Property & Conveyancing Solicitors Glasgow, Scotland

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Auction Property Conveyancing Buying & Selling Solicitors Glasgow, Scotland

Buying and selling property in most circumstances can be stressful, but often more so in the context of an auction. The fast-paced nature of proceedings and high-stakes involved make buying and selling property in an auction a more intense and unpredictable process when compared with more conventional buying and selling procedures. At Jones Whyte Law, our team of expert Property Solicitors is on hand to help you navigate the turbulent and sometimes unexpected proceedings of an auction sale. We have years of experience that you can rely upon to mitigate the possibility of unwanted surprises or disappointment when buying or selling property at auction. We will be able to advise you on the most strategic and profitable course of action specific to your circumstances. 

Selling Property at Auction

Auctions provide a degree of certainty and pace for homeowners looking to sell a property quickly and without the delays often associated with the traditional selling process. Instead of a long negotiation process, or weeks of viewings and drawn out discussions with a potential buyer and their solicitor regarding the finer details of a sale, the sale will be completed and a binding contract will be in effect once the final bid is accepted at auction.

Selling a property through auction can also be highly profitable for sellers, a property may sell for a much higher price than if it were sold on the open property market, this is particularly true if there is more than one interested bidder and competing demand between potential purchasers. To avoid making a loss on a sale, we can instruct the auction house on your behalf of the reserve price of your property. This will ensure the property will not sell for less than the minimum value acceptable to you and will serve to advise potential buyers of the starting value on which further bids can be made. Sellers at auction should bear in mind the fees associated with selling a property at auction. The auction house will charge a fee for listing the property, this will must be paid irrespective of whether the property is sold at auction or not.

Buying Property at Auction

Property is usually sold at auction for a specific purpose; often the seller requires a quick sale. In other instances, the property will be in poor condition and require extensive renovation work, which will appeal to buyers looking for a “fixer-upper”. Sometimes the property will be unusual or atypical in terms of character or feature, or viewed as problematic in terms of valuation. An auction may be seen as the best means of establishing value and securing a sale for these types of properties.

Buyers looking to purchase property at auction should always seek legal advice before submitting a bid. If your bid at auction is accepted, you will receive the title to the property in whatever condition it may be in without recourse to the seller if, for example, the property is structurally unsound. To avoid such a situation arising, our solicitors will carry out a survey and title check, among other legal investigations, on any potential property of interest listed by an auction house. We can advise you of the expected interest in a property, as well as the value.

Contact our Conveyancing Solicitors Glasgow, Scotland

Our team of expert Conveyancing Solicitors will ensure that you are well informed and fully prepared prior to attending an auction and making a bid. We will review all important conveyancing documents on your behalf, most commonly provided as part of an “auction pack”, and advise you of any potential issues of concern. Our solicitors can attend the auction on your behalf or accompany you to provide legal advice throughout the auction process. If selling a property, we can assist in dealing with the formalities of the auctioneers and assist in preparing your property’s auction pack in advance of a sale.

Our Conveyancing Lawyers understand that time is of the essence when purchasing or selling a property at auction. We provide quick and efficient legal advice to ensure your success. For clear, down to earth, legal advice and assistance from our experienced and highly skilled Property and Conveyancing Solicitors, contact our team via our online contact form, or give us a call on 01413751222.

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