01 June, 2020
Despite the challenges faced as a result of the lockdown measures introduced on 23rd March, auction house Pugh have proven that it is still very much possible to buy and sell property even with social distancing measures in place. They have effectively moved all their auction room sales to online sales and have reported a £5m sales performance in their April property auctions, having sold 51 lots. Pugh provide a good example of how certain businesses can adapt to operate successfully, albeit with social distancing measures in place.
Here at Forbes, we can help you with the process of buying a property at auction with our pre-auction pack review service. We provide you with a summary of the contents of an auction pack having considered the following areas:
Each auction pack review is tailored to account for your intended use/future use of the property or land that you are interested in purchasing. This gives you the added peace of mind and confidence that the property you are interested in buying is appropriate for your needs and that there are no nasty surprises. Doing your research before you become contractually bound to buy the property - on a successful bid at the auction - really is key.
It is beneficial for us to have access to the auction pack as early as possible as that gives us an opportunity to ask questions of the seller's solicitor and obtain copies of any missing documents, however, we understand that attractive lots can appear in an auctioneer's catalogue at the last minute and, for an expedited fee, we can usually work with you to provide a review at short notice.
For more information contact Helen Marsh in our Commercial Property department via email or phone on 0333 207 4236. Alternatively send any question through to Forbes Solicitors via our online Contact Form.
Learn more about our Commercial Property department here