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.
Top 5 Auction Tips
- It’s what is 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 of 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 also has an experienced team of Planning Consultants who can provide you with a fixed fee to review an auction property and identify its development potential. For further advice on the planning services we provide please visit our planning section.
If you are a buyer or seller requiring expert advice at auction call Attwells Auction Team for a quotation on either 0207 722 9898 or 01473 229200 or email Tanya Warnes.