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.
If you're bidding remotely at an auction, either over the phone or the internet, you may still want to get from exchange to completion from the comfort of your home. Thankfully with modern technology and a good auction specialist solicitor, it's a rather fast and simple process:
When buying or selling auction property remotely, ensure your solicitor has the systems and set up to look after clients from all over the UK and overseas, buying from auctions across the country, without the need of them actually attending the office.
Please note, all legal services will be performed by Taylor Rose TTKW Limited. Taylor Rose TTKW Limited is a firm of solicitors authorised and regulated by the Solicitors regulation Authority, SRA no 623604. See their website at www.taylor-rose.co.uk for more information.