Frequently asked questions
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.
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.
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.
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
- Funding for residential, commercial and land purchases
- Funding for non-standard construction
- All income types considered
- Up to 70% loan-to-value
- Monthly interest rates from 0.55% (other fees and charges apply)
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.