Auction property solicitors

What is a property auction?

Property auctions consist of buying or selling a property through a bidding process, which is competitive. It’ll be held by a specialist auction house, and the property goes to the highest bidder.

There are two main types of property auction in the UK.

• A traditional auction – contracts are exchanged when the hammer falls and completion is usually within 28 days.
• A modern method of auction – this uses a longer period, with buyers having up to 56 days to complete the process instead. A non-refundable reservation fee is required after the auction closes.

Whichever route you go down, there are legal obligations that need to be fulfilled, for both buyers and sellers. This is why it’s essential to have a specialist auction conveyancer to guide you through the process.

What kind of properties can you buy and sell at auction?

There are several types of properties that you can buy and sell at an auction. These include:

• Investment properties
• Buy-to-let properties
• Renovation and development opportunities
• Properties that may be hard to value through a traditional sale, such as unique or non-standard properties
• High-value properties
• Commercial properties

For buyers, an auction can also be a way to purchase repossessed properties and competitively priced stock. For sellers, selling at auction can be a quick way to get a guaranteed outcome with no risk of the sale falling through, which can happen through a standard property transaction.

Buying at auction

At Fisher Jones Greenwood, our conveyancers work with buyers, so you’re prepared before you bid on a property, ensuring there are no surprises that crop up after your purchase is finalised.

How we support your auction purchase

From the first stage to the last, we’ll ensure your process is as smooth as possible. We’ll ensure all the legal work is in place so you can focus on the bidding.

1. Before you place your bid, we’ll review the legal pack that’s provided by the seller’s solicitor. We’ll flag any issues that could affect your purchase of the property, to do with factors like title, searches or documents.
2. If necessary, we’ll raise enquiries with the seller’s solicitor before the day of the auction, so you have peace of mind before committing to the property.
3. We’ll always explain everything in plain English, so you fully understand the results of searches and advice we give surrounding title queries.
4. On auction day, we’ll make sure you know your legal obligations before placing your bid, so you’re confident you’re making the right choice.
5. Once the hammer falls, we’ll handle the entire conveyancing process from start to finish, keeping you updated with each step.
6. Once the process is complete, we’ll manage your title registration with the Land Registry.

What should I have in place before I bid on a property?

Whether you’re exploring your options or you’ve already spotted a property you want to bid on, it’s important to ensure all the correct financial and legal documentation is in place. This includes:

• A mortgage or your finance offer agreed in principle.
• A legal pack, which has been reviewed by your conveyancing solicitor.
• If necessary, a survey carried out on the property in question.
• Your 10% deposit, which should be accessible on the day of the auction.
• The rest of the required funds ready within the specific time frame.

Your conveyancing solicitor can help with every step of the process, before, during and after the auction, so if this is your first time, you can feel secure in your decision and ensure every detail is in place.

Selling at auction

Our conveyancers ensure you’re ready to sell your property at auction, handling the legal side of the process to help give you the best chance of success.

How we support your auction sale

We’ll be there to handle your case from beginning to end, all while keeping you updated every step of the way. Here’s an insight into how we support your auction sale:

1. Once you’ve chosen to work with us, we’ll carry out an initial review of your property, flagging anything that should be investigated before we prepare your legal pack.
2. We’ll compile a comprehensive legal pack for you, which will include all the relevant documentation that is required by the auction house, as well as prospective buyers.
3. We’ll liaise with the auction house throughout the entire process so that you meet all deadlines and your property is correctly listed.
4. If any enquiries are raised by buyers’ solicitors before the auction, we’ll respond and ensure the process continues moving forward.
5. As soon as the hammer sounds on auction day, contracts are exchanged. We’ll make sure the sale can proceed without any delays.
6. Following a successful auction, we’ll handle the conveyancing process for you, which is typically completed within 28 days.
7. After completion, we’ll take care of transfer of funds and registering title transfers at the Land Registry.

What will be included in my legal pack?

A legal pack is a set of documents that is prepared by the seller’s solicitor, detailing information about the property in question. It includes:

• Copies of the title plan and register.
• TA6 and TA7 (if the property is leasehold) which are property information forms.
• TA10, which is a form for fixtures and fittings.
• Local authority, drainage and environmental searches.
• An EPC (Energy Performance Certificate).
• If applicable, a leasehold or freehold document.
• Planning permissions or building regulations, if necessary and relevant to the property.

If we ever need any other documents to include in the legal pack, we will let you know well in advance in order to avoid delays at auction.

Why choose Fisher Jones Greenwood?

We’ve been recommended by The Legal 500 and Chambers & Partners, reflecting our expertise and quality. Our conveyancing team has decades of experience with a range of property transactions, including auction properties. We understand the legal complexities that can arise from matters of this kind, and we know how to prepare for them to help you achieve the best possible outcome.

Auction transactions involve legal complexities that can differ from a standard transaction, so it’s essential you get specialist support to guide you through each step. Each case is different, which is why we work with you every step of your process; we won’t use a one-size-fits-all approach. We’ll listen to your goals and tailor our processes to suit them, because one of our priorities is ensuring you’re happy with your service.