Property specialists at Sheffield law firm Wake Smith are predicting an increase in commercial and domestic auction sales in the city. Wake Smith & Tofields believe that the news that Britain was technically out of recession will lead to an increase in the number of properties sold at auction.
Peter Baker, from the firm's Property Auction Unit, says that the amount of property sold at auction last year, optimism among local auctioneers, signs that funding is returning in some sectors and increasing confidence in auctions among buyers are fuelling prospects.
He highlights the success of Sheffield auctioneers Mark Jenkinson & Son, who have sold properties totalling £31.9 million during 2009 - a 20% increase on 2008.
Adrian Little of Mark Jenkinson & Son says 2009 saw significant improvements for all auctioneers, with the percentage of properties offered at auction that sold increasing from 65% to 75%, while the Sheffield firm achieved an 86% success rate.
Peter Baker comments: "Given Adrian Little's comment that the prospects for the year remain good with signs that funding is returning to some sectors enabling buyers to benefit from the varied properties coming to the market each month, it would seem that buyers believe that buying at auction makes sense.
Peter is a member of the Property Auction Unit which is part of the Commercial Property team at Wake Smith & Tofields. The team is the largest of its kind in the area, with extensive expensive in providing legal advice for people buying and selling at auction.
Peter offers the following legal advice when buying and selling at auction:
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Consult the experts; use all the available help and information you have. Consider; is the seller selling what you expect to be buying? Understand exactly what you are bidding for to avoid unnecessary expense and confusion.
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If you are hoping to develop the property or rent it out rather than live there yourself, check the finer details. You may not be at will to do so once the property is in your possession.
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Small print: likewise consult your solicitor to check the details of the agreement. Are there any hidden fees you may be responsible for? The seller's legal fees are a common example.
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Make investigations to establish whether you will be able to mortgage the property if you need to in the future.
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Whether you're buying or selling take time to consider your legal pack. Is it comprehensive enough - ask your solicitor whether there is there anything missing which maybe putting buyers off. Likewise, get your solicitor to check over the legal pack if you're considering making a purchase. There may be something missing for a reason.
For more information and legal advice on successfully buying and selling at auction contact Neil Salter on 0114 266 6660 or email [email protected]
