Buying or selling property at auction

Auction solicitors in London

Our property auction team provide experienced and comprehensive legal support for buying or selling properties at auction.

Key reasons you need experienced and specialist lawyers

• Binding Contract – if you are successful with a bid you will at that point have legally exchanged contracts to buy the property and will be bound to complete. Failure to complete on the contractual date will result in you losing your deposit and may also result in additional costs because of the breach.
• Auction Conditions and answers to enquiries – with properties marketed for auction, the sellers tend to be more reluctant to answer pre-contract enquiries or vary the standard property sale conditions which generally apply. You may be more reliant on your own physical inspection and survey.
• Completion timeframe – the completion date for the purchase is usually within 28 days of the auction, which means buyers will need to either have the completion funds and stamp duty when exchanging or will need to move very quickly to arrange finance, generally via bridging lenders. Most standard mortgage lenders will not move this quickly.

What we do

• Pre – Auction – If you are the buyer. Buying property is a major investment and can also be a major liability. You should be making a fully informed purchase when buying at auction, Involve us as early as possible before the auction date, to allow for proper investigation. We will review the auction pack to identify potential risks and provide expert legal advice
• If you are the seller – we will, in conjunction with the auctioneers, prepare the auction pack, including special conditions and title.
• Post auction work – if you have agreed a sale at auction, whether as buyer or seller, we will deal with the necessary formalities to complete and the post completion work such as paying stamp duty and registration at the Land Registry. For buyers raising finance from a bridging loan, we will carry out the necessary legal work to satisfy the lenders.

Why Choose Us

We are knowledgeable and experienced in property auctions and know the property market very well, especially in London. Property law is a key service and we are known for our thoroughness, speed and efficiency. We are also experienced in dealing with bridging finance legal requirements where a client needs to raise funds to complete quickly.

Contact our property auction team today to discuss your needs and get the expert legal support you deserve.