Further reading
Buying at auction for the first time...
Auctions have become a prominent avenue for the sale of development sites
A lot with no reserve will always attract attention. And this particular lot in Wales offered by Seel & Co auctioneers had a starting bid for of £1... (Lot 32)
It's not a house or one of the retail units up for sale, it's the parking lot at the front of the stores, plus a smaller one at the rear. The two car parks are going to auction with an opening bid of £1 with no reserve, meaning if you are the only bidder the two spaces are yours. Seel & Co have stated that the freehold parking areas adjacent to a busy shopping precinct 'may be suitable for development, subject to consents'.
It is of course vital that any prospective bidder researches the lot thoroughly, as extra information in the special conditions of sale reveals that there is a buyer's premium of 1.2% with a minimum of £1,200, payable on exchange of contracts. The legal pack should always be inspected for any further disbursements to be paid by the purchaser on completion.
We have covered the topic of what to look out for when reading a legal pack before in a previous blog post here.
Essential Information Group - News and Information
Keep up to date with our latest news, case studies and what's going on in the property auction industry on our blog.
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