Experienced conveyancing solicitors with a vast knowledge of auction properties…
Property auctions within the UK can either be an extremely profitable investment however one can also make the biggest mistake of their life.
A lot of properties that are sold at auction are often due to them being unmortgagable for reasons such as the following:
- They have defective titles
- They are not structurally sound
- There are land and boundary disputes
- There are disputes with the neighbours
- If leasehold, they could be subject to upcoming major works
- The seller can be in debt for thousands of pounds in service charge arrears
- The property is subject to a Compulsory Purchase Order
- The property suffers from environmental defects
If you bid at an auction by not spotting any defects which are often cleverly referred to in pre-auction packs, it could be the most expensive mistake of your life. Once you have bidded you have effectively exchanged contracts (binding you into the contract) and 10% of the purchase price is always payable immediately.
Once you have found a property to purchase at an auction, we respectfully suggest that you consider having a solicitor review the documentation and report to you on it to allow you to make an informed decision. Ola Leslie Solicitors offer a fixed fee for this service which is well worth it in comparison to what you could lose.
If you are happy with your legal report on title you could opt for a survey to be carried out by a chartered surveyor.
Once you have bidded at auction, the auctioneers always impose a deadline to complete the contract which is usually 21 days from the date of the auction. Ola Leslie Solicitors constantly strive to meet clients’ deadlines and despite the short timeframe that auctioneers require, we still offer a five star service from the same qualified solicitor.
- No unqualified “case handlers”
- No call centre staff
- No being passed around a team of 20 people
- No having to constantly chase for updates
If you instruct us to complete the conveyancing process for you after we have sent a pre-auction report on title to you, your legal fees for the conveyancing will be discounted by 20%.
We are Residential & Commercial Conveyancing Specialists !
Ayesha Leslie, Partner
Ola Leslie Solicitors