Attwells Auction Team is dedicated to acting for buyers and sellers at Auctions across England and Wales.
If you are looking for your next redevelopment project, buy to let residential investment, commercial property land to self-build or a good value property then auctions can be an excellent source of properties.
However, legal due diligence on any purchase is a must.
Attwells top 5 tips are:-
- Its whats not in the Legal Pack too. Attwells’ Auction Team understands what should be included in the Pack and what could be missing and the implications of that.
- Ask why is it in the auction? Often it may be a matter or condition but it could be a legal defect too.
- Make sure you have your financing lined up – at the fall of the hammer you have exchanged contracts and 28 days later you must complete or risk losing your 10% deposit.
- Be careful of arrears on an investment property or major works bills on a leasehold purchase.
- Don’t forget VAT on a commercial property. Is it payable? If so have you factored this into the purchase.
Attwells Auction Team has experts based in each of its offices who can provide you with a fixed fee to review an urgent auction pack and identify the risks for you.
If you have a property to sell then an auction could well be the right solution for you. In particular it could be useful on a probate sale or divorce to prove market value, when speed is of the essence or when the property is in a poor condition.
Attwells top 3 tips for selling at auction are:
- Use an expert to prepare the Legal Pack. Delay here could lead to loss of buyers.
- Include searches in the Legal Pack. Its an upfront cost that can be recovered in the auction special condition and will ensure you have a greater number of buyers.
- Are there are special conditions you need? Arrears, fees to recover or completion date.
Attwells Auction Team has experts based in each of its offices who can provide you with a fixed fee to produce the Legal Pack in a timely manner.
If you are a buyer or seller and want expert advice at auction call Attwells Auction Team for a quotation on either 0207 722 9898 or 01473 229200 or email us at email@example.com.