Buying & selling auction property in Essex
Property Auction Solicitors in Colchester
If you’re thinking about buying or selling a property at an auction in Essex, our property auction solicitors in Colchester are specialists at auction property conveyancing and will help make the process as smooth as possible.
Buying a property at an auction can be cheaper than buying through an estate agent, and selling a property at an auction can result in a faster sale. Our auction property conveyancers can help.
Give us a call on 01206 239770 for a quote.
Auction Conveyancing in Colchester
Our auction solicitors recommend you obtain legal advice before bidding.
To help property investors we provide two types of legal pack reviews. A Summary Review which includes a report dealing with the property condition, possible risks, and contractual issues. Plus a more detailed review, known as a Full Review Service.
We can also provide a completion-only service and can assist you with modern auction sales or purchases.
48 to 72-hour turnaround from the point of receipt of your legal pack
Fixed fees on all our legal pack review services
Instruct us online and submit your legal pack 24/7
Buying and selling at a Modern Auction
A modern auction is an auction that is conditional up until the exchange of contracts and is different from the traditional method of auction where once the hammer falls, contracts are in effect exchanged and you are legally bound to complete.
Under the modern auction method at the end of the auction, the successful bidder must place a non-refundable reservation fee with the auction agents to reserve the property.
For more information about Modern Auctions please read our page by clicking here.
Buying an auction property in Colchester
Buying a property at auction can be complex. Let Attwells guide you through the process.
Our auction property conveyancing solicitors in Colchester have extensive experience in handling auction property purchases. We’ll handle all the legal paperwork, including reviewing legal packs and managing the transfer of funds.
How can a Colchester auction property solicitor help?
Our Colchester auction property conveyancing solicitors at Attwells will guide you through every step of your auction property purchase. We’ll conduct thorough checks and due diligence to ensure a smooth and secure transaction.
- A full property survey to assess the property’s condition
- A review of auction sales packs
- Guidance on securing a mortgage or financing
- Examination of all legal documents and contract
- Completion of the purchase with the seller
Need an auction property lawyer in Essex? Give us a call on 01206 239770 for a quote.
Selling a property at auction in Colchester
Selling a property at auction can be a quick way to make a sale, especially if the property you’re selling is dilapidated.
Our Colchester auction property solicitors have years of experience and will assist you with all of the legal paperwork, valuations and transfer of funds to help you sell your property.
How we help you sell your Colchester property at auction
An Attwells property auction conveyancer will help you sell your property at auction by handling all of the legal aspects of the sale by:
- Preparing legal packs
- Handling legal questions
- Drafting sale contracts
- Ensuring all legal requirements are met
- Transfer of ownership paperwork
- Completion of sale
The risks of buying or selling an auction property in Colchester
There are risks involved with buying or selling a property at auction that are higher than buying or selling a property through an estate agent.
The risks of buying a property at auction
- Shorter time for due diligence
- Deposits aren’t refundable
- Financing challenges
- Risk of overbidding
The risks of selling a property at auction
- Selling at lower than market value
- High auction fees
- Smaller pool of buyers
- Faster completion requirement
At Attwells, we can help you understand these risks and put your mind at ease. Call us on 01206 239770 for a quote.
Bridging loans and property finance for property auctions
Property finance is a type of bridging finance. When the hammer falls at the auction, you have effectively exchanged contracts, with completion following between 10 and 20 working days thereafter.
This is not enough time for most mainstream lenders to arrange completion funds, so unless you are a cash buyer you will require a Bridging Loan.
However, since it is for a specific short-term purpose, interest rates can be higher than traditional term loans.
You should obtain an Agreement in Principle from the lender prior to the auction so that you know how much the lender is willing to lend you if you overstretch. If you cannot obtain funding, you may lose the 10% deposit you will be required to pay on the exchange of contracts.
For more information about buying or selling at auction please visit our YouTube channel or watch an interview that Managing Partner Nick did with Ranjan Bhattacharya.
