Buying at Auction

We understand that buying at Auction is often a time sensitive issue. We are able to review sale packs prior to you attending auctions to advise you of any potential problems with the property you are intending to purchase and we can obtain additional information if need be, before you put your deposit down at the Auction.
Buying_at_Auction

Auction Purchases

If you proceed to auction without having the legal pack checked, Solicitors are unable to renegotiate the terms of your contract as this is finalised as soon as the hammer goes down. This is why we always advise you to let us check the legal pack before buying at auction.

Once your bid is accepted at auction, the hammer will come down and you will be required to sign the contract. That Contract means that you have exchanged and thus you are legally bound to purchase the property. If we discover subsequent problems after your exchange at auction, then you could possibly run the risk of losing your deposit or buying a property which might not be the dream property you were expecting.

It is imperative that when attending an auction you ensure you have sufficient funds in place to proceed with the purchase within the stated timescale for completion. And remember the timescale is not always the same, so you need to check this before hand, or let us review the papers and we will confirm the timescale to you.

When buying at auction we would suggest that where possible you inspect the property and carry out a survey, as there is no obligation on the seller to disclose any structural defects in the property.

If you do not take these steps prior to auction, we can still assist you in the conveyancing process. We will quickly review all documents along with the legal pack to ensure that any problems are ironed out long before you are required to complete.

If you are looking to Sell your property at Auction, we can assist you as well. We will discuss various options with you to ensure that you get the most amount of money from your sale. We will also ensure that the Legal fees and Auction fees are paid by the buyer, which means extra money left in your pocket.

For further information or details of costs please contact Satbir Sethi on 020 8646 4885 or Satbir@p-llp.net.

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