Our Property Auction Experience
Given our extensive experience in dealing with auction properties, we are familiar with all the major auction houses and their requirements.
We aim to provide an approachable, pro-active and responsive service to ensure your auction requirements are delivered within the short time periods available and in a cost-efficient manner.
Examples of our recent work include the following:
Sales
- Acting for an investment client on the multimillion pound disposal of its 27 properties which includes several industrial estates, a multi-national fast food franchise site and several retail units with national chains as tenants.
- Acting for an investment client on the sale of a number of properties on an industrial estate in Stockport. We divided the property prior to auction and sold it in several lots.
- Acting for a pension scheme in relation to the disposal of a high street retail property in West Yorkshire.
Purchases
- Acting for a new client in relation to the purchase of a two tower, 116,500 square foot, two storey office building for £2.8 million.
- Acting for an established client in relation to the purchase of 7 investment properties at auction in the last 12 months, including the purchase of a large B&Q warehouse, a small industrial estate, a multi-let office building and several retail outlets.
- Acting for the tenant of a property, whose landlord wished to sell the property at auction on short notice. We were able to advise the tenant quickly on the contents of the legal pack, to enable them to put an offer to the landlord.
Myerson Property Portal
The Myerson Property Portal is a free tool for property investors and professionals.
With the Myerson Property Portal, you gain a competitive edge in the rapidly evolving property landscape.
Our free portal will help you manage your properties with ease and efficiency by providing a seamless service wherever you are.
Not just a management tool, it's an essential companion for the modern investor seeking to optimise their portfolio while staying updated on the latest in the property world.
So, what are the benefits?
- Your own client area, giving you access to all your legal documents, conveniently accessible anytime, anywhere!
- Key legal information at your fingertips.
- Must read property news, blogs and videos.
- Access to free property events and training workshops.
- A comprehensive collection of helpful property documents and guides.
Why Work With Us?
- We have been ranked as a Top Tier law firm by the Legal 500 for the last seven years.
- Property investors and professionals can access our free and informative Property Portal.
- You will have access to more than 30 property experts across the Myerson Property Group, including commercial property, property litigation, construction, residential property conveyancing and development.
- You will receive city-quality commercial property legal advice at regional prices.
- We provide a partner-led service to ensure you receive the very best legal advice and commercially-minded support.
- We have a large team which is capable of meeting your deadlines.
- We understand that each transaction is bespoke to your individual circumstances and that you need support from a property lawyer who is experienced in dealing with a wide variety of clients and types of work.
- We are a full-service law firm operating from a one-site office, which means our teams communicate effectively and efficiently.
- We use the latest technology to ensure that we are working as efficiently as possible and that geographical distance is no bar to us from providing excellent client service.
- We were the winners of ‘Property Team of the Year 2021’ at the Manchester Legal Awards.
- We provide free newsletters and webinars to all our clients to keep you up to date with the real estate sector and changes in the law. Watch our latest property update webinar here.
- Take a look at the Myerson Promise for further benefits of working with us here.
Our Property Auction Service
As a seller, you may see an auction as a straightforward and quick way to dispose of your property, particularly if there are issues with it or you have struggled to sell it on the open market.
As a buyer, you may view the auction room as an opportunity to purchase a bargain
There are risks involved when buying at auction, due to the timescales which are often involved and the lack of information which can be available, but we can help you to identify and minimise these risks.
Selling a property at auction:
We find that the more comprehensive the auction legal pack, the more likely it is that the property will receive interest at auction. A lack of information will often put off a buyer altogether or complicate the completion process. We can assist with the following:
- Preparing a comprehensive title pack including carrying out a set of searches in relation to the property and providing answers to common enquiries
- Tracking down and collating the details of any tenants and leases, rent, service charges paid etc.
- Investigating any anomalies at the property so that these can be brought to the buyer’s attention at an early stage, which will streamline the completion process
- Protecting your position by either resolving any anomalies or covering the risk of these in the sale contract
- Site visits if the property will be split up into separate parcels at auction, to ensure that any land which will be retained by you has any rights you will need to continue to use that property and/or to develop it in the future.
Buying a property at auction:
As soon as the hammer drops after your bid, you are bound to buy the property whether or not you have properly checked the legal information in the auction pack. There may be major title defects or other serious concerns which will not be apparent from a physical inspection.
It is always best to approach us prior to an auction, as soon as you have identified that you are interested in a property, so that you can be made aware of any issues with the property before you enter the auction room. We can assist you with the following:
Before you propose to bid:
- Carrying out a thorough due diligence exercise on the property in a limited period of time
- Reporting to you on the property, searches, leases and the sale conditions
- Further investigations and even negotiations if we have an opportunity to do this prior to the auction (though a seller will often refuse to engage in any discussion)
After your successful bid (but you will be legally bound to complete the purchase):
- Carrying out a thorough due diligence exercise of the property to reassure you and check there has been no misrepresentation by the seller and/or auctioneer
- Reporting on to you on the property, searches, leases and any other matters affecting the property
- Preparing for completion in a limited period of time: completions usually take place within 4-6 weeks of the date of the auction
Testimonials
Our Commercial Property Team
Home-grown or recruited from national, regional or City firms. Our commercial property solicitors are experts in their fields and respected by their peers.
Contact Us
If you have any more questions or would like more information, please get in touch with our team below.