Buyer FAQs

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Frequently asked questions

Yes – You have three options when it comes to bidding and each will require its own bidding process. For each bidding method, you must provide; Proof of ID, proof of funds and a utility bill.
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.

The auction fees are 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.

Usually the Purchaser shall pay a deposit of 5% and auction fees of 2% +VAT inclusive (or a minimum of £5,000 +VAT) as contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot.

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.
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.
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.
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.
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. Once you register to bid, 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).
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 you’re there. If the viewing days have finished but there is still a lot of interested, the team will schedule a further viewing.
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.
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.
We accept all major credit/debit cards or bank transfers.

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.

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.