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Auction Legal Packs

Fishers Solicitors can prepare your auction legal pack.

Auction legal packs can be prepared within a very quick time frame, meeting the auction house guidelines as well as all legal requirements. We make sure they are up to date and draft special conditions of sale appropriate to your matter. We recover the cost of the searches and any other out of pocket expenses from the buyers and identify these in the special conditions of sale. We are not talking about the Modern auction method here, but those houses that sell under the fall of the hammer.

What is an auction legal pack?

An auction legal pack is a collection of documents and information regarding the property being sold at auction and it is made available to the potential buyers through the auction house data room. It is effectively the legal backbone providing transparency and informing potential buyers what they may be bidding on. The usual pack would normally include a copy of the title documentation, title plan and documents referred to in the title. Local authority search results as well as a water and drainage search and an environmental search. The form TA6 and Fixtures, Fittings & Contents form (if appropriate) where the Seller completes details about the property’s boundaries, disputes and guarantees and other such matters. An EPC will also be required.

How does it work?

We require money up front from auction sellers to cover the costs of the initial out of pocket expenses but otherwise our legal costs are recovered upon completion of the sale of the property.

The time prepared to create an auction legal pack does vary upon the circumstances however it can take anywhere from a few days to a couple of weeks. Aspects that may impact on the timeframe will include the complexity of the property for example but not limited to any previous disputes, unusual land titles or planning consents. The response time of Local Authorities in respect of their search results does vary from Council to Council. It is therefore out of the control of Fishers Solicitors as to when the local search result will arrive, but we can get an estimated time of arrival before instructing the search as an alternative source of obtaining a search result will be available to us.

Also, certain auction houses may have their own specific criteria for what needs to be included in their auction legal pack, which potentially could add to the preparation time. Some auction houses allow us to prepare the Sale Contract and others require their own format of Contract to be used.

What is the cost of preparing an auction legal pack?

The cost of preparing the auction legal pack starts from £999 plus VAT and the final legal charge is based on several factors. These include the time pressure and urgency of the matter, the type of property, the type and number of searches and reports that may be required to be include in the pack together with any additional documentation needed to be obtained such as a Management Company pack.

Amanda Payne, Director and Head of Conveyancing at Fishers Solicitors has expert and thorough knowledge of the auction sale process, and she is aware of what to expect and the pitfalls to avoid at a property auction. We already work with some of the leading national auction houses.

Fishers have been awarded The Law Society’s Conveyancing Scheme accreditation which demonstrates our knowledge and expertise in all matters of all residential conveyancing.

Next steps…

For a no obligation quote in respect of your auction sale property, no matter where in England or Wales you are, please contact Amanda Payne at Fishers to discuss your situation in more detail. Once we understand your circumstances, we can provide you with a clear understanding of the costs and timeframe involved.

 

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