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Online auction works differently from in room auction where you may be fearful a cough or similar may be counted as a bid, to bid online you need to be registered and enter your maximum bid, after this the process is automated you there is very little chance of ‘accidentally’ bidding on a property. Just be sure you have entered the correct maximum amount you are willing to pay and contact the team as a matter of urgency if you feel you have made a mistake at this point.
If you are not a regular auction buyer, we would strongly recommend that you seek advice from a solicitor before bidding. They will be able to cast an expert eye over the legal pack and provide you with professional advice. This is by no means compulsory.
When the virtual hammer falls, it represents an exchange of a binding contract between the seller and the buyer. It is too late for either party to change their minds, and the sale is required to proceed in accordance with the contractual terms and at the price that was concluded when the hammer fell. Anyone bidding on an auction needs to remember that the winning bidder exchanges contracts straight away, and if you are unsure about buying the property at any time, then you are advised not to bid.
If a property remains unsold after the online auction has ended, it may still be possible to negotiate a sale. You should contact our team to discuss.
Due diligence means that you have done your homework on a property that you are interested in bidding on. You need to do this before placing a bid as there will be no turning back if it is successful. This includes checks on the property itself, its condition, remedial works required, location, design, and suitability. Also, due diligence refers to vetting of the legal pack including title documents, searches, special conditions of sale and other related papers. Many buyers will engage the services of a solicitor to check the legal pack and advise on their findings; also, a buyer may seek advice from surveyors, engineers, architects etc. regarding the property or land as well.
All rights to rent monies will transfer to you as the buyer from the date of completion of the sale.
You do not own the property until completion has taken place, however as you are under contract to complete the purchase from the virtual hammer fall it is a good idea to consult with your insurance provider and take advice on your position should any damage occur to the property between these dates.
It is wise to have a solicitor in place who is aware you will be purchasing a property through auction, as we will forward them the relevant paperwork needed to complete your purchase so it is a good idea to make them aware this will be coming to them for completion. We also recommend consulting your solicitor for any legal advice you may require.
We sell properties to anyone and everyone! Our buyer’s come from all walks of life and backgrounds, we have buy to let investors, first time buyers, downsizers, buy to let investors, builders, developers. Auction can work for anyone.
Your deposit becomes due immediately after the bidding has ended and you are the winning bidder.
Failure to complete is a breach of contract and can bring significant penalties. This will usually include forfeiting the 10% deposit and any other fees paid out. Such situations are very rare, they can be costly to the buyer that doesn’t complete, and you would be advised to take advice from your solicitor regarding any other consequential claims that could be made against you and what other obligations you might have. Buyers in this predicament may wish to explore the possibilities of short-term finance and put in place a plan to resell the property quickly after completion.
If you find yourself in this situation, please discuss this with your solicitor and the auctions team.
The most common circumstances are;
Any property falling within this category will be clearly marked as ‘Cash Buy Only’
Standard settlement in an auction purchase is 28 days, however this can vary and may be shorter or longer. Any variation to this period will be included within the Special Conditions and your solicitor will be able to advise you further.
A survey isn’t compulsory, but if you are unsure about the structure or condition of the property then you might wish to instruct a surveyor, an engineer, or your builder for advice. If the property in question is in Scotland, there will be a Home Report available, which should be read in full.
As soon as the property has reached legal completion, you will be the owner and keys will be released to you as soon as is reasonably possible.
An ‘Open Viewing’ is exactly as it sounds. We will advertise a set date and time, where our viewing agent will be in attendance and the property will be available for all interested parties to look around.
A Reservation Fee is normally associated with properties sold under the Conditional auction method. This is where the successful bidder secures an exclusivity period (usually 20 working days), during which time they will finalise any mortgage that they require and move the legal process through to exchange of contracts. The reservation fee is non-refundable is paid by the purchaser to secure the exclusivity period. Details of this fee will be shown within the property details.
Disbursements is the collective name given to additional charges incurred by the purchaser as part of the sales contract. These could include cost of searches, legal fees, additional documentation and supplements. They will become payable on completion. Please refer to the Special Conditions of Sale or your solicitor for more details.
Any and all additional fees will be included within the property particulars and within the Special Conditions contained in the Legal Pack. You should be fully aware of how much you will be expected to pay should you be successful.
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.
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:
Proof of Residency
Congratulations! Your deposit and any associated fees will be deducted from your provided card and you will be contacted by a member of our Sales Team, who will advise you on the next steps needed to complete your purchase.
Yes, you can. More and more first-time buyers are now turning to auction as a way to get onto the property ladder. Properties are traditionally cheaper, and the process is much quicker, meaning keen first-time buyers are able to get the keys to their new property faster. There can be risks when buying at auction, it is important to carry all necessary due diligence as once the virtual gavel falls there is no turning back and the sale is legally binding.
You will need to work quickly when you find the property that you want to buy. First you should familiarise yourself with the online auction process, need through all of our available guides and make sure you understand how the process works, seek professional legal advice if you are unsure of anything.
If you are a mortgage buyer, you will need to arrange this as soon as possible, prior to auction. This will help set your budget and you will be able to bid in confidence knowing exactly what you can afford to pay. Remember if you do need a mortgage then the property needs to be mortgageable; you will probably appoint a surveyor or another professional to check the property for you and provide advice on value. You will also need a solicitor to examine the legal pack and advise on any problems. Then with help from others decide on your budget and maximum bid before bidding online. You will also need to ensure you have a 10% deposit available upfront as this is taken immediately to secure your purchase if you are the winning bidder.
Yes, as the process is online, you must be registered and approved before you can bid in any of our online auctions.