The property auction experts
Next auction
Thursday 29th March 2012
Previous auction
Thursday 3rd November 2011
Auction - A Guide To Buying
If you are considering buying at auction, we would strongly suggest you familiarise yourself with the information below. Our sales are held in accordance with the RICS Common Auction Conditions and we would recommend that you also familiarise yourself with these which can be accessed by clicking here.
BEFORE THE SALE
Guide Price
If the property is being marketed with a guide price, this must not be relied upon as a valuation or assessment of value of the property. Guide prices are subject to change and you should make regular checks for changes. Eventual sale prices may be above or below the guide price dependent upon competition so you should not presume the guide price will be indicative of the full expected sale price.
Viewings
We would strongly recommend you view the property yourself as soon as possible. All viewings are by prior confirmed appointment with the Agent entering the lot into the sale. If the property is tenanted, viewings will be at the courtesy of the tenants and at times convenient to them. Tenants will be under instructions not to permit unauthorised viewings and interested parties are asked to respect their privacy.
Financial Arrangements
If you are successful in buying a property at auction, you will be expected to complete the purchase in a short timescale (usually 28 days), so it is imperative you have your financial arrangements in place prior to bidding at auction. If you need a mortgage make sure that your bank or building society know the auction date and that the matter is urgent. We can put you in touch with an independent mortgage adviser with pleasure.
Legal Pack
The legal documentation supplied for the property which will include the Contract, Energy Performance Certificate and any additional Searches, Special Conditions of Sale, Leases, Plans, Planning Permissions or Title Details will be available for inspection at either the office of the Agent entering the lot into the sale or the office of the Vendor's Solicitor no later than 7 days prior to the auction date. It will be assumed you have full knowledge of these documents and we would recommend that you get your solicitor to inspect these documents on your behalf. If you haven't got a solicitor, we will be happy to make a recommendation.
Matters affecting the Property
It will be assumed you are fully aware of all matters affecting the subject property, includings its specification, condition, planning permissions, outgoings and its title. It is important to consult professional advisers on any matters of uncertainty or concern. If you wish to instruct an independent survey or valuation or make any other enquiries make sure you do so in plenty of time.
Offers
If you are really interested, we would suggest you make an offer on the property prior to auction. Please note offers will only be considered once the property has been inspected. Some Sellers will be happy to sell prior to auction - so long as you are in a position to sign a legally binding contract.
Proxy Bidding
If you are unable to attend the auction sale and would like someone to bid on your behalf, please notify us in advance.
ON THE NIGHT OF THE SALE
Bidders Registration
We recommend you arrive at least 30 minutes prior to the start of the sale in order to give yourself plenty of time to be registered as a bidder. At the Registration Desk, a Bidders Registration Form will be completed where you will need to provide your full name and address, details of your solicitor and confirmation of your method of payment for the deposit. You will need to provide proof of identification and evidence of your address, usually in the form of a passport and utility bill or driving licence. Registration takes place outside the sale room and upon registration, you will be issued with a bidding number.
Announcements
At the commencement of the auction sale the Auctioneer may make some formal announcements. These should be carefully listened to as they can be relied upon as statements of fact and binding on the parties.
Bidding
Raise your number or hand to catch the auctioneer’s eye when you wish to bid on a lot. You are advised not to bid if you are unsure, you have no deposit with you, you have not been registered as a bidder, you have not viewed the lot or you have not checked the legal pack.
Purchase
The bidding is terminated by the fall of the auction gavel and at that point a contract is made between the buyer and the seller. You will need to show your bidding number and will then be accompanied to the seller’s solicitor or representative who will be present in the room. The legal contract to purchase must be signed before leaving the auction room and you will need to hand over a banker’s draft or personal cheque for a minimum of 10% of the purchase price. Please note cash deposits will not be accepted due to money laundering regulations.
Completion
Completion usually takes place 28 days after the auction date, unless stated in the Conditions of Sale to the contrary or by subsequent agreement between the parties. On completion the balance of the purchase price is payable.
