Auction Land Development
At Farnfields, we regularly assist in sales and purchases of development sites and plots which proceed by way of auctions.
Auction sales and purchases entail a different process to a regular sale and purchase. It is essential you understand the procedures involved when buying or selling property at an auction, especially since completion timescales after an auction are very strict. It is also essential 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 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 before 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 typically 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 pertaining to the property with supporting documents
- Draft legal documentation
- Energy Performance Certificates (where applicable)
- A memorandum of sale
We regularly work with agents, accountants, tax advisors and other professionals to try and structure any auction sale or purchase according to your needs.
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