Yagnesh Shah
Palmers Solicitors
Hassett House
Hassett Street
Bedford MK40 1HA
Hassett Street
Bedford MK40 1HA
When we sell a property at auction, the auctioneer knocks down the gavel (hammer) and at that point the sale is binding. A contract is formed between the buyer and the seller in accordance with the auction contract, which can be seen at the back of all our catalogues (The RICS Common Auction Conditions 4th Edition), and the terms set out within the legal pack.
The Common Auction Conditions are generic to all properties we sell, but the legal pack is specific to each individual property, stating:
It will also clarify key parts such as if VAT is payable.
Plus, the legal pack will need:
For leasehold properties, additional information such as a copy of the lease and management accounts also need to be included.
It is important that buyers read the legal pack and understand the contents. For those unfamiliar with legal points, we advise they ask a solicitor familiar with the auction process to read through it on their behalf and explain any points that are unclear, or highlight anything seemingly insignificant that may have consequences.
For sellers, it is important their chosen solicitor prepares a legal pack in a timely manner and prepares one that is clear that includes everything that is required, without being overly pedantic. The pack needs to work in conjunction with the Common Auction Conditions and doesn’t seek to impose unfair costs onto a buyer.
Not all solicitors are familiar with either preparing or reviewing a legal pack. Some do such a poor job, the sale price can be severely affected, the property fails to sell, or a buyer is unnecessarily deterred from a perfectly suitable purchase. Others try charging far more than a fair amount, and whilst we definitely don’t subscribe to ‘cheap is best’, our aim is to help our sellers and buyers find a solicitor who can provide a good service for a fair price.
The recommendations below are for individuals we have worked with for years. We don’t ask or receive any financial incentives or commission, just that those referred by ourselves receive good service. They can either prepare a good pack efficiently for a seller, or review a legal pack on behalf of a buyer.
Price Information
*Guides are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
Additional Fees Information
Please be aware there may be additional fees payable on top of the final sale price. These include and are not limited to administration charges and buyer’s premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.
