Buyer FAQs

Do I need to register to bid?

Yes – You have three options when it comes to bidding and each will require its own bidding process.

Register to bid in the room

Register to bid via our website live stream (Connect Realtime)

Register by Proxy/Telephone

If you are joining us in the room, we can register you on the auction day, at the auction venue. Just ensure you bring along 2x proofs of ID and proof of funds. Please call us if you are unsure on what to bring.

What if I want to bid but can’t make it on the day?

You can choose from two options; bid via Connect Realtime© or via Proxy/Telephone. Both registrations are swift and straightforward and will ensure your ability to bid on your chosen lot.

What ID must I provide?

By law we will require two proofs of ID – one photographic and the other proof of address less than three months old. Proof of funds will also be asked for at the time of registration. Without the above you will not be able to bid.

What is a buyer’s premium?

A buyer’s premium is payable on all property and land lots. This will be payable upon the fall of the gavel as contracts are exchanged. This will be paid at the same time as the deposit if you are the highest bidder on a lot, before leaving the auction venue. The amount payable will be specified in the lot description.

How much is the deposit?

The Purchaser shall pay a deposit of 5% and buyer’s premium of 2.2% inclusive (with a minimum of £5,000.00) and contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot.

Can I buy with a mortgage?

Of course. Some clients like to arrange their mortgage valuation prior to auction day and others after. Either way, completion can be set at 42 days (6 weeks) from exchange, rather than the normal 28 days, or in fact, anywhere in between. As long as all parties are notified, your timeframe is paramount. Auction offers immense opportunity and allows one to buy, through some lenders, with only a 15% deposit.

Can I make a pre-auction offer?

Yes. Any offers made before the auction will always be put to the vendor. If you are really interested in a lot then of course a pre-auction offer is a good idea. Ensure you have thoroughly read the legal pack before offering and if the offer is accepted the sale will exchange before the auction and will proceed under the same, auction conditions.

What is a Proxy Bid?

Here you will advise a representative as to your maximum bid by completing our Proxy Bidding form and the auctioneer will bid on your behalf up to your maximum. They will always endeavour to secure the property for you, either at, or below your maximum bid if possible. If the bidding in the room exceeds your maximum, then you proxy bid would end.

What is a Telephone Bid?

Here you will be asked to complete a telephone bidding registration form. This will be based on a first-come, first-serve basis and a representative will bid on your instruction. You will be able to hear the auctioneer in the background and will also be able to watch the auction live in action through our live stream via Connect Realtime©. A representative will call you a few minutes before the specified lot so please ensure you are ready and waiting.

What is Connect Realtime© Bidding?

Connect Realtime© is our live streaming of the auction you will access via our website. Giving you the ability to bid from anywhere in the world, in real time. You will create an account with us, login, then register to bid on your chosen lot(s). Once registered, we will send over the necessary documentation for you to complete before approving your bidding. Once approved, come auction day, just login to your account and watch the auction unfold and bid on your chosen lot(s).

What is an open house viewing?

These viewings are scheduled in by our team and give you a chance to view the lot and fully inspect your potential purchase. You can choose to bring someone along with you, a builder, or someone who may have extensive property knowledge if you are unsure yourself. A team member will conduct the viewings so there will always be someone there if you have any questions while your there. If the viewing days have finished but there is still a lot of interested, the team will schedule a further viewing.

What happens if I’m the highest bidder?

In the room – After the fall of the gavel you will be asked to sign the contracts. This will be sent to both your solicitor as well as the sellers’ solicitors.

After providing your solicitors and personal details you will be asked to pay the deposit and buyer’s premium on the specific lot. At this point you are legally bound and the amount will be payable by debit card or bank transfer.

Completion will usually take place 28 working days later (or as varied by the Special Conditions of Sale) under the supervision of your solicitor. As soon as the gavel falls, there is a binding contract of sale. The property is at your insurable risk from this point.

Via Connect Realtime, Proxy or Telephone – You will have already signed to say that you are happy for us to sign the memorandum of sale on your behalf to allow the exchange of contracts after the fall of the ‘virtual gavel.’

After this has been done one of our team will be in touch once the auction has finished to take payment of the lot deposit and buyers’ premium. Once this has been completed contracts will be sent to your solicitor as well as the sellers with completion usually to take place 28 working days later (or as varied by the Special Conditions of Sale) under the supervision of your solicitor.

As soon as the hammer falls there is a binding contract of sale. The property is at your insurable risk from this point.

What makes a property un-mortgageable?

There are a few reasons for this and the most obvious include the following:

  • Properties without a kitchen or bathroom.
  • Properties with any kind of structural defect, damp, dry or wet rot.
  • Properties close to mining works, areas of landfill, areas of recent flooding or subsidence.
  • Leasehold properties with a short lease, typically less than 70 years, or a defective lease.
  • Where there are boundary disputes or where planning applications have not been applied for correctly.
  • Derelict property or where part of the building is in severe disrepair and needs demolishing.
  • Properties of non-standard construction. Standard construction has brick or stone walls with a roof made of slate or tile, so anything that differs from this will be classed as Non-Standard.
  • Some properties with sitting tenants or regulated tenancies.
  • All properties with a value below a threshold, sometimes stated as £40,000.

What is Due Diligence?

This means that you have done everything you can, in terms of research, before committing to a property or land purchase. This may include viewing the property, commissioning a survey, asking a solicitor to review the legal pack etc.

