Published: 19/03/2025 By Lucy Carnell
When it comes to selling land and property, Symonds & Sampson are able to offer clients a choice of methods of sale. Factors to consider when choosing the most suitable method will include the type of property, its location, the vendor’s preferences and the prevailing market conditions.In recent times, we have seen a rise in the popularity of the formal tender method of sale for selling parcels of land, where contracts are exchanged on acceptance of a bid on a given date – like an auction but in confidence rather than in public.
A property offered for sale by formal tender will be marketed for a six-to-eight-week period leading into a date by which tenders are invited. Potential purchasers can request a tender pack during this marketing period, within which will be the contracts, special conditions of sale, and searches. We will recommend that any interested party instructs a solicitor to check over the contents of the pack prior to submitting a tender. The tender submitted will include a signed contract and the deposit. On the tender deadline, we will meet with the vendor and review the tenders received. If one is accepted, contracts are exchanged, and completion takes place on the date specified in the contract.
By selling land or property by formal tender, the purchaser can access the contract and all legal documentation in advance. In our experience, this prevents any ‘surprises’ that might otherwise come to light during conventional conveyancing, thus significantly lowering the fall-through rate. Generally, we have also seen that once a purchaser is selected, the timeframe from acceptance of the offer to completion is markedly quicker than other sale methods.
Symonds & Sampson has achieved outstanding results for clients by selling through the formal tender method. If you are considering selling and would like to learn more about formal tender as an alternative method, please do not hesitate to get in touch with Lucy in our Yeovil office on 01935 382901.
Symonds & Sampson's dedicated farm agents (below) offer a range of services to farmers and landowners. They are here to help you make the best decisions, ensuring that the buying, selling and managing of your most valuable asset is straight-forward and rewarding. For further details, please click here.