Auction Information

If you are considering purchasing a property at auction you need to find out everything about the property of your choice. 'At the drop of the gavel' in the auction room the property is yours, a contract is concluded on the sale of the property to you and it is too late to cancel the sale if you come across a problem.

There are three golden rules when it comes to considering whether or not to bid on a property at auction:

Inspection

As soon as you can, call the local agents whose telephone number is listed below the property and make an appointment to visit the property. The local agents will have more details about the property including directions and local knowledge.

Look around carefully and try to assess the property’s condition – electrical wiring, central heating, kitchen and bathroom fittings, etc. Check for dampness, signs of repair, external walls and roof. Perhaps a local builder can help by advising you on the costs of the remedial work or possibly a chartered surveyor should be asked to give you a complete structural survey.

Finance

Never consider buying at auction if you have not got the full amount of the purchase price at your disposal or you do not have a mortgage offer on the property. Never be tempted to buy, knowing that you have the deposit to hand and thinking you can easily raise the balance later. As in all property purchases, there are penalties if you cannot come up with the purchase price on completion, usually 20 working days from the date of the auction, but in some instances this can be less.

Legal Information

The Auctioneers will have available what is known as a legal pack on the property. This has been compiled by the seller's solicitor and generally contains copies of the Title Deeds, Special Conditions of Sale, Land Registry Search, Leases (if applicable) and other pertinent documents. It is important that you inspect these yourself or perhaps better still, ask your solicitor to look through this paperwork before the auction.

These Packs are available to view for free online by clicking here. Legal Packs for properties offered by our sister company Westcountry Property Auctions can be viewed for free online by clicking here. Alternatively, a photocopy of the Legal Pack can be ordered by calling us on 0870 240 1140 or if you wish to receive a photocopy of a Legal Pack relating to properties being offered by Westcountry Property Auctions, please call 0870 2414 343.We make an up front charge for this service and payment can be made by Credit or Debit card when you place your order. (Please note this charge is not recoverable).This information is also available for inspection on the day of the auction at the auction venue from where the property is being sold.

Always remember that if the auctioneers gavel falls on your bid then a binding contract comes into existence so do make sure that you do all your homework beforehand.

Some other points for Auction Day

Addendum

The particulars of any property included in the auction catalogue and shown on the websites may require amendment or elaboration and this information is contained in an addendum which will be available at the auction. The Auctioneer will refer to the addendum prior to the commencement of the auction and purchasers will buy on the understanding that they are fully aware of the information contained in the addendum before bidding.

Identification

In order to comply with the UK's current Money Laundering Regulations, we ask all prospective purchasers to provide proof of identity. Please check which documentation conforms to the current regulations by clicking the link. We will need to see this at the contract signing stage along with details of your solicitors

Deposit

If the auctioneers gavel falls on your bid you will be asked to attend the settling desk where you will need to sign the sale contract and pay a deposit. This will normally be 10% of the purchase price or a minimum of £2,000 whichever is the greater. Deposits can only be paid by banker's draft, building society, company cheque or personal cheque.

Cash will not be accepted nor payment by credit cards.

Plans and Photographs

Photographs published in the catalogue are there to aid identification of the property only, as are the plans (which are not to scale).

Reserve Price

Each property will be sold subject to a reserve price. This is a confidential figure agreed between the Auctioneer and the seller immediately prior to the auction and is a figure below which the Auctioneer cannot sell the property.

Pre-Auction Sales

Offers made on properties included in a catalogue may be accepted by the seller before the auction. It is therefore important that you register your interest in any particular property. We are obliged by law to inform the sellers of any offers made prior to the auction.

There are occasions when properties will be sold or withdrawn before auction. Neither the Auctioneers nor the seller will be liable for any claim for compensation from a prospective buyer arising out of a sale or withdrawal of a property prior to auction.

Do ring immediately before the auction to check whether the property that you are interested in is still on offer.

Attending the Auction

It is always wise to arrive in good time for the start of the auction as it will start promptly. Important announcements are made at the start of the auction which could relate to the property you are interested in.

We typically sell about 25-35 lots per hour but you should not rely on these figures for calculating the time when your lot is due because many lots may be sold prior to the auction or withdrawn. It is best to be there at the start.

Insurance

From the time that the property is sold to you at the auction, unless the contract states to the contrary, it is at your insurable risk so make sure that you have the ability to trigger the appropriate cover immediately.

The Contract

Once the Memorandum of Sale (the contract) has been completed you will be asked to sign two copies. The first copy will be given to you, together with the legal pack, which you must then take to your solicitors. The second copy and the deposit are retained on the seller's behalf. Completion will usually take place twenty working days later although this period can differ depending upon individual seller's requirements, please refer to the legal pack for the property.

Post-Auction Sales

If a property you are interested in does not sell please register your interest and/or make an offer to one of our staff. This will be put to the seller immediately if possible. If you are successful, you will be asked to complete the Memorandum of sale and pay the required deposit.

 

The above information is for general guidance only and those interested in bidding on a property are advised to consult their solicitor or other appropriate professional advisor before putting their hand up.

Please bring:

• Identification to conform to the Money Laundering Regulations.
• Means of payment of deposit either by personal cheque, company cheque or banker’s draft.
• Name and address of your solicitor.

Please do not bring:

• Cash or credit cards as a method of payment of deposit.

 

Before the auction starts, the Auctioneer will explain how the auction is actually run. Sit back and enjoy it and good luck!

Buyer's Guides

Before attending one of our auctions, please ensure you read this important information:

• for properties auctioned in England and Wales.
• for properties auctioned by Westcountry Property Auctions.
• for properties auctioned in Scotland.