Buying and selling property at auction has become an increasingly more popular method. However, buying or selling at auction is an entirely different process as opposed to the traditional method of sale. Due to the differences, it is extremely important that you understand the process to ensure that it is suitable for you. Josiah Hincks Solicitors have experience in buying and selling at auction and can help you understand every aspect of the process.
The advantage of buying or selling at auction is that it is a fast moving process, and after the hammer falls completion is usually achieved within 28 days. Our solicitors at Josiah Hincks understand auction property and have specialist experience to act quickly on your behalf ensuring that everything runs smoothly between the exchange of contracts and completion.
Once the hammer falls at auction, the property is sold and the sale is committed to. This offers certainty to both the buyer and seller but also means that prior research is essential. Due to the commitment once the hammer has fallen, there are a number of things that you should consider when an auction lot takes your interest:
- Arrange a viewing of the property. This can often be arranged through the auctioneer’s website. Viewing the property can give a good indication as to whether it is right for you, it is also the perfect opportunity to ensure that any property descriptions presented by the auctioneer are accurate.
- Hire a surveyor to assess the property who can assess the property more closely. This gives a better view of the structure of the property and will highlight any defects in the property and any work that may need to be done to maintain it.
- A legal pack will be obtainable from the auctioneers for potential bidders to look over. This pack includes everything that is required to exchange contracts on the day of the auction. At Josiah Hincks, we can review the title deeds, searches and all other legal documentation to ensure that everything is included that should be.
Selling Property at Auction
Josiah Hincks Solicitors can help you prepare the legal pack for your property, ready for insertion in the auction. We have worked with property auctions in Leicester, including Shonki Auctions, Graham Penny and then regional or national property auctions.
Preparing the auction pack for the sale of property in an auction needs to be done by a solicitor and our Leicester Solicitors can deal with every aspect. What’s more, quite often our charges are then paid by the buyer on completion. The auction legal pack will include the title information (title deeds), searches such as local authority search, water search, environmental search, and also include details on planning permissions and property information.
For more information about the auction of commercial property, please contact our commercial property department at your preferred branch: Leicester on 0116 255 1811, Blaby on 0116 264 3430 or Coalville on 01530 835 041.