Whether buying, selling, renting, or developing, our expert commercial property lawyers guide you through the auction process. We keep you informed and in control from bidding to completion, ensuring a smooth and confident experience.
Send us a confidential message. Our initial call is always a no-obligation consultation.
At Wildings Solicitors, our team of commercial property solicitors collaborates with you to expedite and streamline auction transactions, encompassing the acquisition and sale of business premises, development land, and mixed-use properties. While auctions have gained prominence as a method for commercial property transactions, it’s crucial to grasp the legal prerequisites and make thorough preparations. Our solicitors provide specialized guidance to ensure you seize every opportunity without any oversight.
Securing a Mortgage for Auction Purchases
If you plan to finance your purchase with a mortgage, it’s crucial to be prepared. Lenders will need to verify the property’s value, so early assessments and valuations are key. Typically, a 10% deposit is required on the auction day, with the remaining balance due within 20 working days.
Insurance Considerations
In addition to the financial requirements, you’ll need to arrange for building insurance between exchange and completion. Auction contracts often transfer liability to the buyer immediately after the gavel falls, making it necessary to secure insurance coverage without delay.
Let us help you navigate the complexities of buying commercial property at auction, ensuring a smooth and secure transaction.
For buyers, auctions offer a unique opportunity to acquire commercial properties at potentially lower prices than those available through conventional open market channels. Property transactions are governed by the ‘caveat emptor’ principle, emphasizing the buyer’s responsibility to exercise due diligence. Once the auctioneer’s hammer falls, you are legally bound to the purchase, necessitating thorough research and preparation. Our solicitors will meticulously review the sale conditions, conduct in-depth due diligence on the auction pack, and provide comprehensive advice throughout the entire process. This includes :
If buying a commercial property at auction with a mortgage, be prepared for a lender’s valuation. A 10% deposit is required on the day, with the balance due in 20 working days. You must also insure the property immediately, as liability transfers to the buyer at auction.
Selling Commercial Property at Auction: A Seamless Process
Selling commercial property at auction offers numerous advantages, including a quick sale and the potential for competitive bidding that can drive the final price up.
At Wildings Solicitors, we work closely with you to ensure your property is fully prepared for auction. Our comprehensive services include:
We also collaborate with third-party experts, including commercial agents, accountants, and independent financial advisers (IFAs), to tailor the transaction to your unique needs. With our guidance, you can rest assured that your auction sale will proceed smoothly and efficiently.
Send us a confidential message. Our initial call is always a no-obligation consultation.
862-864 Washwood Heath Rd, Ward End, Birmingham, B8 2NG
0330 333 8797
info@wildings-solicitors.co.uk
Monday to Friday
9.00am - 5.00pm
Wildings Solicitors are authorised and regulated by the Solicitors Regulation Authority (no. 552128). Wildings Solicitors is a trading name of Wildings Solicitors LLP, a limited liability partnership registered in England and Wales. Registration Number OC360274 registered office 862-864 Washwood Heath Road, Ward End, Birmingham, B8 2NG. A list of Directors is available from the registered offices. We do not accept service by email.
