be paid; and
- register you as the new owner of the property at the national Land Registry.
We can also help where the property you wish to buy fails to reach its reserve and is therefore pulled from the auction, by contacting the seller (via the auctioneer) to
see if they might be interested in negotiating some sort of deal.
Why Choose Step Legal Solicitors?
We understand the process involved in buying a property at auction and the steps that need to be taken to ensure that you can bid with confidence on the day the
Our service includes:
- verification of what the seller owns and is entitled to sell;
- notification of any difference between official plans of the property and what you have advised us appears to be the position on the ground;
- an explanation of any covenants and restrictions noted in the deeds to the property which may influence your decision to proceed, such as an obligation to use the property for residential purposes only or a prohibition against converting the property into multiple dwellings;
- advice on any potential problems we have discovered, such as a lack of any right to travel to and from the property over a private road which provides the only means of access or the existence of a garden which appears to have been acquired via adverse possession rather than a lawful transfer;
- confirmation of whether indemnity insurance may be available to cover any risks that have been identified; and
- advice on any proposed developments nearby which may affect the value or wisdom of the investment you are proposing to make.
Our conveyancing solicitors can assist whether you want to make a one off purchase to create a home for you and your family or multiple purchases necessitating
the review of multiple legal packs to create and grow a modest or substantial residential property portfolio.
Our processes and procedures are geared up to handle transactions of all sizes and to be able to assist whether the property you are bidding for has been scheduled to take place at an auction that is a few weeks away or which is taking place within a matter of days. We can even help where English is not your first language through our free Polish translation service.
And you can rest assured that the service and legal advice you receive will be first class, as all work is carried out under the supervision of Anees Khan, who is the head of our conveyancing department and a qualified solicitor with over ten years’ experience in the residential property market and in property auctions.
Want to find out more?
For more information, please call 0800 195 6412 or send an email to firstname.lastname@example.org.
We are able to assist whether you are based in Crewe or further afield and whether you want to buy or sell a property through an auction or any other means.