What does your auction conveyancing quote include?
Hit the auction deadline
After placing a winning bid, buyers have 28 days to complete the purchase at a 'traditional auction', or 28 days to exchange contracts at a 'modern auction'. Either way, our expert panel of auction conveyancing specialists are experienced in working to tight deadlines.
Complete quote
A complete quote includes a detailed breakdown of all legal fees and disbursements you'll pay to your solicitor, for a standard auction conveyancing transaction.
Fixed fee promise
The fixed fee promise means that you pay exactly what you are quoted, provided the information you've given us is correct.
If you want your solicitor to carry out additional legal work that falls outside of the standard auction conveyancing process, such as a deed of trust, your solicitor may charge you additional fees.
If you do ask your solicitor to complete any additional work, your solicitor will inform you of any additional costs.
Auction specialists
Specialising in auction conveyancing, our panel solicitors can take care of every legal aspect of buying and selling at auction, including preparation and review of the auction legal pack, through to exchange and completion.
All lender panels
Our panel solicitors can act for all UK lenders, including specialist auction mortgage providers and bridging loan lenders, your move can proceed.
Conveyancing Quality Scheme (CQS)
Quotes are provided by our highly experienced panel of SRA regulated conveyancing solicitors and CLC regulated licensed conveyancers.
How much does auction conveyancing cost?
Buying
Solicitors fees for buying at auction typically range from £500 to £1,500 inc. VAT (depending on the solicitor) plus disbursements. A pre-auction legal pack review can cost between £300 and £600 inc. VAT.
A disbursement is a third-party cost incurred by a conveyancing solicitor on behalf of their client during the conveyancing process. Examples of disbursements include Stamp Duty and HM Land Registry fees).
Selling
Depending on the solicitor you choose, fees for selling at auction typically range from £500 to £1,000 inc. VAT plus disbursements.
Fixed fees
Our panel solicitors offer a low-cost, fixed fee auction conveyancing service, with a focus on completing the purchase well within the auction deadline.
Who pays for property searches?
Sellers at auction are encouraged, but not legally required, to include property searches in the auction legal pack. If the auction pack does not include property searches, your solicitor will recommend that these are carried out. If you are buying the property with a mortgage, property searches will be required by your lender.
Some lenders will accept an indemnity policy in lieu of searches, which is a faster and cheaper option.
In most cases, searches are initially paid for by the seller and included in the auction legal pack. It is now a common stipulation in the terms of sale, for the buyer to purchase the property searches from the seller. This is no bad thing, as the buyer would have to pay for searches in any event, and having them immediately available helps reduce delays.
Ideally you will have asked your solicitor to carry out an auction legal pack review, so aunty issues with the searches will have been flagged with you before the auction.
Are there any other fees to pay when buying at an auction?
When budgeting to buy a property at auction, there are a number of other potential fees to watch out for. Make sure you review the property details and the auctions terms of sale to identify additional fees, which can include:
Buyer’s Premium
Auctioneers are increasingly charging a buyer’s premium fee, instead of (but sometimes as well as) charging the seller a sale commission. Payable by the buyer at exchange of contracts, the fee will be charged as a percentage of the agreed purchase price.
Buyer’s Administration Fee
Most auction houses charge a buyer’s administration fee of between £200 and £1,000 including VAT. This fee is also payable by the buyer on exchange.
Special Conditions of Sale
Additional fees can also often be listed in the special conditions of sale, which can be found in the auction legal pack. These fees can be lot specific, so they won’t necessarily apply equally to all lots being auctioned. Additional fees could include an obligation to purchase the property searches from the seller to an agreement to make a contribution to the seller’s conveyancing fees.
