Buying at Auction
Buying at auction can often get you a bargain, and buying property is no exception, but there are dangers which you should be aware of.
Normally you agree to buy a property, arrange your finances, instruct a solicitor and obtain a survey before binding yourself to an exchange of contracts. However, buying at auction means you are contractually bound to purchase at the time your offer is accepted. The completion date is also fixed at this point and is normally about four weeks after the auction but can be sooner.
Important points to consider when buying at auction:
Check the completion date on the conditions of sale before the auction. If you are not clear what the date is, ask the auctioneer;
You must have your finance arranged before bidding at the auction. Preferably this would mean that you have the cash available but could mean obtaining a formal mortgage offer in advance. Great care should be taken as penalty charges apply if you do not complete on the completion date and it can lead to you loosing your deposit or worse;
When buying at auction, you purchase the property in the state it is in at the auction, with any defects there may be. You should arrange a detailed inspection of the property and ideally a survey before bidding at the auction. Once you have bought the property and find there are hidden problems it will be too late;
Check carefully the auction pack to see if any expenses e.g. the seller’s solicitors fees, searches fees and auction expenses, will be payable by you in addition to the purchase price as this is often the case. It is also wise to get your Solicitor to check the Contract pack before the auction to make sure that the title and searches are in order.
Our Services include:
Our Customer’s Thoughts
At Lambert Pugh llp we pride ourselves on our outstanding customer service
"I cannot thank Susie enough, professional knowledgeable, supportive and fast I will always use this solicitor in the future”
Mr S, Dudley
“Thank you to Lambert Pugh, especially Team 9. They were very helpful and efficient at all times throughout my dealings with them, at an exceptionally competitive price! I would recommend them to anyone needing a low cost, efficient, conveyancing firm.”
Ms H, Belton
“Very impressed with the service provided by Christine – always thorough, very helpful and professional and promptly responded to any queries we had. We would certainly recommend her”
Mr S, London
“Olivia replied to emails quickly and responded on a Saturday. She was polite, friendly and we felt valued as a client. I particularly appreciated telephone communication with her when we faced challenges and felt that she acted in our best interests with patience and understanding.”
Mr & Mrs J, Lichfield
“The estate agents selling for us and the ones dealing with our purchase were both amazed at the speed that Jonathan got things done. We could not fault the service given to us. Well done and a very big thank you.”
Mr & Mrs I, Lincolnshire
“Our experience has been very positive and we don’t have anything we would have changed. All extremely polite and quick to respond to our needs. Thank you very much.“
Ms W & Mr G, Norwich
“I cannot speak highly enough of Vikki as she kept me up to date and when I was getting despondent she kept me going. Easy to talk to and easy to understand.”
Mrs W, Llandudno
We did have concerns to start with, due to you not being on our door step so to speak.
But, all business between our selves was actively done through email and telephone, and the process was effectively completed
I would like to place on record, my appreciation and thanks to Susie Dove.
Susie looked after us during the whole process, in a professional friendly manner.
Communication was clear, and responses to telephone calls and emails were replied to us efficiently.
Thanks again Susie!
Mr and Mrs J, Hereford
SWIPE TO SEE MORE TESTIMONIALS