Newspaper article The Journal (Newcastle, England)

How to Make a Bid for Success; Property Law Expert Terry Saffin Offers a Guide to Selling and Buying at Auction

Newspaper article The Journal (Newcastle, England)

How to Make a Bid for Success; Property Law Expert Terry Saffin Offers a Guide to Selling and Buying at Auction

Article excerpt

REGULAR readers of The Journal homemaker will be aware of the increasing number of homes being sold at auction.

Auctions can be a quick and effective way of buying and selling property. However, with reward also comes risk.

Both buyers and sellers should look to limit that risk by seeking the guidance of an experienced property auction solicitor. So here is an overview of the whole procedure:.

Selling a property at auction ONCE you have decided that you want to sell your property through an auction your first task will be to appoint an agent who will visit and value the property recommending a guide price.

You will then need to appoint a lawyer to assemble all necessary documents required to produce a full auction legal pack in good time for the auction and anticipate the concerns or possible enquiries which might be raised by a buyer or their solicitor.

The legal pack will include an Energy Performance Certificate (EPC), a personal local authority search, drainage and water search together with the registered title and plan. There is additional information required in respect of leasehold residential properties and again assistance from an experienced solicitor is essential.

At the auction, at the point in time when the hammer goes down on the highest bid, contracts are exchanged and completion usually takes place within 28 days thereafter.

Buying a property at auction AS soon as you have found the property you want to buy you should employ the services of both a solicitor and a surveyor who will undertake all the necessary checks and enquiries prior to the auction.

Property law can be complex and you will want assurance there are no legal problems. You should request a copy of the legal pack from the auctioneer and pass it to your solicitor as soon as possible.

Your solicitor will examine both the "General Conditions of Sale" and the "Special Conditions of Sale" which relate solely to the property you are interested in buying, together with the title and decide whether updated and/or additional searches, such as a coal mining search, is required. …

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