Bidding a a Live Auction event
Buying a property at auction is easy, quick and efficient, however the process can seem daunting if you have never been to an auction before. This summarised guide will help you to navigate your way through:
- The marketing for auction properties normally lasts for around 4-5 weeks prior to the auction itself. This will give you the time to express an interest in your chosen property and arrange to view.
- Legal documentation is available for each property around 2 weeks prior to the auction. This normally includes the contract, any searches on the property, land registry plans and any other relevant documentation. This is made available so that you can liaise with your own solicitor and make an informed decision to purchase. If you are successful you will exchange contracts on the night, meaning you are legally bound to complete the sale.
To bid at the auction you need to bring along with you three key things:
10% deposit - We realise that the final sale price is yet unknown so we ask for 10% of the top end of the guide price as a deposit. This can be paid by banker's draft or personal cheque (proof of funding required). We also have a card machine at the auction, however the neccessary arrangements need to be made with your bank to clear the funds.
Buyer's Premium - All successful bidders will be required to pay a buyer's premium of £1,795 + vat. This can be paid by cheque or a credit/ debit card.
Identification - You must bring along suitable identification with you to comply with money laundering legislation. We require one form of I.D. for your actual identity and also a second form of I.D. for your current address. We can accept the following;
Current driving licence
Proof of address
If you're unable to attend the auction:
If you cannot attend the auction, we can arrange for you to bid by telephone. You can also leave us with a proxy bid (the highest figure you are willing to bid) and the auctioneer will bid on your behalf. All arrangements for this need to be made at least 5 working days prior to the auction so that we are able to arrange staff. All of the key things that you would normally bring along with you on the night need to be in place before the auction takes place.
All sales on the night will be due for completion within 28 days unless stated differently by the auctioneer.
At the fall of the hammer the sale is legally binding and you will be expected to complete the contracts straight after the auction. Do not bid if you are unsure of your financial position.