Auction Legal Packs, Property Investments, Evictions and Lease Option Lawyers
We are specialist property investment solicitors helping landlords in London and the UK. We are the only dedicated lease option lawyers. Evictions are what we do: we help property investors, landlords and letting agents save time and money by making the tenant eviction process easier.
We provide creative, innovative solutions to every day problems. Inspiring, intelligent and innovative are some of the synonyms that describe the legal services we offer. We start where others stop, we don’t follow a path, and we go to uncharted territories to create paths for others to follow. We are creators and we offer creative legal solutions.
We have in the past acted on behalf of major supermarkets like Sainsbury, global banks including Barclays Bank PLC, major retailers including Argos and HomeBase, major transport companies on matters to include recovering possession on both commercial and residential properties.
Find out how we can make a difference. Simply click on your preferred date below to BOOK A FREE CONSULTATION with one of our qualified highly experienced lawyers!
What is a Lease Option?
A lease option contract resembles a no strings attached property test drive. Lease options are commonly referred to as a lease option agreements.
Lease option contracts provide an OPTION, without the OBLIGATION to buy
A lease option agreement means that the buyer subject to an upfront payment of a consideration amount which can be as low as one pound (the option fee) is given the right to purchase the property at a later point in time as specified in the contract. As the term implies, the buyer has the option to buy not an obligation to purchase.
Are Lease Options legal in the UK?
Lease option contracts are legal in the UK dependent on the wording and the individual circumstances. Buyers can register restrictions with the HM Land Registry to protect their right to purchase at a later date in terms of a Lease Option Contract.
Having Legal Trouble?
We encourage the parties to use specialist lease option lawyers. Creative Legals has a team of specialist lease option lawyers who help lease option property investors.
The concept of option agreements is an old age legal concept that has been practiced in the UK and many other countries. An option contract allows the buyer to buy at a later date contingent on specific terms stated in the agreement being met. It is from this very same concept that lease option contracts operate.
We do a lot more than evictions! At Creative Legals, we provide effective, creative solutions to eviction needs of our clients. We take the time to really get to know you, your business, and your overall legal situation. That enables us to provide innovative solutions that really work for your eviction needs. We’re creative, but we never lose sight of why we’re here – to make life easier for you.
Eviction is the safe, legal way to rid yourself of a tenant in London who doesn’t respect the terms of their tenancy agreement, regularly makes late rent payments or fails to care for your property the way they should. Keeping a bad tenant, instead of evicting around can severely harm your bottom line and can even strain your relationship with the property’s neighbours – or neighbouring landlords.
Creative Legals’ experienced tenant eviction team are standing by, ready to help you remove problematic tenants in London quickly, efficiently, and above all with all propriety and attention to detail. We get to know you, your property and your situation in order to find the best and fastest ways to get you back into possession of the property and in a position to rent it out again profitably.
What is tenant eviction?
There is a set procedure for removing a tenant from your property if they have violated the terms of your tenancy agreement or committed certain other actions. The law sets out very clear procedures that a landlord has to follow in order to evict a tenant legally, and if you do not follow them you could suffer penalties for attempting to evict someone illegally or for harassment of a tenant.
What are the legal reasons for evicting a tenant in London?
There are actually quite a few, more than we could easily list here. But the most common legally acceptable reasons for evictions these days are:
- Damaging the property or allowing it to fall into disrepair
- Engaging in anti-social behaviour
- Late or unpaid rent
- Not complying with the rental agreement or other contract, perhaps by keeping a pet or smoking in the property.
- Providing you with false information, references or credit card details (either upon application or later)
What is included in a Creativelegals eviction in London?
If you choose to instruct us as your solicitors in a tenant eviction procedure, we’ll learn all about you, your property and your tenant. Once we understand the situation properly, we’ll typically take the following steps:
1) We’ll serve notice of your intent to eviction
We’ll give the tenant notice in writing that you are demanding that they leave the property and pay any outstanding or arrears rent.
2) We’ll take the matter to court
If the problem tenant refuses to leave at stage 1 or fails to pay their arrears, we will make the initial filings with the courts to take matters further. Typically, this includes obtaining a court order for the eviction and for payment of rent arrears.
3) If necessary, we’ll instruct bailiffs
If your tenant refuses to comply with the court orders in step 2, we’ll instruct bailiffs who can legally remove them by force. It may also be possible for the bailiffs to seize some or all of the tenant’s movable property during eviction, to offset the rent arrears owed.
Auction Pack FAQs
What is an Auction Pack?
An auction pack is a bundle of documents that provides details a buyer would require when purchasing a property. It is prepared by the Seller’s Solicitors and is basically comprised of the following documents:
1. Official Copy Register of Title – this is a document from the HM Land Registry that shows the proprietor as well as charges and restrictions registered against the property
2. Title plan- This shows the plan of the property as registered at the HM Land registry
3. Special Conditions- This is a document that shows the conditions that govern the sale such as the payment of costs and when and how completion shall take place
Where relevant it will also contain
5. Property information forms
6. Fixtures and fittings
7. Leasehold information
8. Management pack
9. Any other relevant documentation
How do I get an Auction legal pack?
