Auctions can be a useful method for buying or selling land or property. First time buyers can get a bargain property that needs some work; developers can acquire land for development and investors can purchase residential or commercial property that can often be let and already producing income. Equally, selling at auction can be swifter and more definitive experience.
It is always worth remembering that an exchange of contracts for auction matters occurs at the fall of the hammer for a winning bid. Typically the successful bidder (and seller) then has 28 days from the date of auction in which to complete the purchase. Occasionally this timeframe can be increased or decreased where the period includes public bank holidays.
We would suggest that if you are interested in purchasing a property at auction, you should ask the auctioneer for the auction pack which you can then ask your solicitor to check and perhaps raise any specific enquiries with the seller’s solicitors prior to auction.
We act for buyers and sellers with auction matters for residential and commercial property and land and we would be delighted to help you.