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SERVICES
Where we can help...
01
Understanding
Auctions
In a typical sale, commitment comes after contracts are exchanged, allowing time for checks. At an auction, once the hammer falls, the winning bidder is committed to buying, even without due diligence. Buyers must do their checks before the auction. The hammer fall is legally binding, and buyers must complete the sale, usually within 20 working days. Sellers benefit from the speed and certainty of auctions, with no delays or deal cancellations. The buyer pays a non-returnable 10% deposit immediately and must complete the purchase or risk losing the deposit and facing legal action.
02
Auction Legal
Process
Whether you are buying or selling at auction, the legal process can be divided into two distinct stages:
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Pre Auction – all the due diligence work up to and including the auction itself.
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Post Auction – all work after the date of the auction, up to and including completion and registration of the transaction.
03
Auction
Terminology
We can help with understanding auction terminology and keeping you up to date with the process
APPROACH
How Auction Property Lawyers Can Help...
When you buy or sell at auction, the moment the gavel falls, a contract is formed, creating a legally binding agreement between both parties. Following this, there is a limited timeframe to officially complete the transfer of what is often a substantial asset for a significant amount of money.
As a result, the auction process is compressed into a matter of days, rather than the usual months. While this speed can be highly beneficial for both buyers and sellers, it’s important not to overlook the gravity of the transaction – there are numerous factors to consider for both parties.
ABOUT
A little bit about us...
We can act for buyer or seller to ensure that your auction transaction proceeds both swiftly and smoothly. A specialist team of consultant solicitors at Taylor Rose solicitors with a wealth of experience in time-sensitive transactions will be handling your matter.
Whether its residential, commercial, mixed property or land, sales or purchases we can assist individual investors, developers, limited companies and other asset holding entities. We also have considerable experience of helping individual international investors looking to buy property in the UK.
We can manage transactions with cash, mortgage, bridging or limited company finance and as part of Taylor Rose we have access to the majority of mortgage lenders, including Kent Reliance, Landbay, Precise Mortgage and Paragon Limited Company panels, and bridging finance including Together Money, Commercial Acceptances and Shawbrook.
For more information on this, contact william.michael@taylor-rose.co.uk
020 35518168
BENEFITS
Strength that speaks for itself
Availability
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Efficiency
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Trust
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FAQs
Some of our frequently asked questions
An auction property lawyer is responsible for reviewing the auction contract, ensuring all legal requirements are met, conducting necessary property searches, and providing guidance throughout the auction process to protect the buyer’s or seller’s interests.
Yes, it's advisable to have a lawyer review the auction contract and property details before bidding. This ensures that you understand the terms and conditions of the sale, as well as any potential risks involved
If you fail to complete the purchase after winning at auction, you risk losing your deposit and may be subject to legal action for breach of contract, potentially leading to financial penalties or the property being resold.
After winning an auction, you are legally required to pay a deposit immediately (usually 10% of the purchase price). The remainder of the purchase price must typically be paid within a short period, often 28 days, as specified in the auction contract.
Yes, a property lawyer can review the auction contract prior to bidding, ensuring you understand all terms and conditions, and help you avoid any unexpected legal issues once you’ve won the auction.
To assist you effectively, your auction lawyer will need documents such as proof of identity, proof of funds, the auction catalogue, and any relevant details about the property you intend to buy or sell.
Buying property at auction is a faster process where a legally binding contract is formed as soon as the auction ends, requiring completion within a short period. In contrast, private sales usually involve a longer negotiation period and a more extended timeframe for completion.
Yes, a lawyer can assist you in preparing the auction contract, ensuring all legal documentation is in order, and advising on any conditions or terms of sale to avoid legal issues during or after the auction.
If you discover a legal issue after winning the auction, your lawyer can help you assess your options. However, since the contract is legally binding once the gavel falls, you may still be required to complete the sale unless the issue is severe enough to warrant contract cancellation.
Yes, an auction property lawyer can conduct property searches before the auction to check for any legal issues, such as outstanding debts, planning permissions, or disputes. This ensures you are fully informed before committing to a bid.
TESTIMONIALS
What our clients are saying
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