Conveyancing
Services

Whether buying or selling a property by auction, there are key differences in the way conveyancing is carried out when compared to a normal transaction.

In a Traditional Auction, exchange of contracts takes place the instant the hammer falls. The buyer is required to pay a non-refundable 10% deposit at that point, and complete within 28 days.

However, in the Modern Method of Auction (MMoA), once an offer has been accepted, the buyer will need to pay a non-refundable Reservation Fee. They then have 28 days to exchange and a further 28 days to complete.

We understand that buying or selling a property via auction can be a daunting prospect, but we’ll help you manage the process effectively and most importantly, with as little stress as possible. Our conveyancing team is made up from a broad range of experienced personnel, from qualified solicitors to trainee Licensed Conveyancers and Paralegals.

Your case will be dealt with by a single, dedicated and experienced Fee Earner who will be assisted by one or two specified Conveyancing Assistants.

The conveyancing process explained

What is conveyancing?

Conveyancing is the legal process for transferring property from a seller to a buyer. It starts when an offer is accepted and ends when the property is registered in the buyer’s name. The 2 stages of the conveyancing procedure are prior to exchange and post exchange.

Prior to Exchange

This is the first stage before exchange of contracts. At this point, either party (the seller or the buyer) can back out of the transaction but because auction includes the buyer and seller signing a Reservation Agreement and the buyer usually paying a Reservation Fee, there may be financial penalties for doing so which are detailed in the auction terms and conditions. This allows auction to provide both parties with additional security to avoid a sale falling-through.

Post Exchange

This is the second stage and is after exchange of contracts. At this stage both the seller and the buyer are legally bound to buy and sell the property and must complete by the agreed completion date at the agreed purchase price. If either party fail to complete on this day, then they will be in breach of contract and will face additional legal fees.

 

Because auction transactions complete within 28 days (Traditional Method of Auction) or 56 days (Modern Method of Auction) of draft contracts, the conveyancing process is faster than it would in a private treaty situation. Medway Law create the Auction Pack upfront so already have knowledge of the property and are experienced in auction transactions, so are in the best possible position to progress the transaction quickly, and within the set timescales.

 

If you use both our Auction Pack and Conveyancing services, we can identify any issues before the property goes to auction saving you time and money

Modern Method of Auction

  • 56 days to completion
  • Low ‘fall through’ (5%)
  • Commitment to timescales
  • Less time to achieve best price
  • Buyer pays fees

The Process for Buyers and Sellers

Insurance. We have a legal duty to tell you about our professional indemnity insurance. We have an obligation to carry such insurance. Our qualifying insurers are: AmTrust Europe Limited. Our insurance policy number is LI1834787. The insurance covers our practice, carried on from our offices in England and Wales, and will extend to acts or omissions wherever in the world they occur.

Compensation Funds. One of the advantages to you of using a Licensed Conveyancer is that you can be confident that your interests will be protected by the profession’s strict regulations, insurance and compensation arrangements.  The effect of this is that if you should make a valid claim against us for loss arising out of work for which we are legally responsible, and we are unable to meet our liability in full, you may be entitled to claim from the compensation fund administered by The Council for Licensed Conveyancers (from which details can be obtained).

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