The buying and selling of land and property at auctions has increased over the last few years with many people attempting to find a bargain with many land owners keen to find alternative ways of disposing of land and property.
Whilst on television shows it makes the process appear very simple, it is very important to understand the legal process when either buying or selling at auction as many people have been caught out in such situations.
If you are looking to buy land or property at auction many people do not realize that you should pass the Auction Pack to your legal adviser who will then review the documentation in the same way as in the "normal" buying process. If you do not check the same and are successful at the auction you will be legally bound to purchase with any defects that might exist such as problems relating to rights of way or any troublesome covenants that may bind the land or property. We can identify any such issues and attempt to rectify the same before the auction. If you are successful in the auction we can then deal with the all the associated legal formalities including the drafting of the Transfer and the registration at the Land Registry.
If you are looking to sell land or property at an auction we can prepare the necessary auction pack and legal contract and deal with any pre auction enquiries that may be raised by interested buyers.
We can then liaise with the auctioneer and attend the auction if requested to do so to ensure that all contractual issues are dealt with. We can then deal with all the legal formalities following the auction including the approval of a Transfer and the collection of the balance monies from the successful buyer.
Our Property Team also deals with auctions for residential land and property.