If you are selling a property at auction, you are required to provide the auctioneers with an auction legal pack so that the auctioneers can make it available to any prospective buyers.
As part of our service at AFG Law, we can prepare this pack for you, ensuring you as a seller are suitably protected in the transaction.
What is an auction legal pack?
An auction legal pack is a collection of documents relating to a property which is being sold at auction. The pack’s intended purpose is to supply buyers with all the information they need about the property, so they can make an informed decision whether to bid or not.
The more comprehensive an auction legal pack is for a property, the more likely it is that the property will sell at auction.
Do I need a solicitor to prepare an auction legal pack?
Yes, you do need a solicitor to prepare an auction legal pack. Although you, as a seller, could source all the individual documents, a solicitor will know what needs to be included in the packs and they will also have the resources to gather the relevant documents quickly and at a reasonable cost.
Auction legal packs also contain Special Conditions, which are specific terms relating to the sale of the property. These conditions will become part of the binding contract with the buyer once the property is sold. It is important these conditions are drafted correctly.
Those without legal experience or training would struggle to prepare these conditions, and if they are drafted incorrectly it could leave the seller at risk of breach of contract or simply incurring a loss.
What should be included in an auction legal pack?
In general, the documents included in an auction legal pack are as follows:
- Evidence of the seller’s ownership/title
- Documents referred to on the title
- Special Conditions
- Occupational leases (if any)
- Energy Performance Certificate (EPC)
- Replies to Commercial Property Standard Enquiries or a Sellers Property Information Form
- Planning documents
How long does it take to prepare a legal pack for auction?
How long it takes to prepare a legal pack for auction will vary depending on how complicated the property is.
Most packs can be prepared within a week, but this can depend on how quickly your solicitor can get searches back from their search providers.
How do I get an auction legal pack?
You can contact our team of expert auction property solicitors at AFG Law to get an auction legal pack, and we will discuss your individual needs in relation to a property you wish to sell.
We will explain what goes into an auction legal pack and the purpose of each document, ensuring that everything included is appropriate for your particular property and your budget.
How AFG Law helps with preparing auction legal packs
At AFG Law, our solicitors can help to take some of the strain off your shoulders when you’re selling a property at auction. We will ensure all relevant documents are included in the pack, as well explaining to you why key documents should be included.
We know that you will most likely have a budget you would like to stick to, which is why we include documents in the pack that meet your specific funding requirements. Our solicitors will advise on the Special Conditions and draft conditions that are appropriate and suitable for your transaction.Our costs start from £450.00 plus VAT.
If you are thinking of selling a property at auction, and you would like the specialist and expert assistance of our solicitors, feel free to contact our team today.