If you are the highest bidder on a lot then firstly, congratulations on buying at auction. 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 buyers 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.
Our presenter will introduce each lot and refer to any last-minute changes. The current lot number is usually displayed on a large screen next to the auctioneer along with the lot address.
The auctioneer will then invite bids at a particular level and you can make this bid by raising your assigned paddle or hand. You will notice the bids logged and shown on the screen and they will tell you whether the last bid has come from the room or from internet bidders at home.
The auctioneer will regulate the bidding increments until all the bidding is finished. He will give everyone a few moments warning before bringing down his gavel at which point the property is sold to the highest bidder. As soon as the gavel comes down a legal and binding contract is formed between the vendor and the winning bidder.