Property

Auction Conveyancing

We continue our successful run of  Auction Conveyancing sales, achieving rapid profitable returns for clients. We have been working with Savills amongst others.

In each case both the guide and reserve price were well exceeded. In December 2006 successfully sold in excess of £1,750,000.00 worth of property at auction on a single day, achieving figures of almost £500,000.00 more than the clients expected and with extra beneficial terms for their clients.

On the selling side we carefully select which properties are suitable or not suitable for auction prior to a decision to auction and before being announced on the market.

Generally speaking the more successful properties are those that are run down and tired. Obviously location is important. Often it is better not to do up a property.

The freehold reversions of tenanted properties can be sold by auction if proper notice is given to the tenants and if the correct procedures are followed. The tenants may have the right to buy the property at the auction price within 28 days after the auction sale.

Careful preparation of all the supporting papers, planning, searches, details of tenancies and anything else a buyer would want, is necessary. We work closely with the client and the Auctioneer in preparation, monitoring, timing and answering of enquiries.

The beauty of the system is that the seller can achieve rapid results, possibly in a short space of time, 4-6 weeks. On the fall of the hammer, the purchaser is bound to the contract, a 10% deposit is paid with the balance of 90% being paid on completion being 21 days to 28 days after the Auction.

Acting for buyers, we carefully vet the Special Conditions of Sale and the Title which can contain hidden conditions e.g. a buyer’s premium. The Latin term “Caveat Emptor” (let the buyer beware) still applies.

For buyers we also work closely with their other professional advisers to ensure that everything is in place prior to the Auction date. We usually attend Auctions with buyers and sellers as we take a keen interest in achieving the best results for clients and instilling an objective sense of realism even when the bidding gets hot.

For success you need a lawyer with a good command of land law coupled with knowledge of the market and ability to gauge the reaction of those in the market.
 

Auction Conveyancing - a success story

Pursuant to Probate, we advised an Executor to auction a good but run-down flat in Central London. The Executor initially rejected this advice until two buyers messed him about for over a year at considerable expense to the estate. Since then the market declined.

Normally we do not like to go to auction after an attempt to sell a property by private treaty, but the exasperated client eventually took our advice.

Within a month the property was successfully sold at auction at a price almost 5% better than the original asking price and with the money received 21 days later.
 

To discuss your own situation or to make an appointment, contact one of the lawyers dealing with property matters, Felix Appelbe, Andrew Penfold or Christopher Hall  on 020 7242 7000 or use the Contact Request Form.

Ambrose Appelbe is regulated by the Solicitors Regulation Authority with registration number 191153

© Ambrose Appelbe 2004-2008
This web site contains general information only and does not constitute legal advice. You should take suitable advice as to your specific circumstances. Ambrose Appelbe accepts no responsibility and disclaims all liability in relation to such information.