Most Common Questions
Simplified

A legal pack is a selection of documents prepared by a conveyancer or solicitor, in partnership with the vendor, before a property goes to auction. This pack should contain the information you need to make an informed decision about whether the property is right for you.

Issues can arise because not all legal packs are prepared in the same way, meaning some may contain more or less information than others. It is important to know where to look so you can bid with confidence and avoid surprises once the hammer goes down.

The pack also contains the conditions of sale, which may include the buyer paying the vendor's legal or sale fees, for example.

Yes, definitely. In fact, it is one of the most stable areas of the property market and continues to see growth year on year.

With increasing concerns around certainty in the traditional property market due to chain issues and long completion times, auctions are becoming more popular and attracting a wider range of properties and buyers.

All acting conveyancers and solicitors are regulated in the same way, and all sales must still be registered after completion just like any other transaction. This method is becoming so popular that more high street lenders are entering the space too, offering buyers more financing options.

With a traditional auction, you exchange contracts when the hammer goes down. This can be in person or online, but once the auction is complete and you have the winning bid, you will usually pay your deposit and have around 28 days to complete. If you do not complete within the required timeframe, there may be financial penalties.

With a modern day auction, the process is more like an online timed sale. The seller lists the property and legal pack for a limited period, with bidding open until the reserve is met. When the winning bid is accepted there may be a deposit or reservation fee to secure the deal. The process should be faster than standard conveyancing because so much of the legal work has already been prepared in advance.

The GLISS Vault is a smart summary tool that reviews the full legal pack, along with other available information about the property and the local market, to give you a clearer summary of the opportunity.

The team at GLISS understands that the property world is full of jargon, and important details can easily get lost in the mix. The aim of the GLISS Vault is to help you quickly see what matters most.

By summarising key aspects of the title, potential renovation needs and market analysis, the Vault should give you what you need to make a confident and informed decision about your next steps.

Yes, you will still need to instruct a conveyancer or solicitor for your purchase.

Although we recommend instructing as soon as you find a property you wish to progress with, it is your decision when to do so. Many auction houses offer conveyancing services, you may already have a preferred firm, or you may choose a new one.

We are also partnered with an auction specialist law firm that we can introduce you to if you would like. Either way, you will need a conveyancer or solicitor to act for you and complete the purchase after your successful bid.

Once you have received your Vault and reviewed the summary, it is time to decide whether you want to move forward.

If this is a property you are progressing with, now is the time to get your conveyancing instructed. We recommend engaging a conveyancer or solicitor as soon as you know you are serious about the purchase, so all relevant enquiries can be raised and you have the answers you need before bidding.

Depending on your timeframe, this is also a good point to book a survey so you can better understand repair costs or potential structural issues. If you need support with this, the GLISS team will be happy to help.

Firstly, thank you for purchasing one of the GLISS products.

Once you submitted the property details and your delivery email address, you should have received a confirmation email with your order number and the expected delivery time and date for your Vault or Amplify.

We work to short turnaround times, but because we are reviewing and summarising large amounts of information, there can occasionally be delays. If that happens, we will let you know as soon as possible.

When your Vault or Amplify is ready, it will be sent directly to your inbox along with a summary of what has been found and suggested next steps. Happy bidding.