A typical house sale or purchase normally takes place with the help of an estate agent – a property is put on the market, viewings take place, an offer is made, then accepted, and the residential conveyancing process starts. With an agent’s experience of the property market, it’s often a reassuring plan.
However, depending on your circumstances, property auction sales and services may actually bring more benefit to your situation.
Property sales or purchases can be complex affairs and solid legal advice from the beginning is a must. If you plan to buy or sell property at an auction the rules are slightly different to typical conveyancing and speed will be of the essence. You will need a solicitor who is experienced in this branch of residential conveyaning.
Simply.Law member solicitors are qualified and experienced in property and conveyancing law and they will be able to guide you at each stage of the process.
Why sell my house at auction?
There are plenty of reasons why you might choose to buy or sell property at auction and Simply.Law member lawyers will be able to advise upon all of these:
- The transaction is usually a swift one – ideal if you are relocating or need to move quickly. Once the hammer has fallen, auction sales are confirmed. Neither party will be able to pull out, unless by mutual consent. The deposit is 10% of the purchase price and becomes payable immediately. The 90% that remains must be paid within a month.
- You get, in most cases, a guaranteed sale. As long as you’ve done your research and set a reasonable price for your property within the market, then there’s no reason why it should remain unsold.
- Auction sales mean that you have extra security that the sale will proceed once the hammer has gone down.
- If you are selling, auction services can drive the price of the property up to its maximum. Auction services can include advertising and marketing, both of which mean that by the date of the auction you will hopefully already have considerable interest in your property.
- If your house is not the conventional sort, or you are worried about attracting sufficient interest, auction sales can be a good way forward. Land agents and property experts often use auctions as a way of finding the specific type of property that they want – and that could be your house.
What else do I need to know about auction sales?
Auction sales and services usually take about 2.5% of the total sale price. However your Simply.Law member lawyer will be able to advise you on this. You should also clarify, prior to listing your property for sale, what any advertising costs will be. Whether buying or selling, you will need to be able to advance quickly, so having all monies in place is necessary and contracts will need to be drawn up quickly.
Legal advice and assistance is a must, both before the sale and on the day. Call us today, have an online chat or fill in an Simply.Law Match form so that we can call you back at a time to suit you and put you in touch with a solicitor experienced in auctions and residential conveyancing.
Make contact with a solicitor through Simply.Law today to find your best way forward in the property auction market
