Buying properties at auction is becoming more and more popular. This is because, at auction, you’re more likely to bag yourself a bargain, allowing you to get a foot on the property ladder. This is especially true for first-time buyers.
Even though buying at auction is, in principle, fast and exciting, you will still have to put in a lot of groundwork and planning for everything to run smoothly.
Here at Saracens Solicitors, our team can advise you on how to get the best at auction through consultation with our mortgage solicitor in London.
Finding the perfect property
If you have found a property that you are interested in bidding for at an auction, you can usually obtain a legal pack from the auctioneers. After viewing the property you’re interested in, it’s a good idea to express your interest to the auctioneer.
It’s also a good idea to seek the help of a mortgage solicitor in London to get a deeper understanding of everything it says in the legal pack provided by the auctioneer.
The importance of fully understanding the legal pack cannot be understated, as at an auction house when the hammer falls, the winning bidder is contractually committed to buy the lot.
Our conveyancing team can provide a review service for legal packs and prepare a review of the property for you. This will allow you to make a better informed decision on bidding.
Knowing the facts
Our review service can also let you know more about the property, such as the legal title and if there are any restrictions placed on the land or property. We will also review the facts to see if they have any implications on the value of the property, for example, if a property has had any problems with denied planning permission or granted planning permissions in the surrounding area.
If you win a property at auction, you’ll need to pay a 10% deposit when the hammer falls. At this time a completion date is set which is usually 28 days or later. Our mortgage solicitor in London can help you set up your finances within the deadline, securing your future in the property.