Conveyancing Solicitors in Liverpool help clients with an Auction purchase

Mr C and his partner approached Liverpool Conveyancer Jane Lim for some advice on buying a house in an auction sale which was due to take place in a few days time.

Jane, their Conveyancing Solicitor, quickly agreed to a fixed fee for checking the auction contract.

If the clients were successful in bidding for the property, then that fee would be taken into account in the total legal fees for the purchase, so they would not have to pay their Conveyancing Solicitors in Liverpool twice.

The property the clients were interested in was a substantial late-Victorian villa located on North Drive, Liverpool L6, and was included in an auction sale being held by Venmores of Imperial Buildings, 9 Dale Street, Liverpool, L2 2SH.

Jane checked on Venmores auction website and found that, like many auction houses, the brochure was available to download together with the legal pack for each lot in the sale.

Downloading the auction pack saves the Conveyancing Solicitor in Liverpool time

From these documents Jane noted that the Conveyancing Solicitors in Liverpool who would be acting for the sellers were E Rex Makin and Co of Leigh Street, Whitechapel Liverpool L1 1HQ.

Jane phoned the Liverpool Property Lawyer handling the sale with a few minor queries.

Having reviewed everything, Jane was able to advise her clients that the sellers had a good legal title to the property, and there were no restrictions or charges which would affect them.

The road at the front was a public highway, although there was no information about a small lane at the side that gave access to the rear yard. The date for legal completion would be 20 working days from the auction date, which meant they would have four weeks to find the balance of the purchase money.

Jane explained to her clients that if they made the highest bid then the clients would be expected to pay a deposit of 10% of their bid immediately to the auctioneers.

Unlike a standard transaction, the legal contract between buyer and seller is created on completion of an auction lot. Jane confirmed to her clients that once their bid was accepted they could not back out.

Consequently, Jane advised they get a survey carried out first, or at least to make a thorough inspection of the building. Even if defects were discovered after the sale, they could not renegotiate the price.  

A few days later, Mr C phoned to confirm that his bid was successful, and in due course the signed contract was received from Venmores. As she already had the legal pack she was able to contact the seller's Conveyancing Solicitors in Liverpool and was all ready to complete by the specified contract date.

Though it may seem strange to instruct a Solicitor prior to even making an offer, being contacted by the clients before the day of the auction helped this Conveyancing Solicitor in Liverpool to ensure that there were no delays or problems with completion.