Buying at auction
Buying property at auction can be an exciting experience and is often a great way to get a good deal. However, it can also be a step into the unknown – particularly if it’s your first time. By talking to a legal expert before buying at auction you can approach the process with confidence and avoid costly mistakes.
With the housing market suffering due to the global credit crunch there is one area that is flourishing – property auctions.
Auctions enable buyers to get some great deals and you can often come away with a bargain. There are, however, legal issues involved with buying at auction that many people may not be aware of. The main thing to remember when buying at auction is that if your bid is accepted and the gavel goes down, there is no way of going back, contracts have been exchanged. We wouldn’t buy a car without taking it for a test drive, so why buy a property without finding out as much as you can and avoid surprises.
It is important that before placing your bid you take advice on all the legal documentation, searches, contract and any special conditions so that you are aware of what you are potentially binding yourself to.
We offer two types of advice, an initial review or a full report.
- The initial review is particularly suitable if you have specific questions regarding the property and these can be answered from a brief overview of the sellers legal pack.
If you require a more in-depth report, or if the questions to which you require answers require further investigation and the enquiries with the sellers solicitors, then a full report is better suited.
If you would like to see a sample of each report please contact us and we will email a copy to you, alternatively please telephone us and we can discuss which would be the most suitable.
- discuss with you what your requirements for the property are
Then We will:
- obtain the legal pack from the sellers solicitors/auctioneers
- check the contract and special conditions
- advise on the legal title
- check the searches
- review replies to enquiries provided by the seller and raise any matters relevant to your purchase
Finally We will:
- prepare either an initial review;
- or a full report tailored to your requirements which is comprehensive yet easy to understand and can be put together with a quick turnaround
- go to the auction with peace of mind
Hill & Abbott can advise you on all the important aspects to consider before bidding at auction, helping to ensure that any property you do bid on will be a sound investment. We can also take care of all the legal practicalities of the sale, from checking property ownership to arranging surveys and searches. Our friendly and knowledgeable property auction solicitors will give you all the guidance you need to be able to enter the purchase with confidence.
With our help, buying a property at auction can be very rewarding. Call us today on 0800 633 5543 to speak to a property solicitor.