Preparing to Buy Commercial Property at Auction

In recent years, the property market has suffered from a great deal of uncertainty, but this is not the case for commercial property, which has proved to be one of the best performing assets as more people purchase commercial buildings at property auction Lake District for either their own business use, or as an investment to lease. The process of buying commercial property at property auctions Lake District, though, is very different from buying through an estate agent, with a much speedier but immediately legally binding process. It is therefore vital that potential purchasers do all the necessary groundwork, even before the auction begins.

Preparing for a Property Auction Lake District

Preparation is the key to purchasing at property auctions Lake District, and it is vital that you undertake thorough research on the home before purchase – why is it being sold? Does it have any structural defects? Is it valued correctly? A commercial property investment sales specialist who has a thorough understanding of the capital markets and different types of commercial property can also be of help. You should discover if the property has planning permission for commercial use by consulting with a chartered surveyor or the local planning authority.

Arranging Finance

Once you have registered with a property auction Lake District, studied the catalogues, identified potential purchases and possibly registered your interest with the properties, you should begin to think about your budget and begin to organise the finances for the purchase. Be realistic about how much money you have to spend, and ensure that you arrange commercial mortgage finance and obtain a 'decision in principle' from a lender before the auction takes place.

Viewing the Building

Before bidding at property auctions Lake District, you should ensure that you view the property, preferably accompanied by an experienced building contractor, surveyor or architect, who will help you to spot any potential problems and give you an idea of repair costs. At this stage, you should also get the legal pack from the vendor's solicitor and ask a legal professional to check through the conditions of the sale and undertake the usual property searches. It is important to remember that any purchase at a Property Auction Lake District is legally binding as the hammer falls, so it is vital to confirm, via a solicitor, how the property can be used, what the plans are for the area, how the site can be accessed and the condition of nearby roads.

Putting in as advance offer

If you are sure that you want to buy the property at property auctions Lake District, it is possible to put in an offer via the auctioneer before the auction date, but it is essential to have your finances in place. If the vendor accepts your offer, contracts will be exchanged immediately and you must pay 10% of the deposit immediately and the remaining 90% in 20 working days.

Buying commercial buildings at property auction Lake District can be an excellent way to find good value premises not available on the open market, but doing your research is the most important part of the process if you want to avoid losing out financially.

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