Absolutely, many of our buyers purchase with finance provided by lenders. You will nearly always need to have the deposit monies, however if you have other property assets you may be able to borrow against these. Some purchasers buy with a traditional mortgage, but to do so you will need to ensure you choose a lender who can act quickly. Many others use specialist Auction Finance which can be arranged quickly.
Archives: FAQ
We typically hold Open Viewings on our available lots prior to the auction date. Occasionally we will list a property when no internal viewings are available, in this instance please contact the team who will provide any further information available to us. If you are considering purchasing a plot of land, these can often be viewed without prior arrangement during day light hours, however this is done at your own risk and we would always advise contacting us first before proceeding.
Yes, you will have to be prepared to provide extra information if required in order to so. We may require a letter of authority on company letterhead, signed by a director or officer of the company confirming you have authority to act on behalf of the company. You will also need to provide the company registration number and registered address. This is in addition to the personal ID in the same form as all other buyers.
For companies where an individual/s have a shareholding in excess of 25%, then personal ID verification will also be required for each of those significant shareholders. If you are intending to purchase through a company that is registered overseas, you should speak with our team prior to the auction to confirm what additional procedures are required – this could include the supply of certified documents which will need to be created in advance and be ready for use if you are the successful purchaser.
The deposit payable by the successful purchaser immediately after the virtual hammer has fallen is normally 10% of the sale price. For low value lots, this is subject to a minimum deposit figure of £3,000. Should there be any variable to this amount, it will be detailed within the property particulars.
Legal Packs will be uploaded under the Documents section of each individual listing as and when they become available to us. If you are registered for a property and there is no Legal Pack currently available, you will receive email notification as soon as it is uploaded.
No, however it is always recommended you advise us of your intention to attend as this gives us the opportunity to gauge interest and provide you with any further pertinent information.
Depending on a sellers’ circumstances and the level of interest in a particular property, we may be able to accept an offer prior to the auction date. This varies from property to property and you should contact our team for further information if you are interested in offering pre-auction. Any sale, whether pre or post auction is still subject to auction terms and falls under the same processes as purchasing on the day.
Again, this does not apply to every property and will be clearly displayed within the property particulars. An Administration Fee or Charge covers the auctioneer’s costs in servicing the requirements of all those interested in purchasing the property. It is common practice and the fee (plus VAT) will be payable by the buyer along with the 10% deposit after the virtual gavel falls. The amount can either be a fixed fee, or a percentage of the sale price (subject to a minimum amount).
In some circumstances, a property will be offered with a requirement for the purchaser to also pay a Buyer’s Premium to the auction room at the time of exchange. Any property subject to a Buyers’ Premium will have this information clearly displayed within the property particulars, it is important to make sure you read over all available information carefully.
If you are the successful bidder, we will require copies of your ID and may also carry out electronic ID verification if required, in order to meet with HMRC Anti-Money Laundering Regulations. We accept the following forms of ID:
Photographic ID
- Current signed passport
- Photo card driving licence
- EU member state identity card
- Armed Forces ID card
- Firearms or shotgun certificate
Proof of Residency
- Utility bill/statement – dated within past 3 months
- Mortgage statement from a recognised lender – dated within past 3 months
- Bank, building society or credit union statement – dated within past 3 months
- Local council or housing association rent card
- Current UK / EU Drivers Licence (paper version)