Purchasing a property at auction? Forbes can give you that added peace of mind with our pre-auction pack review

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01 June, 2020

Despite the challenges faced as a result of the lockdown measures introduced on 23rd March, auction house Pugh have proven that it is still very much possible to buy and sell property even with social distancing measures in place. They have effectively moved all their auction room sales to online sales and have reported a £5m sales performance in their April property auctions, having sold 51 lots. Pugh provide a good example of how certain businesses can adapt to operate successfully, albeit with social distancing measures in place.

Here at Forbes, we can help you with the process of buying a property at auction with our pre-auction pack review service. We provide you with a summary of the contents of an auction pack having considered the following areas:

  • Title: We will review the title to the property and report on any covenants which could affect the current and future use of the property;
  • Property: We will review with you the extent of the property boundaries in the title documents, to check you are looking to buy all that you think you are;
  • Contract: We will review the contract and report on any special conditions which could increase the potential cost of buying the property;
  • Property Information Questionnaire Form: We will review these forms and report on anything important that may arise from them;
  • Searches: We can review any searches which are included within the pack and report on any potential issues they raise;
  • Any other documents: We will report on any other documents that may be included and highlight any which appear to be missing from the pack.

Each auction pack review is tailored to account for your intended use/future use of the property or land that you are interested in purchasing. This gives you the added peace of mind and confidence that the property you are interested in buying is appropriate for your needs and that there are no nasty surprises. Doing your research before you become contractually bound to buy the property - on a successful bid at the auction - really is key.

It is beneficial for us to have access to the auction pack as early as possible as that gives us an opportunity to ask questions of the seller's solicitor and obtain copies of any missing documents, however, we understand that attractive lots can appear in an auctioneer's catalogue at the last minute and, for an expedited fee, we can usually work with you to provide a review at short notice.

For more information contact Helen Marsh in our Commercial Property department via email or phone on 01254 224217. Alternatively send any question through to Forbes Solicitors via our online Contact Form.

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