Auction residential property is a unique alternative to normal property purchases. It offers buyers the opportunity of ownership at the bang of the gavel. While this can save months of your time, it may not always be ideal to make hasty on the spot decisions and may lead to you paying more for the property than you originally expected. It is very important to make adequate preparations and carry out all of the legal checks and searches in order to ensure that you are making a good investment before the fall of the gavel.
It is crucial that you are thoroughly aware of the prospective purchase before even attending the auction. You need to be certain as to which property you are interested in and what its market value is. The checks and searches provided by a solicitor should give you the following information:
- Office Copy Entries;
- Replies to pre-contract enquiries;
- Special conditions of Sale; and
- Title Deeds.
The above information is necessary before you commit to bid at an auction. Not only does this provide you with a comprehensive amount of information about the property, but it also makes for a speedy completion.
At Bloomsbury Law, we appreciate that auctions are by their very nature time sensitive. This is why we will work with you, through the process to make sure you can complete in a time efficient manner. If you are thinking about bidding at an auction and need advice on any stage of the process, please give us a call. We will help you prepare, proceed and complete.
What do I do next?
Contact us online or speak to one of our experienced property lawyers on 0207 998 7777 for a free initial consultation. With our vast experience in the field, our team will work with you to ensure this process runs as smooth as possible. All information you provide us with is treated with the utmost confidentiality.
We will contact you no later than the next working day to arrange a meeting at our offices in London W1 to advise on the agreement.