Best conveyancing experience ever. After two supposedly good law firms failed to even do the basics post instruction, for nearly 8 weeks, Jess at Laker Legal took on the difficult challenge of overseeing my purchase and completion in record time. Always proactive, very knowledgeable of her subject and extremely good communicator. I never had to chase the firm for anything. They always answered my calls efficiently. I can't praise them enough. What a wonderful experience.
I recommend Jess and would be very happy to use her again in the future.
Navigating the property auction process can feel daunting, but at Laker Legal Solicitors, we’re here to make it simple and stress-free. Our team of experienced property Solicitors and Licensed Conveyancers will provide you with expert legal advice, ensuring you approach your auction journey with confidence and clarity.
Buying property or land at auction is very often the route to acquiring a bargain, but there may be underlying reasons why the property is being sold at auction and not via more conventional means.
Comprehensive Legal Advice – Before the auction
Buying a property at auction offers exciting opportunities, including potential savings and a faster process compared to traditional property purchases. However, buying from an auction is different and requires specialised expertise to avoid potential pitfalls. That’s where our team at Laker Legal will help you.
Auction properties are typically sold with a Legal Pack, which includes:
- Title deeds or Land Registry entries, including a filed plan.
- Conditions of sale—these can be bespoke and may contain additional fees and liabilities for the buyer.
- Replies to standard enquiries (CPSE if the property is commercial, protocol forms if residential)
- Energy Performance Certificate (EPC)
- Other crucial documents, such as planning permission, any occupational tenancies or other notices concerning the property.
- Sometimes the results of a local search and a drainage/utility search will be provided.
Our property auction legal team can review this legal pack thoroughly to uncover any potential issues that may affect your decision to bid on the property. By identifying risks and clarifying the details, we’ll ensure you’re fully informed before the auction day, and not exposed to the risk of bidding for a property with inherent issues that could impact on its sale and marketability.
It is important to note that in a traditional auction, contracts are deemed to be exchanged when a successful bid is accepted. The deposit funds (which are usually 10 per cent of the total purchase price), any auction fees and the seller’s legal costs can be forfeited if the buyer withdraws from the transaction after exchange.
Because contracts have been exchanged already, the Seller may be reluctant or unwilling to assist in the resolution of any title issues or the provision of further information.
We would therefore always recommend having the auction pack reviewed before a bid is submitted, so that any issues can be identified before you commit to the purchase and put the deposit monies at risk by having to withdraw after bidding.
Supporting You After Auction Success
If you win your auction bid, time is of the essence. Auction sales are often subject to completion within 28 days, and our experienced team is ready to act swiftly to meet these deadlines. Here’s how we can help:
- Reviewing the Auction Pack: We’ll provide a detailed analysis of the legal documents and special conditions included in the auction pack, identifying any issues at an early stage.
- Preparing for Exchange: Our team will manage the legal process to ensure a smooth exchange of contracts within the strict 28-day timeline.
- Coordinating Completion: We’ll handle the final steps, including transferring funds and ownership, ensuring the process is seamless and hassle-free.
We’ll work closely with you to manage the legal aspects of your auction purchase efficiently and professionally, so you can focus on your new property with peace of mind.
Selling a Property at Auction? We’ve Got You Covered
If you’re selling a property at auction, we’re here to help too. Our expert property auction conveyancing team will:
- Prepare the Legal Pack, ensuring all documents are in order
- Commission the necessary searches
- Manage the process to meet all deadlines, ensuring a smooth and timely transaction
Our aim is to make the selling process as straightforward as possible, so you can achieve a successful auction result.
FAQs: Property Auctions Explained
How should I prepare to buy a property at auction?
Here are our top tips:
- Research the property: Study the auction catalogue, legal pack, and any available surveys. Visiting the property is highly recommended.
- Set a budget: Know your maximum bid to avoid overspending.
- Arrange finances: Have your deposit (typically 10%) ready and ensure your funds or mortgage approval are in place if you are relying on borrowing to finance the completion balance.
- Hire legal representation: Engage a Solicitor or Licensed Conveyancer to review the auction pack and handle the legalities.
Can I back out after winning an auction?
No. Winning a bid legally binds you to purchase the property. If you back out, you risk losing your deposit and may face additional financial liabilities or legal action from the seller.
Do I need a Solicitor or Licensed Conveyancer for an auction?
While it’s not a legal requirement, having legal representation is highly recommended. At Laker Legal, we’ll review the auction pack, identify any risks, and provide expert guidance to help you avoid costly mistakes.
How much do your services cost?
We offer fixed fees for auction conveyancing services, giving you complete transparency with no hidden costs. Contact us for a personalized quote tailored to your specific needs.
Get in Touch with Laker Legal Solicitors
Ready to approach your auction journey with confidence? Whether you’re buying or selling, our team of expert Solicitors and Licensed Conveyancers is here to guide you every step of the way.
Our client base is Nationwide, so we can assist wherever you are.
Contact us today to schedule a consultation and let us help you navigate the auction process smoothly and efficiently.
