The lawyer acting for a seller must prepare a legal pack for the property and deal with any statutory notices (if relevant). The legal pack must be prepared well in advance of the auction date so that prospective buyers have sufficient time to have the legal pack reviewed so they can decide whether or not to bid for the property at auction. A property cannot be put to auction without a legal pack.
The auction legal pack will contain some (if not all) of the following:
- The RICS Common Auction Conditions (3rd Edition) (‘the CACS’)
- Any special conditions.
- Official entries for the title and copy documents referred in the title registers
- Searches (carried out with relevant authorities).
- Replies to enquiries.
- Draft deed of covenant.
- Draft transfer deed (TR1).
- If being sold by fixed charge receivers, letters of appointment for the property. copies of any leases or tenancies, rent deposits.
- EPC (Energy Performance Certificate).
- Any gas safety certificates or electrical certificates.
- Any rent deposit details.
- Details of any (financial) arrears.
- the Memorandum of Sale.
- (if relevant) copies of planning permission and/or building regulation certificate(s).
Contact us for the Nationwide Property Auction legal services.