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RICS simplifies auction process

The Royal Institution of Chartered Surveyors has published updated conditions to make the legality of house auctioning less confusing.

The Common Auction Conditions have been created by buyers, sellers, solicitors and auctioneers in an effort to make the legal process of buying and selling property at auction more transparent and easier to understand and comes into effect this week.

Adopted by most auction houses and used by vendors’ solicitors, RICS’ Common Auction Conditions, originally published in 2002, have been produced for real estate auctions in England and Wales to be used by all auctioneers and set a common standard across the industry.

Auctions are becoming an increasingly popular way to buy and sell property, with the top 20 commercial and residential auctioneers seeing a 16% increase in property sold at auction in 2004, at a total value of 3.38bn.

It is the simplicity and speed of the process that makes auctioning such an attractive option. Auctions have become more open and transparent, and often an ideal place to find competitively priced properties.

Richard Auterac, chairman of RICS’ Real Estate Auction Group, says: RICS have ensured that the conditions have evolved to meet the current needs of the marketplace and stem from the belief that professionals active in the auction market should act as innovators and examples of best practice for the entire real estate transactional market.


Pru lifetime deal from next week

Prudential has confirmed its lifetime mortgage product will be open for business from October 17. It has also launched an online calculator to help advisers calculate the savings using its flexible product.

Spending time

Their jobs are to help people invest their money by buying property but here Mira Butterworth asks the mortgage industry’s big hitters how they would spend a (sadly imaginary) cheque for 100,000.

Landlords are optimistic

Landlords expect the net value of their portfolios to grow by 5% over the next 12 months, research from Paragon Mortgages reveals. This is the highest growth expectation for over a year.

Damien Druce appointed BDM at Beech

Beech Introducers, part of Beech Financial Management, has recently relaunched an enhanced introducer service and appointed Damien Druce as nationwide business development manager.He has many years experience in the business to business market place and is delighted to have joined Beech Finance at a time of growth and expansion.Howard Soltau, managing directer of Beech Finance, […]


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