Since COVID-19 hit these shores last year, the government has implemented temporary measures to protect commercial tenants from having their leases forfeited or being forced into insolvency where they have been unable to pay rent as result of the pandemic on...
Whether you are an experienced auction buyer or whether you are a complete novice in the auction market you will have similar issues to bear in mind and similar pitfalls to watch out for. Nowhere more than in auction transactions does the “caveat emptor” rule – buyer beware - really come home to roost. Once the hammer falls you are legally bound to purchase the property - warts and all.
- Is the occupational lease an FRI lease?
- Is there any risk of the rent under the lease going down on review?
- Can the tenant terminate the lease early?
- Will VAT be payable on the purchase price?
- Does the property have all necessary rights of access?
These and similar are questions that have a direct bearing on the value of the property you are looking to buy and on the yield you can expect to receive for your investment . It is vitally important to seek advice on the legal issues before you bid at auction in order to ensure that you are not going to end up with a millstone round your neck.
Buying Property at Auction
Our experienced team will highlight factors of concern or factors capable of adding value to your investment and will guide you through the whole auction process making it as effortless and stress free for you as possible. We are used to working to the tight time-frames associated with auction transactions.
Selling Property at Auction
We can also assist you if you are looking to sell your property at auction. We realise the importance of a properly prepared legal pack and of dealing promptly and efficiently with pre auction enquiries from interested parties in helping achieve a successful sale.
We have strong connections with the leading London auction houses and a reputation for getting things done.
For further information please contact: