Buying and Selling Properties at Auction in London
Property Auction Solicitors in Baker Street
Auction conveyancing is a method of buying or selling property at an auction.
Buying at auction is a great way to develop your property portfolio or begin one. Alternatively, selling at an auction can help you achieve a quick sale. It can also enable you to sell a property that requires structural work or alterations. Call 0207 722 9898 for a quote.
Auction Conveyancing in London
Our London auction solicitors recommend you obtain legal advice before bidding.
To help property investors we provide two types of legal pack reviews. A Full Review which includes a report dealing with the property condition, possible risks, and contractual issues.
We can also provide a completion-only service and can assist you with modern auction sales or purchases.
For more information regarding purchasing at auction watch our latest YouTube video.
Need it quicker? We offer a 24 hour service from £600.00 plus VAT*
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 London
Buying at auction can be complex. Let Attwells Solicitors guide you through every step.
Our auction-property conveyancing solicitors in London have extensive experience of auction purchases. We handle all legal paperwork, from reviewing legal packs to arranging the transfer of funds.
How can a London auction-property solicitor help?
Our London team will carry out rigorous checks and due diligence to ensure a smooth, secure transaction:
- full property survey to assess condition
- review of the auction sales pack
- guidance on securing a mortgage or other finance
- examination of all legal documents and the contract
- completion of the purchase with the seller
Need an auction-property lawyer in London? Call our St John’s Wood office on 020 7722 9898 for a quote.
Selling a Property at Auction in London
Auction sales can deliver a swift completion, especially for properties in need of renovation.
Our London auction-property solicitors will prepare all legal paperwork, arrange valuations and manage the transfer of funds to help you achieve the best result.
How we help you sell at auction
Your Attwells conveyancer will:
- prepare the legal pack
- answer buyers’ legal enquiries
- draft the sale contract
- ensure all legal requirements are met
- handle ownership-transfer paperwork
- complete the sale
Risks of Buying or Selling an Auction Property in London
Buying and selling at auction involves higher risks than using an estate agent.
Buyer risks
- Shorter timescale for due diligence
- Non-refundable deposits
- Financing challenges
- Risk of overbidding
Seller risks
- Achieving less than market value
- Higher auction fees
- Smaller pool of buyers
- Faster completion requirement
Attwells can help you understand and manage these risks. Call 020 7722 9898 for a quote.
Bridging Loans and Auction Finance
When the hammer falls you have, in effect, exchanged contracts, with completion usually required within 10–20 working days, too soon for most mainstream lenders. Unless you are a cash buyer, you will need a bridging loan.
Interest rates are higher than for standard mortgages, so obtain an Agreement in Principle before the auction. If you cannot secure funding, you risk losing the 10 per cent deposit paid on exchange.
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.
