Our 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

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Our Approach & Our 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. We carried out a comprehensive review of the title prior to dividing the property, dealt with issues such as the allocation of ground rents, the responsibility for services and rights of access over the road for all of the properties. All the properties were successfully sold at auction and the completions took place in a timely manner. The client recovered a requisite proportion of his costs for the sale through our drafting of the contract.
  • 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. We were instructed after the client’s successful bid. He had not taken any legal advice prior to the auction. We reviewed the auction pack and advised the client as to the issues affecting the site, in particular, there were employment issues which could have been a potential problem. The client was also purchasing the building with a view to redevelopment of one of the towers as an aparthotel and had submitted an application for planning permission. We also carried out refinancing of the site with HSBC Bank Plc following the purchase and advised on lease issues relating to its redevelopment. Our quick, proactive and commercial advice enabled the client to complete the purchase on time, whilst being aware of the issues. Our approach has cemented the new relationship with the client who continues to instruct us.
  • 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.  The offer was accepted and contracts were exchanged before the auction took place, safeguarding the tenant’s business for the longer term.

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Our Promise & Core Values

Our Promise

The Myerson Promise - Our Partners, team of lawyers and support staff commit to giving our clients more.

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To always give you clear, jargon-free advice.
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To be completely transparent about our fees from the outset.
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Progress every matter in an efficient and timely matter.

Our Core Values

Our core values are at the centre of everything we do.

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We are always professional but ensure that we are friendly and approachable.
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We are determined and enthusiastic about supporting our clients and our people.
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We willingly take responsibility and can be relied on to be commercial, effective and efficient.

Meet Our Specialists

Home-grown or recruited from national, regional or City firms. Our specialists are experts in their fields and respected by their peers.

Mark Gillies

Mark Gillies

Mark is a Partner in our Commercial Property department

Sarah Fecitt

Sarah Fecitt

Sarah is a Senior Solicitor in our Commercial Property department

Lisa Bricknell

Lisa Bricknell

Lisa is a Solicitor in our Commercial Property Department

Cindy Bishop

Cindy Bishop

Cindy is a Solicitor in our Commercial Property department

Charlotte Hook

Charlotte Hook

Charlotte is a Solicitor in our Commercial Property department

Testimonials

Contact Us

Please send us your enquiry using this enquiry form, or you can send us an email to lawyers@myerson.co.uk