If you are considering buying a residential property at auction, it is important to do your homework before you place a bid.
There are two important steps you need to take before you enter the auction room. The first, which may sound obvious, is to arrange a viewing of the property.
The second step is to obtain a copy of the Legal Pack which will have been prepared by the seller’s solicitor.
What does a Legal Pack contain?
Most legal packs will contain the following:
- General Conditions of Sale – sometimes referred to as ‘Common Auction Conditions’ which sets out the standards terms and conditions of the auction.
- Special Conditions of Sale – the details may vary but commonly include whether probate has been granted, whether legal or search fees are reclaimable from the buyer as well as information about the condition of the property.
- Title register and title summary – provides details of who currently owns the property, whether there is a mortgage outstanding and if the property is leasehold or freehold.
- Title Plan. The Title Plan shows the location of the property and a general indication of the land boundaries.
- Property information form – known as a TA6. This is a standard form with questions relating to the property. Information may include what fixtures or fittings are included. It is the buyer’s responsibility to seek additional information if not all questions have been answered or there are any specific queries.
- EPC certificate – the energy performance certificate will provide you with information regarding the property’s energy efficiency
Palmers Auction legal pack checking service
To provide you with reassurance, we offer an auction legal pack checking service. Our expert conveyancing team will check the particulars and point out any potential pitfalls or aspects where you may wish to request additional information in advance of the sale.
By seeking legal expertise before auction day, you will be able to bid with greater confidence.
Get in touch with us now to find out more about our competitively-priced auction legal pack checking service.
