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Illustrative quote

  • sale price: 180 000
  • (house -long leasehold / freehold)
  • fees                    395
  • (fixed)
  • including redeeming mortgage
  • vat:                      79

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purchase price:
                   245 000
(house - long leasehold / freehold)

fees                   495
fixed fee, that is
including SDLT
(stamp duty form)
including acting for Lender
including postage & telephone calls
including buying in joint names
including indemnity insurance
including I.D. check

vat                   99

stamp duty        ?%

HM Land Registry135

electronic transfer
of funds             25

various searches- depending on your postcode:

local authority    
HMLR searches
Water & drainage
coal mining         
environmental     
chancel check    
brine search
tin mining search



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Please telephone 0161 866 8999
for your free quote

AUCTION PROPERTY SOLICITORS

We are completing an increasing number of sales at Property Auctions around the Country.  For a free guide to selling at auction or buying a property at auction send an email with your contact details to  info@fordbanksirwinsolicitors.co.uk.
 
 
Selling a Property at Auction:
 
We prepare Seller's packs for sale of Properties at Auction.  Our fees are routinely 300 + vat + disbursements.  You have the option of deferring the fees and asking the winning bidder / buyer to pay when the Property is sold.  
 
You have the option of including various searches in Auction Sales Pack which we can discuss with you.    You can also nominate your completion date - this is usually 28 days after the Auction.
 
It is important to prepare the Auction Sales Pack as quickly as possible to give prospective buyers the chance to show the Auctions Sale Pack to their own Solicitors prior to the Auction.
 
Summary

Auction Property Solicitors Sales Pack:    
 
1.   Option to defer fees
 
2.   Searches (various options)                                                               
 
3.   nominate completion date


Buying a Property at Auction:

Buying a Property at Auction carries various risks which need to be eliminated or at the very least reduced and assessed.  
Please telephone 0161 866 8999 and we will discuss the various scenarios.

  

Points to consider

1.   Survey & Structure of the Auction Property.  
     
Have you and your surveyor had a chance to inspect the inside of the Property.  It is a good idea to meet your Surveyor at the Property and go through any issues you discover.

2.   Finances / Mortgage.

Do you need a  mortgage to complete the purchase of the Auction Property?  There are various risks associated with getting a formal mortgage offer issued in time for completion.  Your Auction Property Solicitors will need to go through your Mortgage offer and satisfy all the conditions of the Mortgage.  The Lender usually requires one week after all the conditions are satisfied before releasing the Mortgage Advance.  Completion is usually 28 days from the date of the Auction. Some Auction Properties must be completed within 14 days or 7 days.
If you do not complete on time you are in breach of contract and are liable for the consequences.

See also the points on Title Deeds.  You Lender needs to be satisfied with the Title Deeds.
 
3.   Searches:
 
What searches are included in the Auctions Sales Pack?
Can you rely on the Searches?  
Are they official searches or personal searches?  
Are the searches out of time ?  
Do you need to do you own searches?  
Do you have sufficient time to do you own searches?

These are some of the questions our Auction Property Solicitors will assess with you.
 
4.   Completion date:

You should be aware of the completion date if you successful at the Property Auction.  You need to check the small print of the agreement and special conditions.  

We have often found the Auctioneer has small print which conflicts with the small print of the Seller.  We will discuss and assess the options available to you.
 
5.   Agreement and Special Conditions:
 
The Auctioneer will decide when the agreement is binding.  He will clearly indicate who is the successful bidder.  You should then clearly understand all the terms of the agreement and special conditions before you start to bid for any Property.

6.   Title Deeds:

The Agreement and Special Conditions usually state once the agreement is binding you have to accept the Title Deeds to the Property in the current condition including all defects and encumbrances.  You need to fully understand the Title Deeds and ensure you are satisfied with all the encumbrances thereon.  If you need a Mortgage your Lender also needs to be satisfied with the Title Deeds.
 
7.   Vacant Possession or Tenanted:
 
It is usually best to buy residential Properties at Auction that are empty.  Some Commercial Properties at Auction have large blue chip clients in them and are sold at a premium as a consequence.

You need to assess:
Is the Tenant genuine?
Do you have original Tenancy agreement?
Is the Tenant going to dispute the tenancy agreement?
Is the Tenancy agreement adequate?
What steps do you need to take to evict the Tenant?
Is this is problem tenant?
What are the rent apportionments?
Is the tenant in a rent free period?
 
8.   Enforcing the Contract:
 
Do you have the resources and all the information necessary to enforce the agreement?  You need to be able to assess the risks.


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Additional Information:

Auction Property Solicitors and Bankruptcy Petitions
Auction Property Solicitors and Bankruptcy Orders page 1
Auction Property Solicitors and Bankruptcy Orders page 2

Auction Property Solicitors and Probate