Buyers Legal Pack - Robinson & Hall Auctions

When we sell a property at auction, the auctioneer knocks down the gavel (hammer) and at that point the sale is binding. A contract is formed between the buyer and the seller in accordance with the auction contract, which can be seen at the back of all our catalogues (The RICS Common Auction Conditions 4th Edition), and the terms set out within the legal pack.

The Common Auction Conditions are generic to all properties we sell, but the legal pack is specific to each individual property, stating:

The address;
The seller;
Tenancy details, if any; and
Confirmation of the completion date.

It will also clarify key parts such as if VAT is payable.

Plus, the legal pack will need:

To show proof of title;
A plan denoting the boundaries;
Information to alert potential buyers to any risks through inclusion of local searches;
A water and drainage search;
Answers to standard enquiries;
Anything else to support the sale; and
Any negatives that need disclosure under the Consumer Protection Regulations.

For leasehold properties, additional information such as a copy of the lease and management accounts also need to be included.

Buyers

It is important that buyers read the legal pack and understand the contents. For those unfamiliar with legal points, we advise they ask a solicitor familiar with the auction process to read through it on their behalf and explain any points that are unclear, or highlight anything seemingly insignificant that may have consequences.

Sellers

For sellers, it is important their chosen solicitor prepares a legal pack in a timely manner and prepares one that is clear that includes everything that is required, without being overly pedantic. The pack needs to work in conjunction with the Common Auction Conditions and doesn’t seek to impose unfair costs onto a buyer.

Choosing your solicitor

Not all solicitors are familiar with either preparing or reviewing a legal pack. Some do such a poor job, the sale price can be severely affected, the property fails to sell, or a buyer is unnecessarily deterred from a perfectly suitable purchase. Others try charging far more than a fair amount, and whilst we definitely don’t subscribe to ‘cheap is best’, our aim is to help our sellers and buyers find a solicitor who can provide a good service for a fair price.

The recommendations below are for individuals we have worked with for years. We don’t ask or receive any financial incentives or commission, just that those referred by ourselves receive good service. They can either prepare a good pack efficiently for a seller, or review a legal pack on behalf of a buyer.