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Buying and Selling Property at Auction

Buying at auction is a great way to develop your property portfolio or begin one. Likewise, selling at auction can help achieve a quick sell or enable you to sell a property that requires structural work or alterations. 

Our Auction team can help you with the legal work required to buy and sale at auction. Below is a list of the page content to help you easily navigate and find the information you require. 

To instruct Attwells Solicitors simply click on the green button throughout this page. This will allow you to request a call back or call the number above.

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Auction Packs

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. We pride ourselves on being able to offer a 48-72 hour turnaround from the point of receipt of the pack.

As part of our package, we are able to offer a Summary Review which includes a report dealing with the following points:

  • Are there any additional costs or overly onerous conditions in the contract?
  • Is the title clear?
  • Is there anything specific in the content of the legal pack which we believe is likely to cause an issue for your intentions for the property?
  • Do any searches contained in the legal pack contain any adverse entries?
  • Review of the statement of account (if applicable)
  • Are there any arrears of ground rent, service charge or rent under tenancies apparent from the content of the legal pack?
  • Are there any major works pending apparent from the content of the legal pack?
  • Are there any notice requirements of a freeholder or management company apparent from the legal pack?
  • Is there anything missing from the legal pack which would normally be included?
  • Based on the content of the legal pack, is the title to the property likely to be good and marketable?

If you require a more detailed review then a Full Review Service is available.

It is always strongly advisable to obtain legal advice on the contents of an auction legal pack prior to committing to a purchase, however in the event that you do decide to proceed without the legal pack being reviewed prior to the auction Attwells’ Auction Team are able to assist with facilitating completion. The following are included in this service:

  • Review of the legal pack and provision of a summary report to you highlighting any fundamental issues;
  • Arranging your signature to the transfer document;
  • Transfer of completion funds to the vendor’s legal representative on the date of completion;
  • Submission of an SDLT return to HMRC if required;
  • Submission of an application for registration of the transfer to Land Registry following completion;
  • Giving of notice of assignment to a Landlord or Management Company if required.

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Buying Your Property At Auction - Our Fees 

Residential Property Auction Fees

 

Freehold Property

Leasehold Property

Summary Review of Auction Pack

£449 plus VAT and disbursements

£499 plus VAT and disbursements

Full Review of Auction Pack

£699 plus VAT and disbursements

£749 plus VAT and disbursements

Fee for facilitating completion (following legal pack review prior to auction) 

from £299 plus VAT and disbursements

from £349 plus VAT and disbursements

Fee for facilitating completion only (without review of legal pack prior to auction)

from £749 plus VAT and disbursements

from £849 plus VAT and disbursements

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Commercial Property and Land Auction Fees

 

Freehold Property

Leasehold Property

Summary Review of Auction Pack

£549 plus VAT and disbursements

£649 plus VAT and disbursements

Full Review of Auction Pack

£799 plus VAT and disbursements

£899 plus VAT and disbursements

Fee for facilitating completion (following legal pack review prior to auction)

from £399 plus VAT and disbursements

from £499 plus VAT and disbursements

Fee for facilitating completion only (without review of legal pack prior to auction)

from £949 plus VAT and disbursements

from £1,049 plus VAT and disbursements

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What is excluded from the service?

  • Legal advice outside the scope of the service described above
  • Dealing with any finance requirements. The work in connection with finance is due in addition and prices are available at our Property Finance Fixed Fee page.
  • Tax advice
  • Planning advice is not included.
  • If leasehold then dealing with landlord’s consent

Disbursements

SDLT will also be due and you can calculate your liability by reference to the following link.  If VAT is payable on the price the SDLT is payable on the price + VAT.

Land Registry Fees are due and will be payable based upon the purchase price and using the following link.

If the buyer is a company taking lending then a Companies House fee will be payable of £23.

In all cases bankruptcy and final searches will be due of £25.

If the premises are leasehold then notice of the transfer of the premises will need to be served on the Landlord whose costs typically range from between £50 and £200. We will confirm he figure once it is known to us.

How long will it take?

24-48 hours from payment of the fixed fee subject to Legal Pack availability. 

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Selling Your Property At Auction - Our Fees 

 

Freehold

Leasehold

Residential Property Legal Pack

£549 plus VAT and disbursements

£749 plus VAT and disbursements

Commercial Property Legal Pack

£599 plus VAT and disbursements

£849 plus VAT and disbursements

Land Legal Pack

£749 plus VAT and disbursements

£949 plus VAT and disbursements

Completion of Fee (payable on completion of sale)From £449 plus VAT and disbursementsFrom £449 plus VAT and disbursements

What is excluded from the service?

  • Legal advice outside the scope of the service described above
  • Tax advice
  • Planning advice is not included.

Disbursements and other charges

Land registry copy entries typically £25.

Search fees will be due but it depends upon the type of property but the costs will start from £350 plus VAT.

If the premises are leasehold then a management pack where costs range from £200-£500 We will confirm he figure once it is known to us.

How long will it take?

4 weeks from payment of the funds on account.

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AUCTION PROPERTY FINANCE

Auction finance is a type of bridging finance. When the hammer falls at the auction, you have effectively exchanged contracts, with completion following between 10 and 20 working days thereafter.

This is not enough time for most mainstream lenders to arrange completion funds – so unless you are a cash buyer a specialised Auction Bridging Loan will usually be required. A properly advised client will have done their due diligence on the property before the auction (See the Attwells auction page here) and will know any issues that may be affecting the property. You should also obtain an Agreement in Principle from the lender prior to the auction so that you know how much the lender is willing to lend you as if you overstretch and cannot obtain funding, you may lose the 10% deposit you will be required to pay on exchange of contracts.

What is a bridging loan?

Bridging Loans are Short Term Finance that are usually arranged within a short time-frame. Bridging finance is useful to gain capital quickly and typically is an interim solution until a lower-interest, more long term solution can be found. As the name suggests, they exist to “bridge” a gap.

Bridging finance is always used to raise finance quickly, and often in one of the following scenarios:

  • Property Refurbs
  • To complete a development
  • To purchase property that is unsuitable for lending from a mainstream lender
  • To bridge a finance gap between the acquisition of one property and the sale of another, etc.
  • Since it is for a specific short-term purpose, interest rates can be higher than traditional term loans.

A bridging lender will also normally require a clear exit strategy, to ensure that the bridging loan and any interest costs will be fully repaid.

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Who will do your work?

All the services featured on our auction page will be undertaken by one of our Commercial Property Solicitors: Nick AttwellTanya WarnesMatthew Desborough or Joseph Harrison or our Trainee Solicitors under the supervision of Nick Attwell.