Auction Conveyancing in Woodbridge

Our auction solicitors in Woodbridge recommend you obtain legal advice before bidding.

We provide two types of legal pack reviews when you’re buying property at auction in Woodbridge. A Summary Review which is a report dealing with the property condition, possible risks, and contractual issues along with a more detailed auction property review, known as a Full Review Service.

We can also provide a completion-only service and will assist you with modern auction sales or purchases in Woodbridge.

• Fast 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

How a Woodbridge Property Auction Solicitor can help

It’s difficult to navigate complex property auctions in Woodbridge so we’d recommend you speak to us to help, whether you’re buying or selling property at an auction. Our auction property law services in Woodbridge include:

Buying a property at auction in Woodbridge

When you buy a property at auction in Woodbridge, you can secure a property at a lower price than through an estate agent, although there are risks. You are on a shorter timeframe, so you need to be able to pay the reservation fee upfront; there is more visible competition, and you need to act fast.

When you buy a Woodbridge auction property with Attwells, you will have an advantage as our team of auction property lawyers is on hand to conduct any due diligence and review contracts to ensure your purchase goes smoothly.

Selling a property at auction in Woodbridge

If you need to sell a property quickly, selling at auction might be the best route for you. It offers a more streamlined process, especially if your property isn’t in the best condition. Our auction property lawyers in Woodbridge will prepare legal oaks, address queries from the buyer and help you transfer ownership.

The risks of buying or selling an auction property in Woodbridge

The risks involved with buying or selling a property at auction can be higher than buying or selling a property through an estate agent.

The risks of buying a property at auction

• Faster turnaround
• Non-refundable reservation fees
• Reservation fees are required upfront
• Risk of overpaying

The risks of selling a property at auction

• Selling too cheap
• Auction fees
• A 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 01394 334500 for a quote.

Bridging Loans and Finance for Property Auctions

The fast pace of auction property transactions demands immediate financial action. When you win a bid for a property, you’re bound to complete the purchase within 10 to 20 working days. 

This urgency often necessitates a bridging loan, as regular mortgage processes can be too lengthy if you’re not already approved. Short-term loans like bridging finance typically come with higher interest rates.

You should get an Agreement in Principle from your lender before 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.