Buying through auction

How to buy through Auction

Pursue the lots

Head over to our lots page to identify the lot(s) you are interested in. Note that some properties are offered with vacant possession, some are tenanted and some may be part-vacant.

Guide prices

Every property or land lot has a Guide price that is published in the auction catalogue. The guide price is an indication of what the seller expects to achieve and is therefore subject to change. The guide price is not the price at which the property will necessarily sell and it is not uncommon for properties to sell for a considerable amount above the guide price.

Book a viewing

Call us to book in a viewing on 0800 448 0100 FREEPHONE. It maybe that we have one or two open days for the property in question.

Ensure your finances are in order

Make sure you have a mortgage in principle, just as you would to buy through private treaty. This will give you an idea of your maximum budget. Explain to your lender thats the property is being bought at auction as, upon the fall of the gavel, the buyer will have to pay a deposit which is usually 5% of the sold price (Subject to a minimum of £5000) as well as 2%+VAT (subject to a minimum of £5000 +VAT) buyers’ premium, and contracts are exchanged.

Attend viewings

Bring anyone you may think you need with you and quiz us on any questions you may have. We are here to help.

Study the Legal Pack

We will email you the relevant legal pack for the property you have an interest in. The pack will include the local searches, title deeds and an information form on the list of fixtures and fittings. If you feel it’s necessary or you are unsure, you may instruct a solicitor to go over this. You can also request the legal packs for each property on the property page.

Commission a survey

This is only necessary when you are applying for a mortgage and you are not a cash buyer.

Making an offer prior to the auction

You can make an offer (which should be in writing, by email) for a property or land lot at any time up to the date of the auction, but if your offer is accepted you must be in a position to exchange contracts and pay your deposit immediately.

Registering to bid

Next you must decide on the method of bidding that’s right for you and register via that method to bid. You have 3 options for bidding: To attend the auction, To bid via Connect Realtime© or to proxy/telephone bid.

Attending the auction

Registration can be taken any time before and up to 30 minutes prior to the auction commencement.

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.

In order to join us for our traditional ball room auction and bid please download a bidder’s registration form. This must be completed and returned to [email protected]. Failing this, please bring the form and the above to the auction venue no later than 30 minutes before the auction begins.

After the fall of the gavel you will be moved to another room to sign the exchange of contracts. This will be sent to both your solicitor as well as the sellers.

After providing you solicitors details as well as your 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. Please do not leave the auction room without taking your signed contract. As soon as the hammer falls there is a binding contract of sale. The property is at your insurable risk from this point. Please ensure that you arrange your building insurance immediately after the sale.

Connect Realtime© bidding

You must register to bid if you’re looking to bid remotely via our website live stream. You will need to create an account with us before logging in and registering to bid. After we have reviewed your registration, we will contact you via email to notify you of your eligibility to bid.

Please note you will not be approved to bid if you do not follow the above requirements and submit all the documents necessary.

Remember, registering for any auction means you have read and agree to the terms and conditions of the sale.

Please contact us directly to enquire about your bidding status.

Winning bid

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. Please ensure that you arrange your building insurance immediately after the sale.

Proxy / Telephone Bid

Bid By Proxy

Here you will advise a representative as to your maximum bid, 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.

Bid By Telephone

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©

Testimonials

See More >

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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