UK Pub Sales Auctions
Buying a pub at auction used to be only for property developers & wealthy individuals, however times have changed and so have pub sales auctions.
Anyone can now buy a pub at auction, but beware it doesn't always mean you'll be getting a bargain!
Property auctions usually set guide prices low to encourage bids however most pubs will have a reserve price which isn't revealed unless not reached.
Freehold Pubs & Leasehold Pubs For Sale At Auction
So what's the attraction of buying from an auction? Buying at auction does have many benefits. The main benefit of buying at auction is that you avoid the conventional drawn out process of buying a property. At auction a sale is condensed into a matter of minutes rather than months and when the hammer falls, you own the property.
If you've set your mind on buying a particular pub at auction properties are usually advertised for three or four weeks before the auction day, during which time you can inspect them. This is the time to do your homework and importantly make sure it's suitable. If you decide to take the plunge, let the auction house know you're interested, so it can keep you informed of developments.
Some pubs are sold prior to the auction. This is also the time to have the pub surveyed; Legal documents are usually available to download from the property auctioneer's website which you should get your solicitors to look through, however you don't need your solicitor to attend the auction.
Pubs For Sale at Auction
Hotels, Restaurants, Wine Bars & Pubs for Sale at Auction
If finance is required it's wise to arrange a mortgage in principal with a bank or building society before attending the auction. If successful you will be expected to pay a deposit (usually 10% of the final purchase price) on the day of the auction and be able to complete within 28 days. You must also be prepared to insure the property from exchange of contracts.
Once the above has been satisfied and you attend the auction set some ground rules, set your limit and stick to it. If you think you'll get carried away, send someone else to bid on your behalf. Most pubs for sale at auction sell for more than the guide.
Auctioneers are experts at pushing up the price and bouncing offers of the wall. Bids tend to go up in £5,000 jumps, then £1,000 and £500 with the auctioneer squeezing every last penny out of bidders. If your bid is successful, you will have to sign and exchange contracts immediately and pay a 10% deposit. This can be either a cleared cheque or banker's draft cash will not be accepted. If you cannot pay the remaining 90% usually within 28 days you will forfeit your deposit.
Also remember you may have to pay VAT and stamp duty on top of the purchase price. Finally if you don't want to attend the auction or you don't want competition, before being entered into an auction most pubs have been marketed by an estate agent so if you are desperate for the property you can make an offer before the auction to the agent. Most vendors will happily accept offers if it is high enough.
Buying Investment & Development Property at Auction: Pubs, Hotels & Licensed Properties For Sale at Auction
Auction lists of closed down, empty, run down, derelict & distressed pubs, wine bars, hotels, restaurants and other licensed properties for sale at UK property sales auctions
Paramount Investments specialise in the sale of distressed residential, industrial and commercial properties suitable for redevelopment, renovation, repair, refurbishment or restoration. We also advise on pub company, pub chain or brewery pubs for sale in London, Glasgow, Birmingham, Manchester, Sheffield, Leeds, Liverpool, Bristol, Cardiff, Leicester, Hull, Newcastle and Bradford and .throughout the UK
Search Below Market Value Public Houses, Pubs, Wine Bars, Restaurants & Hotels For Sale
Freehold pubs & hotels for sale in East Anglia: Peterborough, Luton, Southend on Sea, Welwyn, Hatfield, Stevenage, St Albans, Bedford, Dunstable, Cambridge, Norwich, Ipswich, Huntingdon, Lincoln, Harlow, Epping Forest, Brentwood, Basildon, Chelmsford, Braintree, Great Yarmouth and Kings Lynn
Freehold pubs & hotels for sale in London: Barking and Dagenham Barnet Bexley Brent Bromley Camden City of London City of Westminster Croydon Ealing Enfield Greenwich Hackney Hammersmith and Fulham Haringey Harrow Havering Hillingdon Hounslow Islington Kensington and Chelsea Kingston upon Thames Lambeth Lewisham Merton Newham Redbridge Richmond upon Thames Southwark Sutton Tower Hamlets Waltham Forest Wandsworth
Freehold pubs & hotels for sale in the Midlands: Birmingham, Coventry, Derby, Wolverhampton, Leicester, Northampton, Nottingham, Stoke-on-Trent, Bromsgrove, Burton upon Trent, Buxton, Cannock, Chesterfield, Dudley Evesham, Grantham, Hereford, Hinckley, Ilkeston, Kenilworth, Kettering,, Kidderminster, Leamington Spa, Lichfield, Mansfield, Nuneaton, Redditch, Rugby, Rugeley, Shrewsbury, Solihull, Stafford, Stourbridge, Stratford upon Avon, Sutton Coldfield, Tamworth, Telford, Uttoxeter, Walsall, Warwick, Wednesbury, Wellingborough, West Bromwich and Worcester
Ppubs & hotels for sale in South West England: Bristol. Plymouth, Bournemouth, Poole, Swindon, Gloucester, Cheltenham, Torbay, Exeter, Bath, Weston super Mare, Salisbury, Taunton, Newquay Truro. Falmouth, Penzance, Tewkesbury, Cotswolds, Stroud, and Weymouth.
Pubs & hotels for sale in South East England: Brighton, Guildford, Worthing, Portsmouth,, Reading, Basingstoke, Southampton, Milton Keynes, Aylesbury, Wokingham, Bracknell, Medway, Ashford, Dover, Oxford, Hastings, Crawley, Maidstone, Canterbury, Wycombe and Slough
Freehold pubs & hotels for sale in Wales:
Blaenau Gwent, Bridgend, Caerphilly, Cardiff, Carmarthenshire, Ceredigion, Conwy, Denbighshire, Flintshire, Gwynedd, Isle of Anglesey, Merthyr Tydfil, Monmouthshire, Neath Port Talbot, Newport, Pembrokeshire, Powys, Rhondda Cynon Taff, Swansea, Torfaen, Vale of Glamorgan, Wrexham
Freehold pubs & hotels for sale in Yorkshire: Leeds, Bradford, Sheffield, Rotherham, Barnsley, Doncaster, Wakefield, Scunthorpe, Calderdale, Selby, Harrogate,, Scarborough, York, Hull, Scunthorpe, Grimsby, Huddersfield, Halifax, Dewsbury and Keighley
Pubs & hotels for sale in North East England: Newcastle upon Tyne, Darlington, Durham, Gateshead, Hartlepool, Middlesbrough, South Shields, Stockton-on-Tees and Sunderland.
Pubs & hotels for sale in North West England: Manchester, Liverpool, Warrington, Blackpool, Bolton, Stockport, Preston, Blackburn, Oldham, St Helens, Rochdale, Crewe, Carlisle, Southport, Birkenhead, Wigan, Burnley, Salford, Barrow-in-Furness, Wythenshawe, Ellesmere Port, Runcorn, Bury, Bootle, Wallasey, Huyton, Widnes, Sale and Macclesfield.
Freehold pubs & hotels for sale in Scotland: Glasgow, Edinburgh, Aberdeen, Dundee, Paisley, East Kilbride, Livingston, West Lothian, Cumbernauld, Hamilton, Kirkcaldy, Fife, Ayr, Perth, Kinross, Kilmarnock, Inverness, Greenock, Coatbridge, Glenrothes, Airdrie, Falkirk, Stirling, Irvine, Rutherglen, Dumfries, Motherwell, Wishaw, Clydebank, Bearsden and Cambuslang