PREVIOUSLY I have written about the pros and cons of buying a house at auction. But what if some land comes up for sale that you want?

You might simply wish to extend your garden, or you might be looking for a development plot. As a farmer, you might be looking to increase your acreage.

As with a house, the key thing to remember is that if your auction bid is successful you are contractually obliged to buy the land. For auction sales, pulling out after your bid has been accepted means you will lose your deposit (usually 10 per cent of the purchase price).

You also need to have the funds available to pay for the land, usually within 28 days. Therefore you need to be committed before you bid.

Again, do your research. Obtain the information pack from the auctioneer and take legal advice. The kinds of things you need to look for are:

- Are there any third-party rights affecting the land? This could include sporting rights or a septic tank, used by others, located on the land.

- Is the land is subject to a tenancy or licence agreement of any type?

- Are there any restrictive covenants in place, eg is the land for agricultural use only?

- Are there any overage or clawback agreements in place? If so, money could be due to a previous owner if the land gets planning permission for certain developments.

- Is the land subject to a private right of way, or public footpath or public bridleway?

- Are there any mines and minerals under the land and, if so, are they owned by a third party?

Don’t rush into these things. Taking proper advice in advance could help avoid costly mistakes.