Why Legal Pack Review Is Not Optional
The auction legal pack is prepared by the seller's solicitor — it contains the contract, the title documents, the searches, and the special conditions. It is written in the seller's interests. The legal pack may deliberately omit or obscure material that would reduce the property's value. Your solicitor identifies:
What Happens After the Hammer Falls
- 1Hammer falls = exchange — the moment the auctioneer accepts your bid, a binding contract is formed. You sign the auction memorandum on the day and pay the 10% deposit (usually by cheque or bank transfer). Contracts are exchanged immediately under the standard auction conditions.
- 228-day completion — the General Conditions of Sale (RICS) require completion within 20 working days (approximately 28 calendar days). Some auction contracts specify a different period — your solicitor confirms the completion deadline from the contract. The buyer must have finance in place and all due diligence completed before bidding.
- 3Conveyancing to completion — your solicitor raises any final requisitions, confirms the redemption of any charges on the seller's title, and transfers the balance of the purchase price on the completion date. SDLT is submitted and paid within 14 days of completion and HM Land Registry registration is lodged.
Frequently Asked Questions
Can I pull out after the hammer falls?
No. The fall of the hammer is exchange of contracts. You cannot withdraw without losing your 10% deposit and potentially facing a claim for the seller's losses and the difference between your bid and the re-sale price. This is why legal pack review before the auction is essential — the time to discover problems is before you bid, not after the hammer falls.
What if I cannot complete within 28 days?
If you cannot complete by the contractual completion date, the seller issues a Notice to Complete giving you an additional 10 working days. If you still cannot complete, the seller may rescind the contract, forfeit your deposit, and re-sell the property — and sue you for any shortfall between your bid price and the eventual re-sale price. For this reason, your finance must be fully arranged before you bid — not conditional on a valuation or mortgage approval.
Do I need a survey before bidding?
Yes — a structural survey before the auction is strongly advisable. Auction properties are often sold in poor condition. Once the hammer falls, you accept the property in its current condition. The seller has no obligation to disclose physical defects unless asked. A building survey identifies structural problems, damp, subsidence, and other issues that will affect your offer price or deter you from bidding.
What is a conditional auction sale?
A conditional auction (sometimes called a "modern method of auction") differs from an unconditional auction. The successful bidder does not exchange contracts at the auction — instead, they pay a reservation fee and have a set period (typically 56 days) to exchange and complete. The seller cannot sell to another buyer in this period. This format allows more time for due diligence and finance to be arranged. A solicitor reviews the reservation agreement and the legal pack in the same way as an unconditional auction.
Are online auction properties treated differently?
Online property auctions operate on the same legal principles as traditional room auctions — the legal pack must be reviewed before bidding, the 10% deposit is payable on success, and completion is within 28 days. The process is the same — only the bidding mechanism differs. A solicitor reviews the online auction legal pack in exactly the same way and the same urgency applies.