Buying and selling property at auction tends to be considerably faster than traditional sales and purchases, but it is still crucial to have expert legal advice. If you are a buyer, you need to be sure that the legal title is sound and understand any rights others may have over the property. If you are a seller, a property auction solicitor can ensure that your legal pack contains everything a buyer will want to see, ensuring you get as much interest as possible.
Our property auction solicitors in South Wales have extensive experience in dealing with auctions and the expertise to handle any issues that arise promptly. When dealing with this type of transaction, it is important to be able to deal with the paperwork quickly. We always keep a close eye on deadlines and work proactively to ensure they are met.
We have local property auction solicitors in Pontypridd, Swansea and Talbot Green and if you would like advice and representation, we will be happy to hear from you.
Services provided by our property auction solicitors in South Wales include:
Selling
- Preparing the sales pack if you are selling at auction
- Dealing with the auction sale, contract, deposit and subsequent completion
Buying
- Pre-auction report if you are considering buying at auction
- Pre-completion work if you are successful at auction
- Completing your auction purchase, including tax and registration formalities
Contact our property auction solicitors in South Wales
Our auction property solicitors in South Wales provide a comprehensive service for both sales and purchases of property at auction.
To speak to a member of our auction team, you can call one of our offices in Pontypridd, Swansea or Talbot Green. Alternatively, we have an easy-to-use contact form.
Services provided by our solicitors for property auction
Preparing the sales pack for sale at auction
Our auction property sale solicitors will prepare a comprehensive sales pack, which can be sent to the auctioneer before the auction. The auctioneer will arrange viewings and discuss any queries. This will allow their solicitor to go through all of the information and advise them on issues such as the legal title to the property and any rights and responsibilities that attach to it. Having an informative sales pack can help attract a wider range of bids.
Dealing with the completion of an auction sale
Following the auction, we will approve the transfer which will be provided by the buyer’s solicitor and arrange for you to sign this. We will let them know how much is due on the day of completion. Once completion has taken place, we will account to you for the balance of funds. The auction house will have deducted their fee and we will also deduct the auction conveyancing costs.
Pre-auction due diligence if you are considering buying at auction
If you are thinking of buying a property at auction, we can go through the contract package in detail and report to you on any issues. Where possible, we can raise enquiries with the seller’s solicitor, although this is not always an option and sometimes properties will be sold as seen.
Pre-completion work if you are successful at auction
If your bid is successful, we will carry out the final checks of the title and let you have a statement showing how much will be needed to complete. This will include additional expenses such as Stamp Duty, our auction conveyancing fees and the Land Registry’s registration fee. If you are instructing us after you have bid at auction, we will provide a summary of title etc but no enquiries can be raised and you must complete as part of your contractual obligations
Completing your auction purchase
You can let us have cleared funds and we will forward these to the seller’s solicitor on the completion date. Once we have the title deeds and transfer document, we will arrange for registration of your purchase at the Land Registry.
Property auction FAQs
Do you need a solicitor for an auction property?
Any property purchase is a major investment and buying at auction is no exception. A solicitor will be able to go through the sales pack and check that the legal title is sound and draw your attention to any areas of concern. This is crucial to ensure that there are no nasty surprises in the future. For example, you need to be aware of any restrictions on development or rights over the property or land exercised by others.
What is the process for buying a property at auction?
You will usually be able to view the property during the weeks before the auction, although this opportunity may only be available for a short period. We strongly recommend you do this. You need to carry out all the checks that you feel you need, including having a survey carried out if you are concerned about the condition if access is allowed for this
The auction conveyancing process is usually rapid. You are bound by the terms set out in the contract.
If your bid is successful, this is usually the point at which contracts are exchanged, unless it is a conditional auction. Once contracts are exchanged, you are legally bound to complete on the date specified, generally 28 days later. You will also need to pay a deposit of 10% while you are at the auction.
If you ask us to represent you, then we will carry out the final pre-completion checks and let you know how much needs to be paid on completion. We will deal with the completion on your behalf and arrange for your purchase to be registered at the Land Registry.
Can you buy an auction property with a mortgage?
While it is possible to buy an auction property with a mortgage, it is less straightforward than normal because of the time limits. You will need to obtain a mortgage offer in principle and make sure that the lender is happy with the condition of the property before you bid and that they will be able to issue the mortgage offer within the tight timescale. Many lenders take considerably longer than this to process a mortgage application. If the lender does not accept the title then you will have to find alternative funding or forfeit if you cannot raise the funds. The penalties can be harsh.
Some auctions may offer properties for sale on a conditional basis, which is better suited to purchase with a mortgage. You could be given 40 working days to exchange and complete. Most are 28 days from auction. Some can be 10 days.
How long will a property sale take at auction?
If you are selling a property at auction, it can take a month or two to deal with entering it in the auction. Ideally, you will ask a solicitor well in advance to prepare the auction package so that this is available immediately for potential buyers as soon as the property is entered into the auction catalogue.
The auction catalogue may be prepared one to two months before the auction. If you offer your property for unconditional sale and there is a winning bid that meets any reserve you have set, then the buyer will be bound to complete in accordance with the terms of your contract, which is usually 28 days from the date of the auction.
What is in the legal pack for a property at auction?
An auction legal pack will usually contain the following:
- A copy of the draft contract
- A copy of the legal title to the property
- Lease if applicable
- A plan of the property
- Copies of any documents referred to in the title
- Standard property information forms
- An Energy Performance Certificate
- Planning consents and building regulations approvals
- Information relating to any existing tenancies
- Local search results
Contact our property auction solicitors in South Wales
Our auction property conveyancing solicitors can provide the expert advice and representation you need if you are buying or selling at auction.
To speak to one of our auction property solicitors in South Wales, you can call one of our offices in Pontypridd, Swansea and Talbot Green. Alternatively, we have an easy-to-use contact form.