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Land Auctions

Land AuctionLand Auction have become a popular route for buying cheap land for sale in UK. To buy plot of land in land auction, first thing you need to know the plot of land is in your price range, the land auctioneers will have set a guide price to encourage interest in the land for sale. Note that this is not the reserve price. First time buyer should attend the land auction before purchasing just to observe the process before investing any money.

Buying Plot of land anything at land auctions can be risky if you haven't done your homework. Plots and conversion opportunities are sometimes sold in this way - often by bankrupt businesses or property owning companies - and advertised in the local and national press.

There is normally only about a month between the announcement of the land auction and the sale in which to arrange finance and carry out the necessary surveys and searches. If you are the highest bidder above the reserve price then, once the hammer falls, you have effectively exchanged contracts and will be required to pay the deposit immediately, with the balance payable within a specified time, often one month.

It is possible to purchase land prior to land auction by making a reasonable offer to the vendor, although you will never know how much less you may have paid at sale! If you dearly want and can afford the plot, however, then this is probably the safest route to take.

There is nothing worse than watching the perfect plot being sold to another bidder for a fraction more than your budget - and nothing more likely to make you break that golden rule and keep on bidding!. There are a range of fees associated with land auctions. Successful bidders are generally required to pay a 10% deposit or a minimum amount, required on the day. The final balance of the land will be due on completion.

-  James M

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