Commercial property auction solicitors.docx

1. Commercial property auction solicitors Our solicitors provide specialist legal advice if you are buying or selling a commercial property at auction. As with any property transaction, you must carry out your due diligence ahead of the auction. Property law is governed by the doctrine of 'caveat emptor', which translates as 'let the buyer beware'. The responsibility, therefore, lies solely with the buyer to do their homework. If you're buying a commercial property at auction, our team is available to review the auction pack and offer expert legal advice ahead of the date. In addition to the purchase price, auction sellers typically require the buyer to pay part or all their legal costs associated with the sale. Our auction solicitors can ensure your interests are protected at all times and guide you through the process. Guiding you through the auction conveyancing process ● If you've never bought a commercial property at an auction before, we always recommend attending an auction to observe proceedings to get a feel for the process. It is essential to properly review the auction pack. This is put together by the vendor’s solicitor, providing you with copies of the title deeds, special conditions of sale, Land Registry searches, and any other relevant documentation. Our auction solicitors will be able to advise you on anything of significance or concern. We always recommend contacting a qualified surveyor to carry out a proper survey on your potential new premises. If you need an introduction to a surveyor, then we are happy to provide one. ● ●

2. ● Have your finances ready, including 10% in cleared funds to pay on the auction day. Once you've paid the deposit, you will have a maximum of four weeks to pay the remaining balance, so ensure you have an agreement in principle if you need a mortgage. Check your liability to pay VAT on the purchase. If there are currently tenants in the property, your auction solicitor will check the status and duration of the tenancy. ● ● Expert advice on commercial property auctions Our team of commercial property solicitors in Levenshulme, Manchester can help you understand the auction process.