Auction Commercial Property
We regularly assist in commercial property sales and purchases which proceed by way of auctions. Auction sales and purchases entail a different process to a normal sale and purchase. It is important you understand the procedures involved when buying or selling a property at auction, especially since completion timescales after an auction are very strict. It is also important to consider why a property is being sold via the auction route.
We have extensive experience working on auction sales and purchases and have strong relationships with local agents who run regular auctions.
Our lawyers are pleased to attend auctions in their capacity as the seller’s solicitor.
When acting for a seller, we assist in:
- Reviewing your title deeds
- Preparing auction contracts and transfers
- Commissioning searches
- Preparing replies to enquiries
- Dealing with enquiries raised by any potential buyers pre-auction or on the day
- Being there to help on the auction day
- The actual sale process if a buyer is secured at the auction
When acting for a buyer, we assist in:
- reviewing auction packs and advising you on the same
- raising enquiries prior to or at the auction;
- the purchase process of the property if you are successful at the auction (including meeting the requirements of your lender).
A traditional auction pack would normally contain the following:
- An auction contract with any special conditions
- Title documentation
- Copies of any leases or tenancies or rent deposits
- Searches relevant to the property
- Replies to enquiries relevant to the property with supporting documents
- Draft legal documentation
- Energy Performance Certificates (where applicable)
- A memorandum of sale
We work regularly with agents, accountants, tax advisors and other professionals to try and structure any auction sale or purchase according to your needs. We also have other experts within Farnfields who can help you on a variety of associated matters (such as tenancies, inheritance tax, family planning and disputes) which may be needed.
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