If you’re a new or established property investor, buying property at auction is a great way to start or build your portfolio. It’s a chance to get a good deal with little risk of it falling through due to a broken chain.
There are also many benefits to selling property at auction. It can help you achieve a quick sale, particularly if the property needs notable work, as there are none of the lengthy and complex procedures that usually come with property transactions.
Whether you’re an individual or business, our team of property experts can help you buy or sell residential or commercial property at auction. We’re accredited by the Law Society’s Conveyancing Quality Scheme (CQS), a recognised quality standard demonstrating that we follow best practice and meet the highest standards of technical expertise. You’ll work with the same lawyer from start to finish of the transaction.
If you’re looking to buy a property at auction, we’ll review the legal pack and associated documents such as searches and the contract/special conditions of sale. For leasehold properties, we’ll check the leases and licences and inform you of any issues before the auction date. We’ll also advise you of any contract terms you need to be aware of, such as the sellers’ legal fees and other costs you may be responsible for.
If you’re looking to sell a property at auction, we can prepare the auction pack for the auctioneers. This will include any searches, a contract/special conditions of sale, replies to standard enquiries, and any leasehold documents where applicable. Once you’ve secured a buyer, we’ll then guide you through the whole process to completion, ensuring a smooth transaction.
Some recent examples of property auctions we’ve helped with
- On short notice, we prepared the legal pack and special conditions of sale for a licensed house in multiple occupation in London, subject to two tenancies. The property had a complex title structure, with the main house being freehold and the garden being owned on a long leasehold basis. We identified an error in the title plan which we remedied prior to auction. The property then successfully sold above the guide price.
- We helped with the sale of commercial high street premises. The transaction was subject to three new commercial leases, as well as a new long lease of the upper floors in anticipation of the developer tenant changing them to residential use. We sold the property following our pre-auction offer to the auctioneer.
- We provided a report on an auction pack for a commercial retail premises on the ground floor of a recently developed building. The report advised on the pack’s contents and raised concerns about the title, service charges and lack of information about the building’s fire safety. As a result, the client felt the property was too high risk and decided not to pursue it any further.
Looking to buy or sell residential property or commercial property at auction? Contact us today and one of our property experts in St Albans or Radlett will be happy to help you.
