Buying at Auction
Purchasing property at an auction can be heartache, more especially if you are a newbie without much knowledge of the little maneuvers and tricks to choose the right property at the right price. The process can be much easier than you previously thought. Once you’ve seen the particular property that entices you the most from our search catalogue, we recommend viewing property during the listed open viewing times.
It doesn’t require any registration, but it may be important to get in contact with the auction team to confirm whether that property is still available.
Verify and cross-check whether the information provided in the catalogue is accurate as it may occasionally change between the catalogue’s release date and the auction date. An additional copy (addemdum) is normally available on the auction date, and it will be important to check this as it will form part of the auction contract.
Moreover, it also crucial to get the legal pack which can be downloaded free from our website. We recommend seeking legal advice before making your bid at the auction. If you want to perform a survey, get in contact with us to arrange the process.
What happens after the auction?
We vehemently stress the need to attend auctions so you can make your personal bids. If certain circumstances beyond your control hinder you from attending, make arrangements with our staff well in advance you so can make your bid via proxy or through the telephone. Unless you bid by proxy, telephone or the internet no registration is required.
On the auction day, the auctioneer will announce different lots and call for any bids. You can place your bid by raising your hand or the catalogue. Auction rooms tend to get fully packed just as any auction floor, so make sure you get the auctioneer’s attention. Property will be sold to the highest bidder and keep in mind that the auctioneer will not take any questions while the auction is in progress. If you do have any questions, queries or need some clarification, the auction team will always be happy to attend to you.
If you are successful at making your purchase, you’ll be escorted to the contract room where you will need to complete a purchase form and provide us with some identification. You’ll also be required to make a deposit payment of 10% of the selling price plus a buyers admin fee of £3000 plus VAT of the purchase price. The buyers admin fee is also charged with pre or post auction sales. We accept debit cards, bankers drafts and personal cheques.
Formalities and completion of sale normally take 20 working days from the auction date under the supervision of your lawyer. Bear in mind that auction property is sold unconditionally and once you are successful at bidding, you’ll be legally obligated to complete the sale.
Money Laundering Regulations Buyer’s Proof of Identity
In order to conform with the Money Laundering Regulations, all prospective purchas- ers must provide proof of identity to the Auctioneers at the time that they register to bid immediately prior to the auction. Each purchaser must bring one document from each of the two lists below:
Proof of Address:
- Public Utility Bill issued within the last three months or
- Local Authority Tax Bill or
- Bank, Building Society or Credit Union Statement containing current address or
- The most recent original Mortgage Statement or
- Current UK Driving License (if not used as an identity document)
- Current Signed Passport or Current UK Driving License or Inland Revenue Tax Notification or Fire Arms Certificate
NOTE – ONLY ORIGINAL DOCUMENTS ARE ACCEPTABLE UNLESS CERTIFIED COPIES ARE SUPPLIED BY YOUR SOLICITORS.
If you are acting as AGENT on behalf of another party, you will be required to provide the documents detailed above both for yourselves (The Agent) and the Principal as well as providing a valid letter of authority from the Principal authorizing you to bid on their behalf.
If a bidder is acting on behalf of a COMPANY, the above documents will still be required along with written authority from the COMPANY.