Will we see an increase in property auctions as we find new ways to deal with the repercussions of COVID-19?

COVID-19 has created many challenges around property – for landlords, tenants, buyers and sellers.  Buying a property the traditional way and adhering to strict social distancing measures has been almost impossible over the last few months, but now, as lockdown restrictions begin to ease we’re seeing more activity around the property market and an increase in online auctions.

Buying and selling at auctions has become increasingly popular over the last few years and appeals even more so at the moment as a safe way to buy and sell properties.  The process is similar to the conventional method, however careful consideration needs to be given to the short timescale and speed at which you are required to proceed and most importantly buyers should review the legal pack issued to potential purchasers prior bidding and becoming contractually bound to buy the property.

It is advisable to do as much research as possible prior to the auction and ensure facts are straight, a comprehensive legal pack should deal with title to the property, property boundaries, local authority searches and any special conditions under the contract.  In an ideal situation it is preferable for solicitors to review the auction pack as soon as possible, allowing time to raise any queries, concerns or possible issues.

If you are considering buying or selling at auction and would like some advice on the process please speak to Gillian Hindle ghindle@kbl.co.uk or Zaheer Ahmed zahmed@kbl.co.uk on 01204 527777 or 01254 268790.