01 Nov 2022

Moving home is said to be one of the most stressful life events we experience, but buying or selling at auction can make it less of a stressful process. When buying at a property auction, the anxiety building up to exchange of contracts (the point upon which the transaction becomes legally binding) is taken away because once the gavel goes down, both parties are committed to the transaction which usually completes 20 working days later.

How can we help you?

For those selling, upon instruction we will ask you to complete initial documentation and verify your identity (which can be done online). We then prepare the Legal Pack and send it across to the auctioneer.

The Legal Pack includes:

• The Register of Title (proof of ownership) and Title Plan
• Law Society Property Information Form and Fittings & Contents Form which we ask you to complete and return to us ASAP and provide any Guarantees/Building Regulation Certificates/Gas Safety Certificates
• Search Package (usually Local Search, Water & Drainage Search and Environmental Search)
• Special Conditions of Sale

The Special Conditions will include a clause that the buyer pays your legal fees and disbursements. Should you wish, an additional clause can be added that the buyer also pays your auctioneer fees (entry fee and/or commission).

Following the auction, if the property sells, the auctioneer will provide us with relevant details. We will contact the buyer’s solicitors for confirmation that they have been instructed, stressing to them the completion date and will send the Transfer Deed to you for signing in readiness for completion.

We will send the buyer’s solicitors a completion statement showing the balance required from the buyer to complete. On the agreed completion date (all going well), the buyer’s solicitors will send us the balance to complete and upon receipt we will contact you to confirm that completion has taken place, and authorise the auctioneer to release the keys to the buyer. Should you choose to receive the proceeds of sale by CHAPS – you will have the money in your account by close of business on the day of completion.

Are you considering buying or selling property at auction? Would you like our legal support? Call us now on 01633 867 000 or email Louise Williams.