Instructing your solicitor

Most of us are familiar with the idea of a traditional auction, and for experienced buyers they are a great way to secure a property. Auctions offer a sale in a controlled timeframe and of course a seller can agree a reserve price, set at a level at which they would be happy to sell. If the reserve is not met, the sale will not proceed, although a deal can often be finalised in the hours and days afterwards to one of the bidders whose identity and level of interest will be known. Traditional auctions in a public room can, however, be daunting for some buyers and are inconvenient for many. Online auctions are a great alternative, particularly in an environment when so many people are familiar with online marketplaces and buying online. Online auctions are designed to be welcoming and flexible. They encourage participation, entice well-funded buyers, stimulate bidding and for the right properties this can lead to an excellent selling price. Online auctions require more preparation prior to the launch of a sale, and a full legal pack needs to be produced by the seller’s solicitor. Online auctions are considered to be fast, safe and transparent and, just like a traditional auction, a legally binding exchange of contracts occurs when the successful bidder wins the auction.

You should ideally instruct your conveyancing solicitor at the same time as you instruct Fisher German. In addition to gathering the information highlighted on page 4, there are steps that can be taken so that when your buyer is identified a sale contract can be dispatched, and the sale process can be progressed without unnecessary delay.

The first thing to ask for is a Property Information Form (TA6 form) for a freehold property or a TA7 form for a leasehold property. This is a document that you need to complete, and it will be part of the contractual paperwork that will be sent to your buyers’ solicitor and subsequently form part of the contract of sale. This is a good time to consider what you will include in the sale, and items that may be available by separate negotiation. This information is recorded on a TA10 form, known as a Fixtures and Fittings Form and as with the TA6/7 will become part of the contract of sale.

It is also worth asking your solicitor to review your Land Registry Title to ensure there are no boundary anomalies or issues that will need to be addressed before the sale can proceed. If you are splitting your Title, perhaps to divide off a paddock or a building plot, or if your property is held in a number of Titles, carefully reviewing all documentation at this early stage is strongly advised and we can assist you with this. 7