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Commercial Property Auctions Solicitors

Buying a commercial property at auction can mean you secure a bargain, but you need to prepare carefully. Properties come with a wide range of rights, responsibilities and restrictions and you need to be fully aware of these before you commit to buying. Our experienced commercial property solicitors can ensure that you have the information you need to make the right decision.

Whether you want to buy a property for investment purposes or to use for your own business, it is crucial to have a full picture before you bid. You will also need to sort out any finance that you need beforehand because once you win an auction you will be given a tight timescale in which to complete the purchase.

Glanvilles’ commercial auction solicitors can give you the advice and guidance you need. We will make sure that the necessary due diligence is carried out well in advance of the auction so that you can consider whether you want to bid and how much the property is worth to you. We can also represent you if you have commercial property for auction as a seller.

Our services include:

  • Commercial property auction purchases - going through the auction pack and raising enquiries with the seller’s solicitor where necessary
  • Advising you on any issues relating to the property and how these could potentially be resolved
  • Discussing any special auction terms and conditions with you
  • Dealing with completion following an auction purchase, to include:
    • Final searches
    • Dealing with finance where necessary
    • Registering your purchase with HM Land Registry
  • Commercial property auction sales – putting together a comprehensive auction pack for potential purchasers
  • Responding to enquiries
  • Supplying the signed contract to the auction house in readiness for the auction
  • Dealing with the completion following the auction

Our commercial property experts will take the time to understand your aims and work to ensure that the transaction is in your best interests. Our advice is always clear and practical.

For more information, see our commercial property solicitors page.

Get in touch with our commercial property auction solicitors in Chichester, Fareham and Havant

Contact our expert commercial property auction solicitors in ChichesterFareham or Havant or fill in our simple online enquiry form for a quick response.

The Glanvilles guide to UK commercial property auctions

Do I need a conveyancer for an auction property?

You are strongly advised to ask an experienced conveyancing solicitor to go through all of the available documentation before you consider bidding for commercial property at an auction. Buying commercial property can be particularly onerous and it is important to have comprehensive legal advice before you take on ownership.

The principle or caveat emptor or let the buyer beware applies to auction property. You need to know exactly what you will be agreeing to buy beforehand as once the hammer falls, if your bid is successful, you are legally bound to complete the purchase and you will not be able to object at a later date if there is information that you failed to uncover.

Issues that your solicitor can pick up on include:

  • Whether the property has right category of commercial use for your purposes
  • Whether it has any necessary planning consents
  • Any issues revealed in the searches
  • Whether it is subject to a tenancy
  • If so, the extent of the obligations you will be taking on as a landlord
  • If it is leasehold, your obligations under the lease – these could be extensive if the lease is a full insuring and repairing lease
  • Issues such as rights of way, easements, right to use parking spaces or storage
  • Advice on ongoing expenses, such as service charges, ground rent and costs associated with the lease
  • Any special conditions in the contract that you need to be aware of. For example, the buyer could be required to pay the vendor’s auction costs which is usually a percentage of the sale price and so can be substantial

If you will be obtaining finance, your lender will require a solicitor to be involved on their behalf to ensure that the property is good security for their loan.

We will also deal with the payment of the balance on the date of completion on your behalf, sending the money to the seller’s solicitor. Once they send us the title deeds, we will arrange for registration of your ownership and we can also deal with issues such as transferring the lease and notifying the landlord or any tenants of your purchase.

Do I need a solicitor to bid at auction?

If you ask us to represent you, then once we have given you our pre-auction legal advice and you are happy to proceed, you will not generally need us to attend the auction on your behalf.

You can attend in person or ask an agent to do this. Alternatively, you can bid over the phone or in some cases you may be able to bid online. You should check before the auction to see whether any extra information has been disclosed or new conditions added by way of an addendum.

You will need to register in plenty of time and make sure that you have your deposit ready, as this is payable immediately if your bid is successful.

You must also ensure that you will be able to pay the balance on the completion date, which will usually be within four weeks. If you fail to complete, you will lose your deposit, generally of 10% of the purchase price.

How much are commercial property auction fees in the UK?

If you are buying or selling commercial property at auction, you will need to factor in the auction fees.

For buyers, there is usually a buyer’s administration fee payable at the auction at the same time as the deposit if you are the successful bidder. The auction house’s guide to buying will set out how much these will be.

It is sometimes the case that the buyer is also required to pay the auctioneer’s commission, which is a percentage of the sale price. Again, the guide will tell you whether this is the case.

It is more usual for this to be charged to the seller, however. As a seller, if you wish to auction commercial property you will be notified of the amount of the commission when you agree to put your property into the auction catalogue.

What does a solicitor do when buying a house at auction?

Your solicitor’s role in buying a property at auction starts well in advance of the sale and runs through until your purchase has been finalised. It includes:

  • Pre-contract due diligence checks
  • Raising enquiries as necessary
  • Dealing with your lender
  • Advising you on the terms and conditions of the purchase
  • Advising you of any issues of concern revealed in the auction pack
  • Order money from your lender if you will be taking out a loan such as bridging finance
  • Ensuring that the balance of purchase money is sent to the seller’s solicitor on the completion date
  • Registering your ownership with HM Land Registry
  • Registering any fixed charge with HM Land Registry
  • Dealing with any tenancies or notice to a freeholder as appropriate

How we deal with buying or selling commercial property at auction

We have extensive expertise in dealing with the auction conveyancing process. We know how important it is to move quickly when dealing with commercial auctions and we will work proactively to find out exactly what you need to know and to make sure that you have all necessary information to make your decision.

Why choose Glanvilles’ commercial auction solicitors?

Our commercial property auction experts can offer:

  • A high level of commercial property experience, to include in complex transactions
  • Advice and representation whether you are buying or selling
  • The expertise to deal promptly and efficiently with any legal difficulties that may arise
  • Advice in related areas of law, including in respect of property investment and development

The Glanvilles’ client service promise

When you use our commercial property auction service, we promise:

  • Our staff will be friendly, respectful and attentive.
  • Your concerns will be listened to, your questions answered, and your options explained in plain English.
  • The cost of dealing with your requirements will be made clear to you from the outset.
  • We will answer your phone calls and emails promptly.
  • We will keep you regularly updated at all times.

Get in touch with our expert commercial property auction solicitors in Chichester, Fareham and Havant

Contact our highly experienced commercial property auction solicitors in ChichesterFareham or Havant or fill in our simple online enquiry form for a quick response.