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.
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.
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
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).