The auction day

This is by far the most exciting part of buying or selling a property at auction - but make sure you’re prepared on the day. ​

If you’re buying, contact the auction centre beforehand to make sure that the property you want is still available.

What do I need to bring?

Buyers will need two forms of identification, See the guide "Protecting you" for further information. You will also need a copy of the auction catalogue, solicitor’s details and a deposit - if you are successful then you will need to pay this along with our contract documentation charge when contracts are exchanged, which happens on the fall of the hammer. It’s also a good idea to arrange for your buildings insurance policy to commence as soon as the hammer falls. For some leasehold properties this might not be necessary but your solicitor will advise you on this.

Your deposit

This can be a debit card payment, online transfer or other electronic payment method. The deposit is normally 10% of the bid price subject to a minimum of £2,000, but these amounts can vary so be sure to check the special conditions of sale located within the legal pack, so as not to be caught unaware.

Bidding

In common with current legislation, you do need to register and receive your bidding paddle before being able to bid at our auctions. Before bidding begins, the auctioneer will check that everybody has a copy of the ‘Addendum or Announcement’ sheet and will read out any last minute alterations to the catalogue details. Always set maximum price you can afford to pay - it’s easy to get carried away! Once bidding begins, potential buyers will be asked to make their bids clearly either by raising their hand or bidding paddle, don’t worry… you can’t accidentally buy a property just by scratching your head! Once a final bid has been put forward, the auctioneer will signal that it is about to be accepted by using the phrase ‘going for the first time, the second time the third and final time" after which the hammer comes down to close the sale. If a property fails to reach the reserve price it will be withdrawn from the auction and the auctioneer will invite bidders still interested to talk to a negotiator afterwards. Sales can still be made afterwards if a price is agreed with the seller.

If you are the successful buyer, you must advise your solicitor of your purchase and let them have the contract you have signed. (We can pass this on for you if you prefer).

 Your solicitor will liaise with the sellers solicitors and handle the final matters leading up to completion. Although the standard period for completion is 28 days, there are occasions where the special conditions of sale define an earlier (or indeed later) completion date, so be sure to have checked the completion date prior to bidding so as not to be caught unaware. Please be ready to let your solicitor have the balance of the money that they will require to complete your purchase in good time to avoid penalties. We will not be able to allow to have the keys to the property until completion has taken place. If you do require access for a survey, please contact us as soon as possible to see whether this can be arranged.

Tip

On arrival, check to see if there have been any late changes to the lots, just ask for a copy of the ‘Addendum and Announcement’ sheet.

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your journey to selling at auction starts with a free market appraisal. Selling at auction is fast and efficient and need not necessarily mean compromising on price. In fact you may get more than you thought.
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