Conveyancing of an auction sale

eloy7

In an auction by traditional method, the conveyancing process should be completed within 28 days, and it will be completed faster if the buyer is ready to pay.

If buying the same property in open market by cash (no mortgage, no search, no survey), the conveyancing process takes at least 6 weeks (at least what I was instructed).

The legal transfer is the same, why it is faster when sold by auction?

Is it possible to complete the conveyancing process for a property purchased by cash in open market within 2 weeks?

As I understand, without search or survey, the only process is preparing the contracts for exchange. What is the bottleneck in this process? How to expedite?

G_M

Mostly answered in your previous threads.

But yes, it is possible to Exchange /Complete within a day or two.

eloy7

G_M wrote: »

Mostly answered in your previous threads.

But yes, it is possible to Exchange /Complete within a day or two.

How? As I got quotes from several local solicitors, they all said the minimum is 6 weeks.

eddddy

Both routes (auction and EA) take about the same amount of time - it's just that you (as the buyer) don't see it.

Example timeline for an auction:

1. Vendor's solicitor prepares legal pack (Searches, Special Conditions, SPIF, Fixtures & Fittings, Planning Consents etc)
2. Vendor enters property into auction (at least 2 weeks in advance of auction)
3. Prospective Buyer checks legal pack (maybe tries to make some pre-contract enquiries!!!)
4. Prospective Buyer arranges survey (or not!)
5. Prospective Buyer arranges finance, if required
6. Prospective Buyer Bids & Wins on Auction Day (and Exchanges Contracts)
7. Buyer completes (4 weeks after auction day)


That end-to-end process probably takes a minimum of about 8 weeks.

And it's a fixed period, mainly because there is no real scope for pre-contract enquires/negotiations/additional surveys etc to delay things.

G_M

eloy7 wrote: »

How? As I got quotes from several local solicitors, they all said the minimum is 6 weeks.

* skip survey
* pay cash - no mortgage
* skip searches (do personal search by visiting council same day)?
* skip legal checks
* seller/seller's solicitor draws up contract on day 1
* buyer hand collects contract & signs on day 1
* buyer/buyer's solicitor draws up TR1 day 1-2
* ID checks on buyer by buyer's or seller's solicitor day 1-2
* money laundering checks by buyer's or seller's solicicitor day 1-2
* buyer hands over bankers draft/CHAPS and collects signed TR1

sorted

* Of course, there are many risks involved in skipping checks and rushing processes.
* solicitors must (both) be willing to accept skiping things, and cooperate
* ID and money laundering are the potential blockages
* buyer and seller must both be fully available (for signitures
* helps if both are co-located - no post same-day hand-deliver everything
* If no solicitors involved, buyer an seller could probably just sit down together and do it all in an afternoon.

Of course, this is in theory. In practice, few solicitors would accpt the risks, or be able to devote the dedicated time to achieve this.

And few buyers would be mad enough to take the risks - but I suspect from your threads you might .

eloy7

G_M wrote: »

And few buyers would be mad enough to take the risks - but I suspect from your threads you might .

Why your answering is such harsh?!?! I initially admitted that I am completely new to the UK estate market, and my ideas can be stupid; but, I think this is the common situation in Q&A websites, as people ask because they do not know.

eddddy

... or you can go even faster by not bothering with a contract and going "straight to transfer". i.e. just executing the TR1.

I've done this as a seller (with advice from my solicitor). Not sure that I would do it as a buyer.