An auction legal pack is prepared by the Seller’ Solicitors and uploaded on the Auctioneers’ website. Buyers can access legal packs on the property details page on the Auction house’s website. The Auction room may also give you access to the hardcopy of the legal pack.
Who pays auction fees buyer or Seller?
Both the Buyer and the Seller will be charged by the Auctioneers. The Seller pays for registration, whilst the buyer will pay a buyer’s premium as well as Administration fee. The seller may, however, include in their auction pack that the Buyer will reimburse them for their costs or contribute a certain amount towards their Auctioneers fees.
Do you need a solicitor before auction?
As a buyer, it is recommended that you consult a solicitor before auction. It is not compulsory however but highly recommended as a solicitor will help review legal documents and give legal standing of the property before a buyer can commit to the sale. Once a buyer signs a memorandum of sale, it becomes difficult to turn away from the sale as it is legally binding.
There are many risks and disadvantages that may be hidden in a legal pack therefore a solicitor may assist in giving a clearer picture before commitment to avoid unnecessary costs.
What should I look for in an auction legal pack?
It is imperative that a buyer studies carefully all the documents in the legal pack. Particular attention should be paid to the Official copy title of register to ensure that the restrictions and covenants registered against the property do not affect your intended use of the property as well as the title plan to ensure that
It will be of importance to note the law society forms as this will help give direction and Information on the property such as the boundaries on the property and the maintenance thereof. The law society forms namely the TA10, TA6 and TA7 will also help you know, if the property has gas, or electricity and the suppliers of the same, the fixtures and fittings included in the sale and as the leasehold information. Also pay attached to the Agreement and/or special conditions as this governs the sale itself. Special conditions will help one know the additional costs they may have to bear above the sale price, completion details as well as the buyer’s covenants.
It is also imperative to pay attention to the local authority searches. This will help you know of any liens or claims on the property. As the new owner you will be liable for the same as such it is important to note such.
Also note whether the property is being sold under vacant possession or it is tenanted property. If the property is tenanted ensure that all the Tenancy requirements have been met and study the Tenancy Agreements and you will be liable as the new landlord.
If the property is a Leasehold, it is of importance to know the rental costs of the property as well as service charges and any other management issues.
What are the risks of buying a property at auction?
Purchasing property at an auction has greater risks than buying through the conventional method of buying property, if not managed properly. Careful study of the legal packs and catalogue need to be done so as to try and mitigate the risks.
Some of the risks of buying property at an auction are:
1. Limited knowledge of the property
2. Overpaying for the property
3. Buying properties with problems
4. Extra costs hidden in the legal pack.
5. Unknowns surrounding auction terms and fees.
6. The failure to finance purchase of the property.
What are the fees for buying at auction?
Auction fees vary with the Auctioneers. However, the usual basic fees for Buyers are an administration fee which may be a percentage of the property or a fixed amount and a Buyer’s premium (which ranges from 10%- 30% of the sale price) plus 20% VAT.
For a Seller most Auctioneers charge an entry fee which is usually a fixed amount, the catalogue illustration or advertising as well as the Seller’s commission and 20% VAT.
How much are auction fees in UK?
Auction fees range from 2% of the sale price to 10% depending on the Auctioneer. The practice is this percentage is paid when a property sales. However, there are other fees which are usually fixed such as entry fee and advertising fee which will have to paid whether the property sells or not.
What is a legal Auction?
A sale of property that is open to the general public and sold to the highest bidder. A bid is an offer made by a person bidding for the property stating that he/she will pay a specific amount for the property on sale. It is conducted by an auctioneer, a person empowered to conduct such a sale. The underlying purpose of an auction sale is to obtain the best financial returns for the owner of the property and to allow free and fair competition among bidders.
Auction Legal pack Review cost?
Legal pack review fees are usually fixed amounts that range from £300 plus VAT to £500 plus VAT depending on the property and the timeframe within which the legal pack is expected to be prepared
The review of an auction pack includes:
1. The review of the available paperwork
2. Interpretation of the title documents
3. Providing a written report on title in plain English.
Why are Auction fees so high?
The convenience that comes with Auction sales is high. They are a faster method of selling property as they have time limits which also reduce the chances of chasing. They also give you a much higher likelihood of success given the exposure afforded to the property. A higher price for this method is justified.
The fees are also higher as some Auctioneers are in partnership with estate agents and will have to settle the Estate Agents fees after sale which are usually a 30-50% of the Auctioneers overall fees
We promise to provide you with a FASTER, SMARTER, BETTER service. We do this by proving you with creative, innovative solutions to everyday problems. Inspiring, intelligent and innovative are some of the synonyms that describe the legal services we offer. We start where others stop, we don’t follow a path, and we go to uncharted territories to create paths for others to follow. We are creators and we offer creative legal solutions.
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