There are many reasons why an auction can be so appealing. It provides the potential chance to grab a bargain property at the right price. It provides certainty of success as contracts are exchanged at the moment the hammer strikes for the successful bidder, and also a completion date is fixed so the date of ownership is known to all involved.
The process of buying at auction seems ideal and full of benefits. However there can also be various pitfalls that a buyer needs to be aware of.
Before you enter an auction and place a bid on a property make sure you follow these tips to ensure that the process runs smoothly and without surprise.
If these straight forward 5 tips are followed it may cost you a few pounds prior to the auction but it will be money well spent and hopefully prevent sleepless nights worrying about issues that could have been avoided and cost more than expected to resolve.
Here at Lupton Fawcett LLP we have a team of professionals in the Residential Property departments in Leeds, York and Sheffield who would be pleased to advise on pre auction enquiries and hopefully give you the confidence to bid successfully on a property that is right for you.
We can also assist with the post auction formalities in completing the transaction and registering it at the Land Registry.
For further information relating to the points raised in this article, please contact Senior Associate, Richard Baum or a member of the Residential Property Team.
Please note this information is provided by way of example and may not be complete and is certainly not intended to constitute legal advice. You should take bespoke advice for your circumstances.