Conveyancing — Buying and Selling Residential Property
Buying property at auction
Properties being sold at auction are likely to be unique, difficult to value or may have some hidden issues or defects. An auction contract is usually prepared by the seller's solicitor in collaboration with the auctioneer and once the gavel falls, the buyer is bound by those terms. To prevent costly mistakes it is vital that a solicitor has checked this for you - before you attend the auction. You should also ensure that you have finance in place prior to the auction.
Preparation necessary before making a purchase at auction
- Local authority search that will reveal all the information the local authority holds in relation to the premises, such as planning permissions and any enforcement notices
- Environmental search to ascertain if there are any potential issues relating to contamination
- Drainage search to ensure that the premises are connected to foul and water drainage
- Water supply and a chancel search to reveal whether or not the property you are proposing to purchase may be affected by a potential “Chancel Repair” obligation to the local Parish Church
Review the terms of the contract provided by the seller in the auction pack, including carrying out searches:
Review formal written enquiries.
Work to be done after a purchase at auction
- Calculate the Stamp Duty Land Tax payable on the purchase, complete the Stamp Duty Land Tax return on behalf of you and pay the Stamp Duty Land Tax to HM Revenue & Customs.
- Complete all post-completion formalities required such as the registration of the transfer and the legal charge at the Land Registry.
Planning your dream move?
Call for a conveyancing quote
020 8461 6140