Stephensons Trustpilot stars
Based on count 1001
View all reviews

Selling commercial property at auction

Sellers of commercial property are increasingly using auctions to facilitate quick property sales. As a result, Stephensons have introduced new fixed fee packages for the preparation of auction legal packs.  Maximise your chances of sale by instructing Stephensons as soon as possible. 

Have your professionally prepared auction pack available for sellers at the earliest opportunity by instructing us now.  Instruct us on a fixed fee package below, or call now on 0161 696 6174 for a free, no obligation initial chat with one of our legal advisors.

 

Selling commercial property at auction – fixed price legal services

Our commercial property team offers a range of comprehensive fixed price legal service packages on auction property transactions, these include:

Bronze auction pack - £495 plus VAT

Included:

  • Land Registry Title Register
  • Land Registry Title Plan
  • Copy lease (if leasehold)
  • Auction Conditions for Sale

Auction sale completion - £395 plus VAT

Silver auction pack - £695 plus VAT

Included:

  • Auction Pack Contents List
  • Land Registry Title Register
  • Land Registry Title Plan
  • Copy lease (if leasehold)
  • Auction Conditions for Sale
  • Replies to CPSE 7 (short form commercial property enquiries)

Optional addition - property searches pack* including:

  • Local authority search
  • Water and Drainage Search
  • Environmental Search
  • Coal mining search (if applicable)

Auction sale completion - £395 plus VAT

Gold auction pack - £995 plus VAT

Included: 

  • Land Registry Title Register
  • Land Registry Title Plan
  • Copy lease (if leasehold)
  • Auction Conditions for Sale
  • Replies to CPSE 1 (long form commercial property enquiries)
  • Relevant Planning Permission and Building Regulations Information
  • Communication with accountant on tax
  • Any warranties for the property.

Optional Addition - property searches pack* including:

  • Local authority search
  • Water and Drainage Search
  • Environmental Search
  • Coal mining search (if applicable)

Auction sale completion - £395 plus VAT

*Property searches are charged in addition to the legal fees. The average pack cost is £350 plus VAT.  Search packs vary depending on location and property size. See terms and conditions.

For more information about our fixed price packages please call our team on 0161 696 6174.

Which package should I choose?

The package you choose will mostly be determined by three factors:

  1. Timescales
  2. Cost
  3. Knowledge of the property

Where there is an urgent need for the quick preparation of a legal pack, we would recommend choosing the bronze package.

To provide as much information about a property as possible, we suggest the gold package. 

The silver package is a great package for providing that extra bit of information to increase interest in the property without the long form of enquiries.   

Don’t let cost be a barrier to maximising your chances of sale.  It is more and more common for seller’s to require buyer’s to contribute towards the legal costs of preparing the auction pack. 

A guide to selling commercial property at auction

Auctions can be a quick and easy way to sell your property. It is, however, important that you prepare carefully for the auction so that you can maximise your chances of sale and receiving the best price at auction. If a property is placed in auction but does not sell, you will usually still incur some fees, so maximise your chances to sell.  

Below is a helpful guide to putting your and property in auction:

1. Collate your title information

Most properties are now registered at the Land Registry. We will usually be able to download the necessary information from the Land Registry, but there may be some documents that are unavailable. For example, if your property is occupied by tenants on short term leases or tenancy agreements, these will not be held by the Land Registry. You should start to collate your title documents as early as possible. Here at Stephensons we will be happy to talk to you about the property and what documents you will need.

2. Timing

Auction packs are usually made available to prospective buyers online. You will want as many people as possible to see the pack. Be prepared to instruct the auctioneers and your solicitors as early as possible to prepare the auction pack to ensure it is available for viewing by interested parties as early as possible. We at Stephensons recognise this and will strive to prepare the pack for you as quickly as possible.

3. Title defects

If your property has a title defect that is easily resolvable then you may wish to consider taking steps to resolve it before the auction to increase the saleability of the property. You can also choose not to resolve defects. We will be happy to assist you with this and provide you with advice on the available options.

4. Consider your options

Take steps to consider as early as possible whether or not you wish to impose any covenants or restrictions on the property after it has been sold. This could include overage or a covenant not to do something on the property (such as not to use it as a public house).

5. Will the buyer meet your costs?

A seller does have the option of asking to buyer to pay a contribution towards some or all of the seller’s legal and other costs (such as searches). This is increasingly common.

6. Searches

You should consider carefully what searches are included in the auction pack. As a seller you should try and provide the buyer with as much information about the property as possible. Do remember, the cost of searches, will be an “up front” fee. If the property does not sell at auction you will be responsible for this cost. Here at Stephensons we will be happy to discuss with you the searches to be included in the auction pack.

7. Replies to standard enquiries

It is important to provide the buyer with as much information about the property as you can, provided that it does not reveal any problems. Whilst for sellers replies to Commercial Property Standard Enquiries can be cumbersome to complete they should always be included in an auction pack where possible.

Terms and conditions

  • Our fixed fees are per property/unit. Additional properties/units charged at the fixed fee per unit or property to a maximum of four properties or units. Larger properties or numbers of lettings are subject to bespoke fee estimates.
  • Properties subject to existing lettings are subject to an additional fee of £245 plus VAT per letting 
  • If the sale property has a current mortgage on it there will be an additional fee of £100 plus VAT for dealing with the mortgage repayment.
  • Our fixed fee includes one Identification verification. Any additional ID Checks will be charged at £10 plus VAT.
  • Our fixed fee includes obtaining the title register and title plan. If leasehold our fixed fee includes a Land Registry copy lease. If additional land registry documents are required, these will be charged at £5 plus VAT per document.
  • Property searches are charged in addition to legal fees
  • On instruction we will ask for an initial payment on account. 
  • Our quotations are valid for 14 days from the date of issue.
  • Our fixed fee packages do not apply to sales of properties as going concerns.
  • Our fixed fee packages are intended for dealings of whole properties.  Dealings with part, bespoke drafting, restriction covenants, options, overage agreements and pre-emption agreements are excluded from our fixed fee packages.

loading staff

4.7out of 10
4.7 score on Trustpilot Based on count 1001

We're Great

It is our business to deliver legal services that work for our clients, and you can trust our specialists to take care of things on your behalf.

Our Trustpilot reviews

Update: Corporate Insolvency & Governance Bill 2020

The measures put in place by the government earlier this year to protect businesses against the threat of insolvency and those protecting directors against wrongful trading claims by a liquidator have been extended to 31 December 2020, to give companies...

Read more

Twitter commercial

@CommercialLLP

Stephensons named a finalist in the Personal Injury Awards 2020

The national law firm, Stephensons, has been named a finalist in the ‘Outstanding Case of the Year’ category at the Personal Injury Awards 2020 . Now in its 13th year, the Personal Injury Awards highlight and celebrate the excellence of...

Read more

Commercial property reorder

  • David Baybut
  • Kate Bullen
  • Jonathan Chadwick
  • ​Chris Graves
  • Louise Hebborn
  • Julie Ball
  • Paul Davies
  • Jessica Charnock
  • Gary Jackson
  • Laurence Searle