While auctions are a popular way to buy a property at below market value, there are unknowns that can prove extremely expensive – even if the sale doesn’t complete. We can offer advice and guidance to help you to take a more informed approach to your potential purchase and reduce the risk of costly mistakes.
From restrictive auction terms and unexpected fees to finding out that you’ve overpaid for a property that isn’t as described, the winning buyer is liable for all costs as soon as the gavel falls on their bid. While talking to a solicitor before the auction might seem an unnecessary expense, you’ll not only reduce the risks, you’ll also be better placed to decide how much the property is really worth to you.
We’ll undertake a detailed review of the Auction Pack, which includes:
- interpreting the title (to ensure that the party selling the property has the right to do so)
- highlighting where documents are missing, or information is incomplete
- identifying potential issues relating to planning and building regulation compliance
- reporting on the terms of the contract, and highlighting any additional costs or overly onerous conditions
- raising pre-auction enquiries with the seller or agent
- investigating if there’s anything in the pack which might cause issues for your intentions for the property
What’s more, if your bid is successful, we can see your transaction through to successful completion. We will deduct the cost of the pre-auction service from the conveyancing fee.
Our pre-auction service will equip you with a thorough understanding of the property, and the contractual terms you’ll enter into if your bid is successful.
