The Conveyancing Process for Buying a Property at Auction

The Conveyancing Process for Buying a Property at Auction

There are two types of auction methods: traditional and modern. In traditional auctions, the exchange happens immediately at the auction’s end, with a deposit due on the day. In modern auctions, you have 28 days to exchange contracts and pay the deposit, then another 28 days to complete. 

Regardless of the type, it’s advisable to hire an experienced auction solicitor early due to tight deadlines in auction conveyancing.

If you are not a seasoned auction buyer, we recommend contacting us to discuss your goals.

Pre-Auction: Review the Auction Legal Pack

Ahead of the auction, we encourage you to do your due diligence on the property you are interested in. This includes obtaining a copy of the auction legal pack from the auctioneer.

Important information about the auction property will be included in an auction pack, such as:

• The sale contract
• The title plan
• The register of title
• Conveyancing search results
• Relevant protocol forms
• Leaseholder pack or management pack (if relevant)

If you instruct us, we will conduct thorough legal checks and review the auction legal pack to identify any potential issues. This thorough examination ensures there are no hidden surprises. Our auction property solicitors will provide expert guidance on auction terms and conditions, helping you make well-informed decisions.

Within the Auction

At the auction house, we recommend you register with the auctioneer and set a maximum bid limit to avoid overbidding during heated moments. 

If your auction bid is successful, you must sign the contract and pay a deposit immediately. You are then legally bound to buy the property, so you must make sure you have the necessary funds ready. 

We offer clear advice on the bidding process and explain your obligations if you win. After the auction, we promptly secure your deposit and initiate the conveyancing process to meet all deadlines.

Post-Auction

Once you exchange contracts, we handle the entire conveyancing process, typically completing it within 28 days. 

Our team conducts final property searches, reviews title deeds, manages fund transfers, and registers the property with the Land Registry. We emphasize the importance of timely communication, so notify us as soon as you win an auction. 

We draft and review contracts, conduct thorough searches, and ensure compliance with deadlines to minimize delays and complications.