TW Business
Pre Auction Service
Properties being sold at auction are likely to be unique, difficult to value or may have some hidden issues or defects. An auction contract is usually prepared by the seller's solicitor in collaboration with the auctioneer and once the gavel falls, the buyer is bound by those terms. To prevent costly mistakes it is vital that a solicitor has checked this for you - before you attend the auction. You should also ensure that you have finance in place prior to the auction. We provide a service for the purchase of auction property including:
Reviewing the terms of the contract.
Reviewing the documentation provided by the Seller in the auction package and if time permits we would carry out a local authority search which will reveal all the information the local authority holds in relation to the premises. This reveals important information such as planning permissions and any enforcement notices, an Environmental Search to ascertain if there are any potential issues relating to contamination, a drainage search to ensure that the premises are connected to foul and water drainage and a water supply and a chancel search to reveal whether or not the property you are proposing to lease may be affected by a potential “Chancel Repair” obligation to the local Parish Church.
Reviewing any formal written enquiries.
Prepare a full and detailed report to you explaining (a) the terms of the contract and the obligations contained in it (b) the results of the searches and (c) the replies to enquiries raised with the Seller.
If you are successful at the auction we would then be able to deal with the pre-completion searches and post completion formalities including:
Calculate the Stamp Duty Land Tax payable on the purchase, complete the Stamp Duty Land Tax return on behalf of you and pay the Stamp Duty Land Tax to HM Revenue & Customs.
Complete all post-completion formalities required such as the registration of the transfer and the legal charge at the Land Registry.
Factsheets
Articles
3.4.12An overhaul of the English planning system
13.3.12How can I get the most out of my terms and conditions of business in the current economic climate?
13.3.12Stamp Duty relief available on multiple purchases from same seller
27.10.11Shareholder buyouts
11.7.11Distressed Sites
28.6.11New climate of risk averseness
27.6.11Commercial letting code
12.4.11Budget news 2011
10.9.10Handling personal data
3.9.10Property Downturn - how to cope
3.9.10Planning permission
27.4.10Company debt
27.4.10Data Protection: new powers
8.4.10Agency agreements
25.3.10Budget news for business
2.2.10The Provision of Services Regulations 2009 came into force on 28 December 2009.
30.11.09Reduce your rental costs
16.11.09Restrictive covenants

