Buying and selling property at auction is subject to different rules, and so it is vital that you work with a solicitor who is well versed in auction practice and procedure, as when the hammer goes down, the contract becomes binding.
Auctions remain a rare occurrence, but they can facilitate a quick sale, drive up the price for some sellers, whilst offer a bargain to some buyers, and be a solution for unusual or quirky property. However, these are by no means guarantees, and if proper advice is not sought at the outset, and indeed throughout the matter, auctions can be ineffective and result in unhappiness.
For Sellers, we can ensure that the auction pack, and conditions, are prepared with clarity, and comprehensively, to appeal to the widest audience of buyers.
For Buyers, we can analyse the auction pack including the title, searches and conditions, before providing a detailed and thorough report on the property. This will enable you to make an informed decision as to whether you wish to buy the property, and the price which you are content to pay. If you are successful at auction, we can also assist to complete your purchase.
If your transaction has implications for your wealth and taxation we can refer you to our private client team. Further, our specialist taxation team can provide expert advice on Stamp Duty Land Tax.