DIY conveyance

[Aspley]

Hi, I’ve purchased a small plot of land at auction for £7250. Don’t fancy paying £1300 to a solicitor for conveyancing fees. Searches have been provided by the vendors together with Land Registry documents that clearly show the land I am buying. The title is easy enough to understand.

My simple question is which side of the transaction is responsible for drawing up the contract which I am presuming is not the same as the transfer document.

thanks for any help

[atticus]

Usually when you buy at auction you buy on terms specified in the auction, and the contract comes into being when the hammer falls.

[Aspley]

Yes, that’s the way it works. What I am asking is who actually physically drafts the contract…….I would guess it’s the vendors solicitor but wanted to make sure before I request one.

[atticus]

I suggest that you go back and check all the auction documents. If need be, speak to the auctioneer.

[Pezza54]

Exchange of property or land takes place when the gavel falls at the auction and you have 28 days to complete the purchase and pay the remaining balance
The vendor should have a solicitor to draft either TR1 or TP1. The appropriate form should be executed by the transferor and will require a witness to the signature
The forms mention a day of completion. That is the day you should pay the remainder of the sale price
Most property buyers would use the services of a solicitor or registered conveyancer to check transfer forms have been completed correctly.
If you are confident about the process you can diy the sale completion and transfer of ownership, you are not bound to employ a solicitor

[Aspley]

Sorry guys, I am probably not explaining myself correctly. I am carrying out the conveyance myself. Ok, I do understand the risks but that is a risk I am prepared to take. If you can just accept that then I was just after clarification on :-

….is the TR1 the same as the ‘contract’ ?
….if it is then fine one of those is in the auction pack. If it isn’t then am I correct in thinking that the contract should be drawn up by the vendors side.

thank you pizza

[Aspley]

Yes, that’s the way it works. What I am asking is who actually physically drafts the contract…….I would guess it’s the vendors solicitor but wanted to make sure before I request one.

??? not sure why and what I need to ask the auctioneer

[Pezza54]

Yes you need to contact the vendor's solicitor to confirm the process
The transfer form is not the sale contract

Please read "Standard Conditions of Sale (5th edition - 2018 revision)" at www.lawsociety.org.uk
".........the preparation of a formal contract by the seller's solicitor"

[Pezza54]

Under "Transfer" in the RICS Common Auction Conditions (Edition 4) the buyer drafts the transfer form and supplies it to the seller at least 10 business days before the set completion date
Within 5 days of receiving the form the seller must approve or revise the form

[Aspley]

Brilliant Pezza, that’s just how I thought it was but as I’m doing a DIY I didn’t like to ask the vendors solicitor until I was certain I knew what I was talking about. So I have a couple of enquiries and will ask those answers ask them to send a contract.

thanks

[atticus]

Just to be clear, the TR1 is the transfer deed.

My earlier posts were in reply to questions about the contract. It appears that you were in fact asking about something else.

[Aspley]

My original question as follows,

‘My simple question is which side of the transaction is responsible for drawing up the contract which I am presuming is not the same as the
transfer document’

was always about the ‘contract’ . Pezza posted a very useful reply that clarified the situation for me. I’m not quite sure what you are getting at

[atticus]

In that case, see my earlier replies. The contract was formed at the point that the auction ended with yours being the winning bid.

[Aspley]

But try and understand I was/am only talking about the physical contract papers not what is written with them. Just who completes the paperwork which I now understand is the vendors solicitor. A naive question maybe but that is the kind of situation a forum like this should be able to deal with in a civilised and empathetic way.

Have a good weekend

[atticus]

That is why I have previously said:

I suggest that you go back and check all the auction documents. If need be, speak to the auctioneer.

The point is that the full auction terms should be in the auction pack, and that as successful bidder I would expect you to have entered into a contract on those terms. That is how every purchase at auction that I have seen works.