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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.

Remote Conveyancing

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:

Auction Purchase

Instruction

  1. When you receive the emailed quotation, should you wish to proceed, you reply accepting this.
  2. You will then receive the client instruction form and client care letter, you print, sign, scan and email back both.
  3. Where requested, you then email a copy of the legal pack and contract.
  4. You make a payment on account for the sum indicated within the client care letter (card payment over the telephone or bank transfer are accepted).
  5. You provide certified ID.

Legal process

  1. Contact is made with the Sellers Solicitors, they provide the completion statement. This is emailed to you with a report on the content of the legal pack. You then make a payment (electronically) for the balance of completion monies.
  2. Where you have a mortgage or the Sellers require you to sign a new lease or transfer deed, this will be emailed to you. You will need to print, sign and return the hard copy document.
  3. The transaction is completed on your behalf.
  4. Once the property is registered you will receive an emailed copy of the updated title to the property.

Auction Sale

Instruction

  1. When you receive the emailed quotation, should you wish to proceed, you reply accepting this.
  2. You will then receive the client instruction form and client care letter, you print, sign, scan and email back both.
  3. You make a payment on account for the sum indicated within the client care letter (card payment over the telephone or bank transfer are accepted).
  4. You provide certified ID.

Legal process

  1. The Legal Pack is produced. Taking instructions from you via email or telephone to ensure that these meet your requirements. This is then submitted to the auctioneers electronically.
  2. Once the property sells, contact is made with the buyers Solicitors and provide a completion statement.
  3. The contract will require you to sign a new lease or transfer deed, this will be emailed to you. You will need to print, sign and return the hard copy document.
  4. The transaction will be completed on your behalf and the balance of completion funds will be transferred to you electronically (less our fees, the auctioneers commission and any mortgage redemption).

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.

Helping you complete in 20 working days or less