Buying Property at Auction
The UK’s commercial property market is growing, largely driven by investors, thanks to a recovering economy and a growing confidence in the commercial sector.
Whether you wish to buy a commercial property for your own business to operate from, or to add a new property to your investment portfolio, you may want to consider auctions as a way of purchasing this type of property. This is becoming a more popular as a way of both buying and selling commercial property. Davies and Partners Solicitors can help to guide you through this auction process.
Buying a commercial property at auction is not for the faint-hearted or the ill-prepared. Once the hammer goes down, you are contractually liable to purchase the property and must pay a deposit to the seller.
We recommend that you, wherever possible, view the property you plan on purchasing as often issues reveal themselves on the ground which are not apparent from other paperwork.
We are on hand to review the legal information contained in the legal pack for you before the auction takes place and can highlight any issues of concern. This may mean that the property is not as suitable for your business’ needs or investment plans. Alternatively, we can give you peace of mind that the property meets your requirements and will be the right investment for your business.
Following a successful bid at auction our commercial property solicitors can deal with the formalities to complete your purchase and all post completion requirements both in terms of Stamp Duty Land Tax and registration of the property at the Land Registry.