When buying or selling property at auction, it is essential to have a comprehensive auction legal pack.
This pack provides all the necessary legal documents and information about the property.
It helps buyers to make informed decisions when bidding and ensures a swift transaction to meet the auctioneers deadlines.
The document aims to answer all legal questions that a buyer may have. It also ensures transparency and reduces the risk of disputes after an auction.
The auction pack is usually made available to prospective buyers before the auction date. It allows them to review the property's legal status thoroughly.
Knowing and understanding what is included in the auction legal pack can impact your auction experience significantly.
We can help you with your auction conveyancing. Fill the form below to get a free quote for your auction pack and we will contact you shortly.
What is included in the auction legal pack?
Are you wondering what to look for in an auction legal pack? Auction legal pack contents can sometime vary, but they should contain all the following legal documents:
Title deeds (or title register)
Title deeds confirm the seller's ownership. They provide details about the property's legal title and also highlight any restrictions or rights of way affecting the property.
Title Plan
The title plan is the presentation of the boundaries of the land attached to the property.
It can be obtained from the HM Land Registry.
Energy Performance Certificate (EPC)
The EPC gives the energy efficiency rating of a property and makes recommendations to improve it.
It's a legal requirement to have an up to date energy performance certificate when selling a property.
You can also find information about it on the EPC register.
Conveyancing searches
Unlike a standard sale, searches are completed by the seller's solicitor before the auction.
Searches contain different information about the property surroundings.
The main searches include local authority, environmental, flooding, drainage, water, mining and chancel.
It's important for buyers to have a look at these searches. The information they contain ensures there is nothing wrong in the area around the property being sold.
Terms and conditions of sale
These documents outline the specific terms and conditions of the property sale.
Depending on the auctioneers, there might be variations on the process and timelines.
You want to be informed about these specificities and understand the legal responsibilities of each party.
Special conditions of sale
The special conditions of sale is a document that states any contractual variations. The buyer should be aware of these specific conditions.
It may include:
- additional sales commissions to be paid to property dealers
- issues on the Title to be resolved
- specific financial conditions if the property is going through probate
- land registry restrictions
- agreement to reimburse conveyancing search costs to the seller on completion
- any unusual charges on the property or land to deal with post-completion
Property Information Form (TA6)
The TA6 form contains various information about the property, including boundaries, disputes, notices, insurance, rights, neighbours complaints, alterations and repairs, occupiers and services.
Fixtures and Fittings Form (TA10)
The TA10 form specifies any physical items included in the sale. It includes all fittings, content and appliances across the property.
It helps avoid any misunderstandings about what is being sold with the property.
Leasehold information form (TA7) - if applicable
The TA7 form is completed when selling a leasehold property. It provides details about the leasehold aspect of the property.
It includes details about service charges, ground rent confirmation and any other leasehold related obligations and information.
It may also contain information on the freeholder and managing agent.
Leasehold management pack - if applicable
Only necessary when selling a leasehold property. It contains detailed information about the lease agreement, financial responsibilities, management structure, and any upcoming works.
Why an auction legal pack is important?
Reviewing the auction legal pack before bidding is important for several reasons:
Informed decision making: this allows buyers to understand the legal aspects of the property and the potential risks.
Financial planning: Knowing the total cost of a project, including all charges and repairs necessary, is important for a successful bid.
Legal compliance: Assures all legal requirements are met. This prevents delays and complications in the transaction process.
Avoiding surprises: By having all of the information up front, buyers can avoid any unexpected issues.
How much does a legal pack cost
The cost of reviewing an auction legal pack can vary depending on the solicitor and the complexity of the documents. On average the auction legal pack will cost in between £250 to £450.
Get in touch for your auction legal pack
Wether your're looking to buy or sell your property, get in touch with the team today about our residential conveyancing services.
You can always give us a ring on and we'll be happy to speak to you.
Alternatively, fill the form below for a free auction conveyancing quote and we will contact you shortly.
