Property Auction Legal Packs Costs: For Buyers and Sellers
Legal packs are an essential cog in the property transaction machinery. For anyone embarking on a property auction journey, whether you’re buying or selling, understanding legal packs, and associated costs is a must. So, let’s delve into this topic from both perspectives.
Buying a Property: Legal Pack Costs
As a prospective buyer, a Legal Pack is akin to a property’s health check report. Compiled by the seller’s solicitor, it contains all legal documents relevant to the property – from property title and leasehold information to any planning permissions, service charge accounts, and more.
In most circumstances, viewing a legal pack is free. The seller or their solicitor typically makes the pack accessible online for potential buyers to peruse, offering you an insight into the property’s legal standing and potential issues without any out-of-pocket cost.
But, does that mean there’s no cost associated with Legal Packs for buyers? Not quite. The key lies in how you interpret and use this information.
Professional interpretation is critical because misunderstanding or overlooking information could lead to costly issues down the line. A property auction solicitor can help here. The fees for this service can vary widely, but you can expect to pay between £800 and £1,500.
This investment, however, can save you from potential pitfalls that may be lurking in the property’s history. For more, check out our co-founder Jay Howard’s Top 3 Legal Pack Red Flags to Look Out for.
Selling a Property: Legal Pack Costs
For sellers, the Legal Pack is a legal requirement when selling a house at auction, but it’s also highly recommended for traditional sales. It showcases transparency, potentially speeding up the process by reducing back-and-forth queries.
The cost for sellers mainly revolves around the creation of the Legal Pack. This responsibility falls on your solicitor, who will collect and collate all necessary documents. Again, costs here can vary, usually contingent on the complexity of the property. On average, sellers can anticipate paying between £200 and £400 for the Legal Pack.
This cost might seem like an additional burden to the already expensive process of selling property. But consider this – an accurate and comprehensive Legal Pack can prevent last-minute fall-throughs and help secure a better selling price. By giving buyers full visibility and certainty about the property’s legal standing, you can increase buyer confidence, which often translates to better offers.
In conclusion, the costs associated with Legal Packs are not just an expense, but rather an investment into a smoother and more assured property transaction, whether you’re buying or selling.
At Hammered, we firmly believe in empowering our customers with knowledge, making complex processes like Legal Packs more manageable. If you have further questions or need expert advice, don’t hesitate to get in touch with us.
Psst! 🤫 We’ve got a cosy little corner on our website where we chat all about selling property at auction in the UK. From the ups and downs to those handy insider tips, it’s all in our Ultimate Guide to Selling a House at Auction. Why not pop over, grab a cuppa, and dive into the world of auctions with us?
Auction your property the easy way
Get started with a free auction valuation that uses live market data to find your best price.