There are many reasons why a property is sold and purchased through an auction; the value of the property might be difficult to establish, the property might require substantial improvement work or the property may require planning consent in order to be used, this list continues…
Selling a property at auction provides certainty and efficiency; the sale becomes legally binding when the hammer falls, avoiding drawn out negotiates that can, in some cases, delay the sale of a property. It is also usual for completion to take place within a month of the auction.
Members of our Commercial Property and Residential Property departments regularly attend auctions hosted by property consultants Pugh & Co and are able to advise individuals on the legal pack accompanying a property at auction.
Eddisons recently acquired Pugh & Co and the auctions previously hosted by Eddisons now operate under the name of Pugh & Co.
Pugh & Co conduct auctions on a monthly basis, during which they support individuals through the process of selling and buying properties at auction.
Our lawyers will be in attendance at the next auction held on 15 September 2016 at 12:00noon at Norman Hunter Suite, Leeds United Football Club, Elland Road, Leeds, LS11 0ES. Our team seeks to answer any queries that people raise during or prior to the auction. There are, however, specific questions that our property specialists get asked that cannot be answered on the day of the auction.
Example Questions
- Is there anything incorrect in the legal pack?
- Is the property lease correct?
- Does the property benefit from planning permission?
- Are there any buried costs?
Whilst we always endeavour to address any questions and queries raised at an auction, some answers require an in-depth review of documents and formal enquiries being raised with the seller of the property. Unfortunately, these simply cannot be performed on the day of the auction.
If you are looking to purchase a property at auction and have any questions, queries or concerns, our team can be contacted prior to an auction and will be able to provide you with legal advice relating to the property you are seeking to purchase.
We will be able to provide a full report relating to the property’s title and can review and advise on the content of leases. If you are looking to purchase a property at an auction contact Ison Harrison Solicitors in order to ensure that you are fully informed as to the property’s title.
Our Residential Property department can be contacted directly on 0113 284 5042 and will be able to advise you on a property’s title and any related enquiries you may have.
