Buying a property at auction differs from the standard conveyancing process and the potential risks and gains should be assessed equally; especially as you’ll be contractually bound to buy the auction property after you win the bid.
Buying a property at auction involves making a purchase at speed and unlike with standard conveyancing, where you can take as much time as you like before you confirm you are happy to exchange contracts, an auction property is legally binding at the point the hammer comes down. You’ll have to pay your auction fees, 10% deposit and complete the purchase in 28 days (the normal agreed time frame).
Buying or selling a property at auction can be a quick and effective solution to a residential transaction, however, it is still important to obtain specialist legal advice to ensure that your property transaction runs as smoothly as possible.
The Law Practice (UK) Ltd’s team of conveyancing experts have years of experience in advising both buyers and sellers in auction transactions. Our specialist conveyancers understand that speed of service is a factor that needs to continue throughout the conveyancing process if you are successful at auction.
If you would like more information on buying or selling a property at auction contact our specialist auction conveyancing team on 0121 778 2371 or request more information via our online enquiry form.
The Law Practice provides an extensive range of legal services to private clients and businesses nationwide. From the individual to the blue chip company we have the experience to deliver an expert range of legal services at very reasonable prices.