Buying a property at auction is a great way of landing yourself a bargain and stepping onto the property ladder. However, as with all property purchases, it requires careful planning and attention to detail and an advisor that can work at speed.
If you have expressed an interest in a property that is in auction, you can usually obtain a legal pack to read from the auctioneers. It is important that you understand as much of that information as possible and carry out as much groundwork about the property beforehand.
Remember – at an auction house – when the hammer falls, the bidder is contractually committed to buy.
At Saracens, our conveyancing department are only too pleased to offer a standard fee to review the legal pack for you and provide a report on the property. This will allow you to make an informed decision as to whether or not you wish to proceed with the property at auction.
Among other things having the legal pack reviewed will provide you with information in relation to the legal title and any restrictions placed upon it and whether there are any potential implications in relation the value of the property. It would also be advisable to have property searches carried out as these will reveal information about the property, for example whether there any planning applications or permissions and information about the surrounding areas.
If you are successful at auction, you will need to pay a 10% deposit on exchange of contracts, when the hammer falls. A completion date is also set at this time and this is usually 28 days later. Our dedicated team will ensure that this deadline is met and will keep you informed of the progress throughout.