Legal packs are a concept unique to selling property at auction. You won’t receive one with estate agents or on the open market, but you’ll find one with every lot with us – and you’ll definitely want to take notice. So why are they so crucial?
What are legal packs?
Legal packs contain the documentation of everything you need to know about your prospective purchase prepared by the seller’s solicitor. To access them, simply click the link on the property details page on our website, find ‘view legal documents’ to the right of the property, which will then take you to our Passport system. Best advice is not only to read through the pack thoroughly before the auction, but also have it checked by a solicitor or conveyancer.
What’s included in a legal pack?
The legal pack typically contain some, or all, of the following:
· Official Copy of Register of Title (Office Copy Entry) and Title Plan
· Land Registry
· Local Searches (including drainage and water search and any other searches application to the location)
· Special Conditions of Sale
· Property Information Form (TA6)
· Fixtures and Fittings Form (TA10)
· Management Information
· Tenancy Agreements
· Planning Permission Documentation
· A copy of the Energy Performance Certificate (EPC)
What are the benefits of a legal pack?
Legal packs are a way of protecting the buyer by informing them of everything you need to know going into an auction and making the financial commitment. It is a quick and convenient way of allowing everyone to know what they need going forwards and is necessary due to the fast-paced nature of the auction world. Both buyer and seller are legally bound when the gavel falls so you’ll want to go in knowing exactly what it is you are purchasing.
Why read them?
You’ll want to have a thorough read of all the legal ins and outs of your prospective property. Not only to know more about the property you have your eye on, but also to be aware of any potential pending legal proceedings, such as title issues, enforcement notices, encroachment, restrictive covenants, positive/negative easements, or other third-party consents. A key document to look out for will be the “special conditions” which sets out any costs the seller is recovering from the buyer, it’s also the place where the sellers solicitor will notify you of any variations that might apply to the Common Auction Conditions.
Legal packs are there to ensure you know all you need to before you go into an auction and are there for your convenience and protection. Be sure to read them thoroughly at our next auction!