Lakes Land Does Well Under the Hammer14th September 2017
Michael CL Hodgson (part of the H&H Group) has throughout 2017 held a number of well attended property auctions, and seen individuals from across the UK looking to purchase pockets of the Lake District for a variety of purposes. The properties offered for sale have been acquired for a range of uses including agriculture, development, or as a retreat to escape the rat race and enjoy the quiet Lakes lifestyle. The Lots have varied from pony paddocks, recreational woodland, agricultural land and farms to field barns and boat houses.
Michael CL Hodgson, part of H&H Land and Property, has announced final details of its two autumn auctions. Taking place in September and October at Kendal Town Hall these sales will also feature a complete range of property types with something for everyone.
Selling rural property by public auction is a very customary practice in South Lakeland and Cumbria. It is a traditional method of selling that is transparent and efficient form of sale which allows a property to find its market value.
The sale on September 22nd will see a number of lots going under the hammer, including a 187 acre Lake District hill farm near Crook; parcels of land near Cartmel Racecourse; a field of high amenity value near Windermere, a single paddock near to Crosthwaite, and a traditional field barn near Kirkby Stephen.
The October the 6th property auction centres on Crook, Kendal, with a large and traditional farmhouse, steading and buildings offered as one lot. Located in close proximity is a tarn, ideal for conservation and fishing, surrounded by pasture land. Two other Lots comprise a field at Elterwater in the Langdale Valley and about 15 acres of meadow land in the Lyth Valley.
2017 has seen a buoyant market with many rural properties being sold by auction through our Kendal and Grange offices. In a recent auction, Michael CL Hodgson saw almost 2 acres of woodland at Troutbeck near Windermere sell for £40,000 – four times the guide price. In the same sale, a small boathouse with lake frontage on Windermere sold for over £50,000 higher than the asking price, the hammer finally falling at £290,000.
Giving a more detailed update on the year so far, Colin Tomlinson, Director of Michael CL Hodgson, said:
“In this year’s auctions we have generally seen a high demand for all types of property which have gone under the hammer including quality blocks of land, whole farms, equine paddocks, traditional farm buildings with development potential and woodland. The demand we’ve seen at auction has significantly come from a variety of purchasers including neighbouring owners, investors, developers and to those simply looking for a lifestyle change or to own a piece of the Lake District.”
Not everyone is familiar with the procedure for sales by public auction, so here Colin Tomlinson gives some further background:
“The sale contract is prepared by the seller’s solicitors which is available for potential buyers about two weeks prior to the sale, along with the auction pack which includes the local searches.
“At the auction, provided the reserve price is reached or exceeded, the fall of the auctioneers’ gavel is a legally binding contract between the seller and buyer. The buyer then signs the contract at the sale and pays a ten percent non-returnable deposit.
“The completion date of the sale, when the balance of the purchase price is paid, is usually 28 days from the date of sale. Buyers must be in a position to finance the purchase prior to the day of the sale and to undertake any surveys, whether structural or for mortgage purposes, before the sale. If successful the whole process, from start to finish can be achieved between 10 – 12 weeks.”