What types of property can be bought or sold at a commercial property auction?
- Retail property
- Industrial property
- Commercial units
Buying a commercial property at an auction
The process for buying a commercial property at an auction is for a commercial property solicitor to:
- Obtain the contract pack from the auctioneers
- Review the contract pack and advise of any possible areas of concern
- Deal with any funding arrangements, including loans and commercial property mortgages
- Upon a successful bid, we will deal with the completion of your purchase within the agreed timeframes, which would usually be within 28 days of the date of the auction
- Where applicable, we will then prepare and submit the stamp duty land tax return to HMRC before registering the property in your name at the Land Registry
Selling a commercial property at auction
The process for selling a commercial property at an auction is for a commercial property solicitor to:
- Draft the contract pack and provide this to the auctioneer in plenty of time, before the auction is due to take place
- Liaise with your lender if applicable, in relation to repaying any mortgage
- Attend the auction with you, to be on hand to answer any questions from prospective buyers
- Deal with completing the sale upon a successful bid being accepted
- Promptly transfer the proceeds of the sale to you
Buying at auction
You would usually prefer to have 4 weeks in which to review the auction contract pack at the auctioneers’. It may, however, be possible to work within a slower timescale depending on the particular property and circumstances at the time. If you are intending to fund the purchase with borrowing, then the longer the time period you have to arrange matters with a lender, the better.
Selling at auction
The contract pack will need to be with the auctioneers within plenty of time, before the date of the auction. Guidelines would be to leave around 6 weeks before the auction for preparation of all contract documents.
Contact our commercial property solicitors
Bray & Bray has three main offices in Leicestershire. We will be able to answer any initial questions you have over the phone and arrange for a meeting at your nearest office, at your earliest convenience.
Leicester: call us on 0116 254 8871.
Hinckley: call us on 01455 639 900.
Market Harborough: call us on 01858 467 181.
Corby call us on 01536 851050.