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With an Auction sale or purchase, when the gavel falls, you have exchanged contracts

This creates a legally binding agreement between both parties. There is then a limited period of time to formerly 'complete' transferring what is more commonly a significant asset, for a large sum of money.

The auction conveyancing process is therefore condensed into a matter of days rather than months. For both buyer and seller, this speed can prove to be extremely advantageous; however, it should not diminish the significance of the transaction – there are many considerations for both parties.

Auction Legal Process

Introducing Auctions

Here is a breakdown of the legal process provided by auction specialist lawyers:

Whether you are buying or selling at auction, the legal process can be divided into two distinct stages:

  • Pre Auction – all the due diligence work up to and including the auction itself.
  • Post Auction – all work after the date of the auction, up to and including completion and registration of the transaction.

Auction Purchase

Pre Auction

  1. Obtain the auction legal pack from the auctioneers
  2. Consider the Special Conditions that apply and advise you in respect of the same
  3. Undertake any necessary searches
  4. Raise enquiries with the Seller’s Solicitors and receive replies
  5. Fully investigate the title
  6. Prepare a full report for you on the property, prior to the auction

Post Auction

  1. Receive the auction sales memorandum from the auctioneers
  2. Draft and submit the Transfer Deed and requisitions on title to the Seller’s Solicitors
  3. Undertake the usual pre-completion searches
  4. Report to you with the mortgage deed for signature (if you are taking a mortgage over the property)
  5. Obtain the completion statement from the Seller’s solicitors
  6. Obtain the completion monies from you
  7. Deal with the completion of the transaction
  8. Submit the Stamp Duty forms to HM Revenue & Customs on your behalf, paying any necessary Stamp Duty
  9. Register the transaction at the Land Registry

Auction Sale

Pre Auction

  1. Draft the Special Conditions that apply and advise you in respect of the same
  2. Submit to you the usual information forms, for you to complete and return
  3. Undertake any necessary searches
  4. Prepare and submit the auction legal pack to the auctioneers
  5. Deal with any enquiries raised by potential buyers

Post Auction

  1. Receive the auction sales memorandum from the auctioneers
  2. Receive and approve the Transfer Deed and requisitions on title from the Buyer’s Solicitors
  3. Submit replies to requisitions
  4. Send you the Transfer Deed for signature
  5. Obtain the title deeds and a redemption statement from your mortgage lender (if you are have a mortgage over the property)
  6. Prepare and submit the completion statement to the Buyer’s solicitors
  7. Deal with the completion of the transaction
  8. Repay any mortgages you have over the property
  9. Send out the Title Deeds, following completion, to your Buyer’s Solicitors
  10. Account to you for the balance of the sale monies

For more information please contact us.

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