Buying or selling a property at an auction is a speedy process, but you need to know what you’re doing. If you are buying or selling a property at auction our specialist property law solicitors can provide the expert advice you need.
Auction Conveyancing Legal Advice
Russell & Russell property auction lawyers and property legal team have extensive experience of acting for clients both buying and selling commercial and residential properties at auction. You should NEVER bid at an auction without legal advice on the title and other matters. Contact us as soon as you see a property you wish to bid on so we can review the auction pack for you.
Our long-established law firm means we have the local knowledge you need when buying or selling a property auction in Bolton, Cheshire and across the North West, but our expertise and reputation has meant we have helped clients purchase properties throughout England and Wales.
You can complete an online conveyancing quote and our conveyancing team will be in touch with a personalised quote.
I want to buy or sell a property at auction, what should I know?
Contact one of our expert property auction solicitors on 0800 103 2600 or complete an enquiry form and we will call you back. Our auction conveyancing team will be able to guide you through the entire process but here are some of the questions we get asked a lot:
What is an auction?
It’s a dedicated event that’s focused on the sale and purchase of properties to the highest bidder.
What happens at an auction?
A seller will enter their property or land (known as a lot) into the auction. Prior to the auction taking place, the seller will agree a reserve price for the lot with the auctioneer. This means that the property/land won’t be sold for less than the pre-agreed agreed sum. Once the hammer goes down on lot, the winning bidder is legally bound to purchase it. A deposit of 10% of the sale price is payable on the day plus any fees that are due – these will be outlined in the legal pack for the lot.
How much is it to sell a property at auction?
We charge a fixed fee to prepare the auction pack and sell a property on your behalf. We can also review the legal pack of a property you’re interested in.
Are there any additional fees?
It depends on the auction contract. We can advise you of any fees prior to the auction taking place.
How does Russell & Russell provide a conveyancing estimate for my auction property?
We always provide a written estimate at the outset of a transaction based on the information provided to us at that time, so that you know where you stand and to ensure that there's no misunderstanding between us at a later time.
In the case of residential conveyancing, we're usually able to offer a fixed fee for our time. We'll quote a fixed fee for the work normally undertaken in a standard case and will provide you with a list of additional fixed fees that we would charge if you require additional work to be undertaken. Examples of this would be arranging a Title Indemnity Policy, dealing with a Help To Buy ISA, preparing a Trust Deed or dealing with a Deed of Covenant. Furthermore, we may also be prepared to work on a “No Sale No Fee” basis – please ask about this if it is of interest to you.
We'll always honour the fixed fee quoted unless the information relied upon by us at the time of the estimate was incorrect or it subsequently becomes apparent that there's an aspect of the transaction that will significantly affect the amount of time that has to be spent by us – in either case we'll notify you of any such development before we proceed further. Examples of circumstances that might change the cost would be if the property is a flat, not a house as you initially informed us, if a lease extension is required or if the ownership is defective and remedial action is needed. For a free quote and breakdown of related disbursements known at this time, please use our quote enquiry form.
In addition to receiving instructions direct from buyers and sellers, we also work alongside brokers, referrers and property agents who refer clients to us. If we've agreed to pay to them a referral fee for recommending us to act for you then we'll disclose the amount to you and we'll pay the amount involved to the referrer out of our fee.
How long is between and exchange and completion
It’s usually 28 days depending on the auction contract. If you intend to bid, you should ask us to review the contract for you before the auction and advise you of any legal requirements.
How long will the conveyancing process take for an auction property?
Unfortunately nobody can say for sure how long the process will take – every transaction has its own different circumstances. The length of the chain of properties and the speed at which other parties involved in the transaction work will all be relevant. Furthermore if a new mortgage is required by one or more parties involved that can also cause delay as generally speaking mortgages appear to be taking longer than people expect.
For a property bought at auction the date is fixed and the sale must usually be completed with 28 days. However, a cash transaction where the buyer isn't dependent on obtaining a mortgage could be completed in a shorter period providing all parties are willing and able to work together to achieve this.
“Having come back to work for a rest, I just wanted to thank you both again for your help and support throughout. As mentioned to you last week Michelle, Adina has been absolutely superb and has worked hard to maintain good communication between all parties, including the NatWest. Her helpful attitude and willingness to go that extra mile was very much appreciated and although I didn’t deal with you very much Michelle, I understand Adina can only work as fast as you did, so a BIG thank you to you too for your efficiency throughout the process.
“It’s very often the case that you’ll hear how solicitors can be slow in turning these things around so I was very pleased to have had such a good experience with Russell and Russell and would highly recommended your services in future to friends and family.”
Conveyancing
"May I take this opportunity to thank you so very much for the efficient professional and courteous manner with which you have conducted this matter. Your patience and helpfulness have made our dealings run so smoothly. I am grateful to you"
Conveyancing
"Thank you very much. I was extremely happy with the way you handled this sale. I would highly recommend Russell and Russell and will be in touch as soon as I find a property to buy."
Conveyancing
"If ever I move again I will endeavour to instruct you. THE most efficient service from any legal practice I ever worked with."
Conveyancing
"Thanks for all you've done and for making the whole process so much easier than it could've been, I really appreciate it. End of a huge era for all of us and your professionalism and empathic approach really was amazing."
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