Auction Sales & Purchases
Key contact
Buying and selling property at auction is becoming increasingly popular.
The advantages for the sellers are obvious: it is a straightforward, fast way of disposing of property, there are rarely unexpected delays and completion usually takes place within 28 days of the date of the auction.
For purchasers, the story may be different. Many clients are attracted by the low prices; but properties bought at auction can have substantial title defects or other issues which are not disclosed by the seller. These may not be obvious from an inspection.
Healys recognises the urgency of auction transactions, and that swift responses are a prerequisite for a successful and smooth transaction. Our property conveyancers have a wealth of experience selling and purchasing commercial and residential property at auction. The team is regularly praised for its flexibility, agility and responsiveness when dealing with auction transactions.
For sellers, it is important when selling at auction that the sales pack is prepared quickly and accurately as this will be the basis on which bids will be made. The more comprehensive the sales pack, the more likely it is that the property will receive interest at auction. This may not apply to all properties however; so a seller should be careful when deciding what is disclosed in a pack.
When acting for purchasers, we can review auction packs for our clients. We can do this either on a general basis or, if you wish to know particular details about the property (or have a proposed plan for its future) we can review specific elements of the pack.
In order to reduce risk when buying at auction, it is important to seek the advice of a solicitor who will be able to properly check the documentation on your behalf.
How We Can Help
Buying and selling property at auction; what will it cost?
For Sellers:
We usually prepare sellers’ packs for auctions on a fixed fee basis. Our fees are dependent not only on the value of the property, but also on the complexity of the title in question.
You may decide to defer payment of the fees, in favour of asking the winning bidder to pay these once the property is sold. Our team can assist clients in ensuring that the sales conditions are drafted accordingly.
You may wish to include searches in your Auction Sales Pack, and we will be pleased to assist with putting together a suitable search pack.
For Buyers:
When you send us a sales pack for inspection we will examine it immediately we receive it.
If no sales pack exists for a property, we can obtain the majority of searches within a reasonable time and at reasonable cost (provided you have sufficient details of the property e.g. the postcode).
With regard to inspection of sales packs, the fee for this is usually charged at an hourly rate based on the time spent. We are however happy to discuss fixed fees where it is appropriate to do so.
Recommended by Legal 500
Healys Residential Property practice is recommended by Legal 500, and noted as a “firm to watch”.
Kiri Kkoshi, head of Healys Real Estate, is individually recognised as a leading practitioner in her field, and ranked as a Recommended Lawyer by leading industry directory Legal 500 and the Spears 500 private client advisor guide.
"The super knowledgeable, punctual and thorough team at Healys LLP is led by Kiri Kkoshi who acts for a broad range of clients from high-net-worth individuals to property developers and banks."
Legal 500
