Auctions

If you are considering buying or selling at auction then our Commercial Property team have extensive experience of acting for clients buying and selling commercial properties at auction.  Auction transactions are a quick way of buying/selling a property and require thorough preparation.

Prior to the auction date there is usually 3-4 weeks to research the property which will involve thorough investigation of the legal pack that is available from the seller’s solicitors and/or agents and will include the following:-

  • Special Conditions of Sale
  • Title Deeds or Official Copy of Register of Title
  • Leases
  • Searches
  • Replies to Pre-Contract Enquiries

Practical Considerations for Buying at a Commercial Property Auction

  • Carefully check the general and special conditions of the auction Contract
  • Check the searches
  • Arrange an inspection or preferably a survey of the property prior to auction
  • Check if VAT is payable on the purchase price of the Commercial Property
  • Ensure 10% deposit is available in cleared funds to be paid at the auction
  • Any further searches required?
  • Any further enquiries to be raised?
  • Funds should be available to complete
  • Is the property subject to a Lease and are the terms of the Lease satisfactory to you?

It is advisable that the legal pack is reviewed by a Solicitor in advance of the auction date to alert you to any potential issues with the property.

After the auction date, the balance of 90% of the purchase price will be payable on completion, usually within 28 days.

Selling a Commercial Property at Auction
The Commercial Property team can advise you if you are selling a commercial property at auction.  We will prepare the legal pack and circulate to official prospective purchasers prior to the auction date.