Buying and Selling at an Auction – is it just like watching Homes under the Hammer?
Published on March 11, 2020
Buying and Selling Property at Auction: Everything you need to know!
Many people decide to buy or sell their properties at an auction. How many of you really know the process and whether it is the best option for you? When deciding whether to buy or sell at auction you must take into account so many different aspects, including your current circumstances, financial positions as well as time frames.
We at TML Solicitors also work very closely with Shonki Brothers and they provide a wide range of services including Auction sales, residential sales, commercial sales and lettings. We attend all of their auctions and work side to side to ensure clients are satisfied with the service provided by both companies.
Selling your property in an Auction
When selling your property at auction, you will meet with the auctioneer and arrange the guide price as well as discuss other aspects of the property. A solicitor will need to get the legal pack together which will be sent to the auctioneer. The legal pack includes the contract for sale, the title documents and protocol forms along with other documents relating to the property. This will be used by potential buyers to look at before the auction and will also be used by the successful buyer’s solicitor after the auction. As soon as the hammer hits, the property is sold and the exchange will take place on the same day. Your solicitor will then take the matter to completion and liaise with the buyer’s solicitor. There is normally a deadline to complete the matter.
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Buying your property at Auction
When buying a property at auction, it is vital that you review the legal pack before the auction. It a great idea to get a solicitor to review it for you and advise on any legal issues with the property. If, after reviewing the legal pack, you are happy to proceed, ensure that your finances are in place. If you are a successful bidder at the auction, this means that you are now legally bound to purchase the property. You will at this point need a solicitor to progress this transaction to completion. Again, there is usually a deadline to complete by and if you are getting lending then this needs to be in place within this time frame.
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What is the best route for me?
It is evident that there are many advantages and disadvantages of buying and selling at auction. However, as long as you are aware of the process, you make sure it works in line with your circumstances and you have received the best legal advice, it could in fact be the best option for you.
Here at TML Solicitors we are experienced in preparing legal packs and guiding sellers through their transaction. We can also review legal packs for potential buyers prior to the auction as well as helping them through their purchase towards completion. We can also act for many lenders and satisfy lenders requirements to ensure funds are in place in time for completion.
63B King Street
Tel: 0116 247 0022
If you are also looking for an Auctioneer or Estate Agent in general, please see Shonki Brothers details below and get in contact with them:
95 Narborough Road
Tel: 0116 2551519