Diary of a High Street Conveyancer – The problem with modern method of auction
Summary
The article describes a conveyancer’s experience acting for buyers who entered a modern method of auction purchase without fully understanding the implications. A dispute arose over a 56-day deadline and a threatened forfeiture of a reservation fee, alongside concerns that the title was not mortgageable due to missing documents relating to an unregistered leasehold interest.
Why it matters
For residential property surveyors, the case highlights how auction-style sales can expose buyers to contractual and title risks that may surface late in the process. It also underlines the importance of identifying defects, mortgageability issues and leasehold documentation problems early, before clients commit to reservation agreements or fees.
Key points
- Buyers signed a reservation agreement and paid a fee before taking legal advice.
- A 56-day deadline under the modern method of auction became a point of dispute.
- The title was described as not mortgageable due to missing documents for an unregistered leasehold interest.
- The author argues there is widespread misunderstanding of modern method of auction arrangements.
- The piece advises warning clients before they commit to fees and auction terms.
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