Buying and selling property at auction

Buying or selling a property at auction is a very different process to a normal sale and/or purchase transaction.  It can be a cost effective way to buy or sell a property, and it is quicker overall than the open property market as there are no chains involved.

As with most property transactions, there are uncertainties, which is something we understand and have experience advising on.

We have a dedicated team of specialist Conveyancers who will be able to expertly guide you through the auction process.  We offer clear and professional advice and we pride ourselves on our friendly approach. Most importantly, we understand that these types of transactions will have tight timescales and our auction team will ensure that these are met.

Buying

Before buying a property at auction, it’s vital that you understand why it is being sold this way.  There can be numerous reasons but it may be that the legal title isn’t perfect or because it needs a lot of renovation work.

It is for this reason that you should find out as much information about a property as possible before going to the auction, especially as once the hammer goes down, you are committed to buying the property, as you have exchanged contracts.

We will help you understand the available property information in the auction pack, which will assist you in making the right decision, and can explain to you the financial arrangements when buying at auction.

As part of the process, we will:

• Obtain the auction pack and establish if the property is owned by the seller and not adversely affected by search results.
• Review the legal details of the property and advise you as to whether there are any concerns regarding the legal title, or whether all necessary searches have already been carried out.
• Provide/obtain the full report to confirm mortgage ability.

Selling

If you are selling your property at auction, we will:

• Prepare your auction pack.  
• Make the appropriate searches to add to the auction pack.
• Be on hand to answer any pre-auction questions from potential buyers or their Solicitors.

We are both Lexcel and CQS accredited, meaning we have met stringent requirements in terms of regulatory obligations and customer service, so whether you are selling or buying at auction, you can rest assured that the service you receive will be bespoke and tailored to you and your specific property.

We understand that you may have many different questions regarding buying or selling your property at auction. Contact us today on 023 9277 6569 or email auctions@warnergoodman.co.uk and we can offer you tailored advice in answering any of your questions.