- Bromley020 8290 0333
The main advantage of buying or selling a property at auction is the speed of the process. Once the hammer falls, the deal is done. However, with speed can often come errors, so it is imperative that you obtain experienced legal advice long before you enter the auction ring.
At Judge and Priestly Solicitors, our property lawyers have years’ of expertise in auction sales and will ensure that no legal points are overlooked in the pre-auction period.
Advice for Buyers at Auction
Before the auction, the seller’s solicitors will prepare a legal pack containing:
- the RICS Common Auction Conditions (CACS) (Third Edition)
- any special conditions to the auction
- official entries for the title and copy documents referred to in the registers
- title searches
- replies to enquiries—a buyer should check the basis upon which replies to enquiries have been given, as often it is on a non- (or limited) reliance basis
- draft deed of covenant
- draft transfer
- if being sold by fixed charge receivers, letters of appointment
- copies of any leases, tenancies, and ancillary documents
- copies of rent demands and service charge information
- Energy Performance Certificate
- any gas safety certificates or electrical certificates
- any rent deposit details
- details of any arrears
- the memorandum of sale
Our solicitors will check these documents prior to the sale and advise you on any points you should be made aware of.
Once a purchaser has brought a property at auction, a 10% deposit will be required immediately. Completion of the sale usually takes 20-25 days. We will ensure that this process proceeds efficiently, leaving you time to plan your move.
Selling at Auction
There are a number of advantages to selling your property at auction, especially when the property market is buoyant. Because you set the reserve price, you may find your property sells for much more than what it would go for under a traditional sale, especially if a bidding war starts.
Our specialist property team will take care of all the legal requirements of the sale for you including:
- The legal pack
- The sales contract
- Special conditions (such as details of any new terms not covered off in the legal pack)
To discuss the sale and purchase of a property at auction, please phone our Bromley office on 020 8290 0333 or fill in our contact form and we will be in touch shortly.