Frequently asked questions

What are the advantages to buying at auction?

There are many advantages, two of these are:

a. If more than one person is interested in a particular property, an auction demonstrates free and fair competition enabling the purchaser to buy the property at a price that is competitively achieved against other known bidders.

b. If you are the successful bidder you know that the vendor cannot withdraw and the property is yours on completion, which usually takes place 28 days after the auction.

What does the catalogue tell me?

The catalogue gives you the description of the property, details on how to view each property and the General Conditions of Sale. It is important you read these. These are prepared by the auctioneer, stating the basis on which the auction is carried out.

Should I inspect the property?

It is essential that you view and know as much as you can about the property prior to the auction. Local searches and copies of further legal documentation can be obtained from the auctioneers or direct from the Solicitors named in the brochure. To view outside of the specified times contact the auctioneers office.

Should I have a survey carried out?

Anyone who is unsure or has doubts about a property is recommended to have a survey carried out. The Auctioneers will be pleased to recommend a firm of Surveyors / Valuers to you. Surveys should be arranged well in advance of the auction day.

Do I need a Building Society survey?

A valuation carried out by the Building Society is only required should you need a mortgage. Again, this and any other financial advice or arrangements must be organized before the auction day.

Is there a guide / reserve price and what is the difference?

A guide price gives you an indication of the price that the property is expected to sell for and what the vendor is hoping to achieve. A reserve price is the lowest price the vendor will accept. This is agreed between the Vendor and the Auctioneers. Most properties entered into the auction have a reserve price. This is confidential and not disclosed to any parties interested.

What do I have to pay on the day?

It is important that you have all finances ready for the day of the auction. Should you be the successful bidder a 10% deposit will be required on the day. This may be paid by Building Society cheque, personal cheque or bankers draft. The balance will be due on completion, normally 28 days from the auction date. Successful bidders will also have to pay the Auctioneers Administration Charge, currently £250 inclusive of VAT, prior to signing the Contract. Cheques may be presented for Special Clearance the day following the Auction.

Do I need a solicitor to be in attendance?

No. It is wise to notify your solicitor of the auction and show them the auction brochure along with any other information about the property you are interested in. Your solicitor may obtain the legal documentation on your behalf. All the necessary legal documentation may be inspected from 7 days prior to the auction.

What do I need to bring with me on the auction day?

Firstly, remember to call the auctioneers office on the morning of the auction to see if the property you wish to bid on has not been withdrawn or sold prior. Bring your auction brochure for Directions, and have details of your solicitors name, address and telephone number, not forgetting your 10% deposit

How do I bid?

Make sure you signal your bid clearly. Do not stand in a crowded corner. The auctioneer will acknowledge your bid. Bidding early on for your particular Lot will make the auctioneer aware that you are interested in the property. Do not leave it too late or you could miss out!

What if I am a successful bidder?

When the hammer falls, if you have made the highest bid, you are the successful bidder. You are now bound by contract to buy the property. The auctioneer’s assistant will ask you for your details. A member of staff will take you over to the solicitors desk to sign an Agreement / Memorandum of Sale. You will be asked to pay 10% of the purchase price. The auctioneer will sign one half of the contact, on behalf of the vendors; this will be given to you along with the necessary legal documentation for the property. You are advised to take this to your solicitors as soon as possible to enable them to complete the transaction.

Do I have to insure the property?

Yes. You must make sure that you are covered from the date of the auction.

What happens if the property does not sell?

Please register your interest with a member of staff. Properties that are withdrawn because they do not reach the reserve price, often sell immediately after the auction.

What happens if I cannot attend the auction?

You may be able to bid by proxy. Further details available from the Auctioneers Offices. Note, arrangements need to be made at least 3 working days prior to the auction.