If you’re buying or selling a property at an auction, having a legal pack in order is essential to making the sale. But why is this set of documents so important? And how can you put one together? This guide will provide the answers.
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Where You See a Legal Pack?
For every auction you come across, you will have the option to download the legal pack online. This might be confusing if you are just looking at homes on the market or through an estate agent, as it is not something you would normally encounter.
However, all home and property auction listings in the UK will have a legal pack attached to them. So, don’t worry, it is part of the process.
What’s in a Legal Pack?
Inside every legal pack, you download or otherwise obtain, you’ll find lots of information for a potential buyer. It’s important to read it all carefully, as once the gavel falls the sale is legally binding.
How much do solicitors charge to read a legal pack? It varies, but usually it’s less than £200. There are auction property solicitors who specialise in this business, so you may be able to get a good deal.
Inside, you’ll find the auction terms and conditions, the contract itself and any special conditions of the sale. You should also see the common property paperwork you usually get when you buy a home traditionally.
This includes the Energy Performance Certificate, the title documentation, search information, form TA6, the TA10 form, and copies of the lease (if it’s a leasehold property). Tenanted properties will also have the Assured Shorthold Tenancy form.
Commercial properties may include Commercial Property Standard Enquiry (CPSE) forms.
Where Does the Legal Pack Come From?
When it comes to an auction, the seller typically provides the legal pack. This is created using documents from the seller’s conveyancing solicitor.
If the property is being rented to a tenant, the seller generally includes the tenancy agreement they first introduced.
It’s important to keep in mind that the legal pack is not the responsibility of the conveyancing solicitor. If you suspect something is wrong, contact the auction house to discuss the issue.
Why Are Legal Packs Important?
Legal packs are necessary for all auction properties in the UK. They are only applicable to auction properties, not to those sold in a private treaty.
This is due to the difference in the way auctions and other property sales are handled. When the auction ends, the buyer is bound by a legal contract to purchase the property.
Therefore, they must have all relevant information about the property before they commit to purchasing it.
What If I Need to Create an Auction Legal Pack?
If you are looking to auction off one of your properties, the best thing to do is to consult a conveyancing solicitor.
Generally, it only takes two or three weeks to create a complete legal pack for an auction. However, this timeline can depend on how quickly the local authority can complete their searches, which could be longer depending on the council.
On average, a legal pack will cost around £350, though this can depend on the property and the conveyancing solicitor. For example, a legal pack for a commercial property will likely be more expensive.
The most important thing to remember when making a legal pack for your selling property is to get the right help. It is your responsibility to ensure the documentation is accurate, so you should stay in close contact with your conveyancing solicitor.
You may wish to review the costs of selling a house at auction. Our auction fees calculator can give you a break down of costs.
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