If you are thinking of buying at a property auction, the team at Ukconveyance can provide the legal guidance you need to ensure you make the right decisions and that your interests are protected. We have the expertise to make sure the rights of both buyers and sellers are properly safeguarded and provide various services to both.
Property Auctions Explained
Property auctions are growing in popularity among people who want to buy or sell a house or commercial property and avoid the traditional, often lengthy, process of transferring ownership. They give house hunters the chance to pick up a bargain and to also, ultimately, own a property without having to go through what is typically a drawn-out process.
There are similar advantages for sellers; they can find a buyer in a matter of minutes and have the ownership of the property transferred immediately after the hammer falls. Usually a 10% deposit is due to be paid on the day of the auction, with the deal being fully completed within 28 days.
Although house auctions can be a quicker way of buying or selling property, they can also be riskier, especially if you haven’t prepared fully and sought expert legal advice. If you are thinking of buying at a property auction, you should first consult specialist real estate residential solicitors to best safeguard your rights as either a buyer or seller.
Helping Prospective Buyers
At Ukconveyance, we are able to provide a variety of services to people looking to buy a new home at a property auction. We can help prospective homebuyers to:
- Inspect or survey the listed property
- Check through the auction contract and other associated paperwork
- Discuss mortgage options
- Assess the searches included in auction sales packs
- Understand the title deeds and agreement
Helping Prospective Sellers
Our solicitors are also able to help those hoping to make a sale at a property auction. The services we offer to sellers include:
- Drafting of auction contracts and packs
- Advice on searches to include in the sales pack
- General legal advice and guidance