A Local Conveyancing Solicitor's Guide to Buying a Property at Auction
Posted on 12th November 2024
Buying a property at auction can be a fantastic opportunity to secure a great deal, but it also requires careful planning and the right legal support. MG Legal, your local conveyancing solicitors in Preston, have extensive experience in handling auction property purchases. In this guide, our conveyancing solicitors cover the different types of property auctions, the pros and cons of buying at auction, and a step-by-step breakdown of what your conveyancing solicitor should do to ensure a smooth transaction. We'll also explain why choosing a specialised solicitor like MG Legal is crucial when buying a property at auction.
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Types of Property Auctions
When buying a property at auction, it's essential to understand the different types of auctions available. Here are the main types:
Traditional Property Auctions
In a traditional auction, properties are listed in a catalogue, and potential buyers attend an in-person auction event. Bids are made in real time, and the highest bidder wins the property.
Online Property Auctions
Online auctions have become increasingly popular, allowing buyers to bid on properties from the comfort of their own homes. These auctions function similarly to traditional ones, but everything is conducted online.
Modern Method of Auction
This is a hybrid approach that combines the best aspects of traditional and online auctions. Buyers can bid online, but the auction typically has a longer timescale for completion, providing more flexibility.
Pros and Cons of Buying a Property at Auction
Pros
Speed of Purchase:
Once the auction is complete, the sale is legally binding, and the process is typically much quicker than a traditional purchase.
Transparency:
The auction process is open and transparent, allowing all buyers to see the bids being made.
Potential for Bargains:
Auctions often feature properties below market value, offering the chance to secure a bargain.
Cons
Limited Time for Due Diligence:
Buyers must conduct thorough research and have all finances in place before bidding, as there’s limited time to inspect the property.
Risk of Overpaying:
The competitive nature of auctions can lead to emotional bidding, resulting in paying more than intended.
No Room for Negotiation:
The terms of the sale are fixed, and there’s no opportunity to negotiate post-auction.
Why choose MG Legal Solicitors?
Transparent fees.
Our solicitors offer their services on a clear fixed-fee or hourly rate, and accept personal injury claims on a no win no fee basis.
We are the experts.
Here at MG Legal, our team of friendly solicitors are fully-qualified and have over thirty years' experience in helping clients just like you.
Regular communication.
When you work with MG Legal, your solicitor will be in regular contact so you have step-by-step updates.
Multiple office locations.
If you are looking to instruct our solicitors, we have offices in Garstang, Longridge, Lancaster, and Lytham for your convenience.
What Your Conveyancing Solicitor Must Do: Step-by-Step Guide
When buying a property at auction, your conveyancing solicitor plays a crucial role in ensuring everything runs smoothly. Here’s a step-by-step guide on what they should do:
Step 1: Pre-Auction Preparation
Review the Auction Pack:
Your solicitor should review the auction pack, which includes the legal documentation related to the property, such as title deeds, leases, and searches. This step helps identify any potential legal issues or restrictions.
Conduct Due Diligence:
They will carry out any additional searches that are necessary and provide you with advice on the property’s legal standing.
Check Financing:
Your solicitor will ensure your finances are in order, including verifying that your mortgage, if needed, can be arranged quickly after a successful bid.
Step 2: On the Day of the Auction
Advise on Bidding Strategy:
While not directly involved in bidding, your solicitor can provide guidance on your bidding strategy and the implications of the auction terms.
Step 3: Post-Auction Actions
Immediate Action Post-Sale:
Once your bid is successful, you will need to pay a deposit immediately. Your solicitor will ensure the necessary paperwork is signed and that the deposit is correctly handled.
Completion of the Purchase:
Your solicitor will work quickly to complete the legal work within the typical 28-day timeframe, ensuring all documents are prepared and funds are transferred on time.
Why Use MG Legal for Your Auction Property Purchase?
Specialists in Auction Property Purchases
MG Legal’s team of fully qualified, SRA-regulated conveyancing solicitors specialise in auction property purchases. We understand the fast-paced nature of auctions and provide tailored services to meet these needs.
Conveyancing Quality Scheme Accreditation
Holding the Conveyancing Quality Scheme Accreditation from The Law Society for the past 10 years, MG Legal is recognised for its commitment to excellence in conveyancing services. This accreditation assures clients that they are working with a trusted, reliable firm.
Voted Best Conveyancing Solicitor for 7 Years Running
We’ve been independently rated as the best conveyancing solicitors for the past seven years, reflecting our dedication to client satisfaction and high-quality service.
Flexible and Accessible Services
MG Legal offers home visits, out-of-hours appointments, and personalised service to fit around your schedule. Our aim is to make the conveyancing process as stress-free and convenient as possible.
Transparent and Reasonable Fees
Our fixed-fee structure is clear and competitive, with no hidden costs. We believe in complete transparency, so you know exactly what you’re paying for from the outset.
Buying a property at auction can be a rewarding experience, but it requires expert legal guidance to navigate the complexities involved. By choosing MG Legal, your local conveyancing solicitors in Preston, you’re partnering with a team that specialises in auction property purchases, holds prestigious industry accreditations, and is committed to delivering exceptional service. Whether you need pre-auction advice or post-auction support, MG Legal is here to help every step of the way.
Ready to buy at auction? Contact MG Legal today to speak with one of our specialist conveyancing solicitors and ensure your auction property purchase is handled with the expertise it deserves.
Why choose MG Legal, Conveyancing Solicitors in Preston?
Clear, fixed-fees
Fully-Qualified Conveyancing Solicitors
Tailored Service
Multiple Office Locations
Decades of Experience
Home Visits
Tagged as: Auction Conveyancing Solicitors, Solicitors in Preston
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