Hearing the hammer drop at a property auction is an exciting and thrilling experience.
Property auctions are an alternative to the traditional methods of buying and selling property. You can find cheaper properties, more unusual investments and a shorter process without long chains and multiple parties.
However, because of the quick turnaround and binding nature of auction purchases, it is pressing to ensure that the due diligence is carried out. Legal advice should be taken before purchasing at auction, so that the legal pack can be reviewed, and an informed decision can be made.
Following a successful auction, the conveyancing process can begin and needs to be fast-tracked. It is essential to have an experienced property solicitor in place that has the confirmed capacity to manage the conveyancing promptly.
If you are considering bidding on an auction property and need advice, please speak to our Head of Residential Property, Jonathon Waterhouse on 01253 362 500.