Property Auctions aren’t a ‘Members Only’ club

  • 2 years ago
  • 1
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The only UK auction house to offer the auction live, directly through the auctioneer’s website. The only UK auction house to offer a presenter, alongside the auctioneer, solely for the viewers benefit. No third-party platforms involved. QVC style and interactive.

Traditional auctions have been around for centuries, they’re tried, tested and proven. So why change them? It’s not about changing them, but enhancing them. Having the ability to bid from home or any other remote location proves beneficial to any buyer. But market research shows the auction world in seen as an exclusive one, ‘members only,’ and this is something Connect UK Auctions are looking to change.

How?

In February 2020 our marketing team stopped and asked 100 different members of the public, locally, on the street what they thought of property auctions and the results were as predicted. Including various ages, an enormous 65% concluded that there was an element of fear when it came to auctions, a barrier that meant they wouldn’t venture into the world because they didn’t know enough.

Many auctioneers and businesses have their sights set firmly on the end game. The sale. Which of course is paramount but Connect UK Auctions are looking to educate potential buyers and sellers along the way. “Providing value is key to a good client relationship.” – Emma Webb, Marketing.

Breaking down barriers

Connect Realtime© has allowed one to bid on any lot, as the auction unfolds, live, in real-time. Our auctions are live streamed through our website for familiarity. By using ground-breaking and bespoke technology clients are not diverted to any other platform which ensures consistency. We offer a presenter to introduce the auction and its lots as auctioneers can seem daunting. The technological terminations and speed of the speech can all contribute toward auction newbies feeling overwhelmed. With each potential buyer at home being directly spoken to down camera, even alongside our traditional auctions, every user feels included and is engaged.

This ground-breaking technology has enabled the biggest exposure to buyers on any particular lot. Your property will be marketed to thousands of potential buyers across the UK and worldwide, resulting in the highest price, in the room.

“Our full house of 5* Google Reviews are extremely, well earnt by the team, knowing that each client has received our full attention from enquiry to completion.” – Director Robert Jenkins

The auctioneer and industry expert Adam Partridge quoted,
“Connect UK Auctions are one step ahead of the game. This technology works and with the current climate and fear instilled into the public this will allow them to flourish. I am thrilled to be able to work with them.”

adam partridge auctioneer

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              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.

              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
              • 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)
              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.

              Bidding registration fee

              The bidding registration fee is required in order to be approved for bidding. The fee is £2,400 per lot and is deducted from your deposit upon exchange, if you are the highest bidder. If you are not the highest bidder, the bidding registration fee is refunded to you.