In the dynamic landscape of UK commercial property, auctions have emerged as a compelling avenue for both buyers and sellers. At Inspire Legal Group, our dedicated team of commercial property solicitors is committed to seamlessly guiding you through the intricacies of auction transactions, be it purchasing or selling business premises, development land, or mixed-use properties.
Auctions present a unique opportunity for buyers to secure commercial properties at prices often lower than those found on the open market. However, navigating the legal intricacies is crucial. Under the ‘caveat emptor’ doctrine, or ‘let the buyer beware,’ once the hammer falls, you’re legally bound to purchase, making thorough preparation essential. Our solicitors ensure you’re well-prepared by conducting property searches, due diligence, reviewing auction packs, and advising on every aspect of the transaction.
Working with you
Our commitment extends beyond legal expertise. We collaborate with third parties, including commercial agents, accountants, and IFAs, tailoring transactions to your specific needs.
Navigating the intricacies of commercial property auctions demands expertise and diligence. Our commercial property solicitors at Inspire Legal Group are here to safeguard your interests, ensuring a smooth journey through the auction landscape.
Buying at Auction
For buyers eyeing a commercial property at auction, our solicitors meticulously check sale conditions, conduct due diligence on auction packs, and provide advice on:
- Energy Performance Certificates
- Financial matters and fund transfers
- Inspections and surveys
- Property title and legal documentation
- Exchange and completion processes
- Enquiries and contract negotiations
If a mortgage is in play, readiness is key. Lenders will scrutinize the property’s value, and a 10% deposit on the auction day, with the balance due in 20 working days, is standard. Immediate buildings insurance is essential post-hammer fall to assume liability.
Selling at Auction
Property owners, enticed by the speed and competitive environment, often favour auction sales. Our solicitors collaborate closely with you, handling title investigations, drafting legal documents, managing buyer enquiries, overseeing financial matters, and ensuring all aspects of the auction process are seamlessly handled.
Why choose Inspire Legal Group?
We’re a unique technology-driven law firm that’s revolutionised the legal industry, bringing it into the modern age.
We’re embracing smart contracts and Blockchain technology, inspiring the industry with these innovative digitised technological solutions. Our technology enables you to digitally sign contracts from anywhere and enables us to undertake witnessing via Zoom.
Our commercial property lawyers are innovative leaders and specialise in providing independent legal advice. They’re professional, proactive and fully trained, and can provide tailored solutions on a one-off or ongoing basis to meet your business needs.
Contact Us
For your initial consultation, contact us today
and one of our specialists will be in touch.