What payment methods do you accept?

We take debit card or bank transfers.

What happens if I cannot complete on a purchase?

If you don’t exchange on the date set you will be given what’s called ‘Notice to Complete’ – This will last for 10 days and will incur a daily charge, of which the amount can be found in your contract.
Failure to complete at all with result in a forfeit of your deposit as well as your buyer’s premium plus any shortfall once the property or land is re-auctioned and sold.

What is auction finance?

Auction finance is a service provided by specialist lenders to auction buyers. We have an in-house specialist who can provide advice and finance on the following:

  • Short-term finance over 1-12 months
  • Funding for residential, commercial and land purchases
  • Funding for non-standard construction
  • All income types considered
  • Up to 80% loan-to-value
  • Monthly interest rates from 0.39% (other fees and charges apply)

Do I need to do a survey on the property I’m interested in?

A survey isn’t compulsory, but if you are unsure about the structure or condition of the property then you might wish to instruct a surveyor, an engineer, or a builder for some advice.

But remember, as soon as the gavel falls there is a binding contract of sale. The property is at your insurable risk from this point.

Why auction?

Three reasons: Maximum price, speed and security.

Will I get full price for my property?

Yes. Selling at auction always means you will get the true value of any property. Yes the buyer is paying your fees but that does NOT mean you will get less for your property – you are simply saving a sales fee.

What properties are sold at auction?

Everything and anything. We have sold terraces, bungalows, unique properties, family detached houses, penthouse apartments, commercial units, businesses, new build properties and plots on behalf of builders.

Can I control the selling price?

Yes, you have complete control when setting the reserve price.

Who buys at auction?

Everyone and anyone can, especially with our innovative ‘Conditional Auction.’ This has been devised to aim specifically at the residential buyers who may require a mortgage, so we do not aim solely for cash buyers. We do not exclude any buyer who is in a proceedable position.

What is the probability of selling?

You can NEVER under sell at auction. The trick is setting an aggressive start bid to generate multiple viewings over a set time span. Then, at auction, purchasers bid against each other either in person by proxy, phone, or internet.

Why do people sell at auction?

Because of job relocation, emigration, matrimonial issues, death, outgrown the house, or simple frustration with the open market. Selling at auction maximises your price and offers speed and security. Anyone and everyone can sell at auction.

Who are your clients?

Anyone who wants to reach the largest audience in the shortest time to achieve the best price. Vacant property rates make commercial property a significant source of business now.

How is price determined?

By agreement with the seller, a reserve is set and can be altered only with the seller’s consent.

How do you arrange viewings?

We will make arrangements with local agents for access if necessary or conduct open days and viewings ourselves, as every property and vendor is different and should be treated as such.

How will you advertise my property?

In the weeks approaching the auction we advertise weekly in regional newspapers and property supplements. Each property will also enjoy maximum exposure by being displayed on Internet websites 24 hours-a-day, 7 days-a-week, 52 weeks-a-year. The Internet also offers potential buyers the opportunity to print colour brochures or to contact the office directly to organise viewings or arrange details to be sent out in the post.

All websites are updated on a daily basis:

www.connectukpropertyauctions.co.uk
www.eigpropertyauctions.co.uk
www.rightmove.co.uk
www.zoopla.co.uk
www.facebook.com
www.youtube.com
www.linkedin.com
www.instagram.com
www.twitter.com

Is there a cooling off period?

No – when you sign the agreement you agree to us marketing the property straight away.

How do I proceed?

Easy – Simply call Connect UK Auctions on 01293 528575

Testimonials

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Seller FAQs

Why auction?

Three reasons: Maximum price, speed and security.

Will I get full price for my property?

Yes. Selling at auction always means you will get the true value of any property. Yes the buyer is paying your fees but that does NOT mean you will get less for your property – you are simply saving a sales fee.

What properties are sold at auction?

Everything and anything. We have sold terraces, bungalows, unique properties, family detached houses, penthouse apartments, commercial units, businesses, new build properties and plots on behalf of builders.

Can I control the selling price?

Yes, you have complete control when setting the reserve price.

See More >

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Mini break terms & conditions

The winner of the competition will receive a TUI gift card to be redeemed in store or online, to the sum of £500 OR £500 toward the mini break of your choice.

The gift card will expire 30th September 2021

No Town & Country member of staff, their family or friends may enter.

You must have registered your details and then turn up at our next property Auction; 29th April 2019. The Holiday Inn, Povey Cross Road, Gatwick for a valid entry. (No obligation to buy)

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How to achieve MAXimum sale price for your property/land

1) M – MANAGE
By setting an attractive Guide Price we encourage potential and active buyers to participate in the bidding process, while managing to stay in control of the reserve price.

2) A – ANTICIPATE
Connect UK Auctions allow bids from a number of sources which will help achieve the best price possible. These include bids from buyers ‘in the room,’ over the phone, by proxy AND Connect Realtime© internet bidders all live at the same time.

3) X – EXCELLENT MARKETING
High-profile marketing including: –

  • All major online portals including Rightmove and Zoopla
  • Our own unique and interactive website
  • Editorial solely for your property to local and national newspapers
  • Mailing your property / land details to THOUSANDS of active investors on our database
  • Creating virtual tour for majority of lots at the request of the property owners including drone footage
  • Marketing through our pro-active social media platforms including Facebook, LinkedIn, twitter and Instagram
  • For sale boards

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