Acting on auction sale (auction pack production; auction sale completion)

Description

The normal conveyancing process for buying property is outlined in our Seller’s Guide. When selling at auction, technically, on the “fall of the hammer” the Seller exchanges contracts to sell the property, typically with completion to be within 28 days of the auction. Essentially the bidders/buyers and the seller have “jumped-into” the normal conveyancing process, at least half way through – and have no opportunity, for example, to conduct property investigations that would normally be done pre-contract, AFTER the auction. For this reason, sellers have to produce a comprehensive information sale pack for properties to be auctioned, to enable anyone interested in bidding to investigate that property before bidding for it.

This product comprises our acting for the seller of property at auction, in particular:

(1) producing the required legal pack;

(2) acting on completion of the auction sale contract.

How long will it take?

We don’t generally do anything for new clients until our process of client retention has concluded – this involves agreeing the scope of what we are doing for the price (our terms are below), setting-up our client record (that includes ID checks), and producing the bill (payment in advance is required for all new clients).

After that, the production of the pack is a substantial job with third party dependencies (such as search providers), the time taken for which can depend on how busy we are at any particular time. We would not usually take-on a job for which we could not engage within about a working week.

After the auction the buyer normally has 28 days to engage with us to complete the sale on your behalf.

Money Matters

Your supplier is CLC-regulated Mounteney Conveyancers Ltd, that charges VAT some customers may be able to reclaim

We charge £650 + 0.075% plus VAT = £780 + 0.09% (gross, i.e. including VAT)

There is more about our fees on our website here

If you have any questions or require any further information, please don’t hesitate to Contact Us.