WE’RE HERE TO HELP YOU

Guide to Buying at Auction

As auctions continue to rise in popularity.  They offer a quick – no-nonsense – method of purchasing, when the hammer falls you own the property.

Understanding the Process Every Step of the Way

We want you to understand and enjoy every step of the auction process and be confident that your purchase is in safe and professional hands, we are here to guide you at every stage.


If you have any questions regarding the buying process, please do not hesitate to contact us.



If you are thinking of buying at auction, please do take time to prepare by reading and understanding the following: 

Take time to Prepare

The auction catalogue is available 4 weeks prior to the auction. We recommend that you read through it and identify the lots you are interested in.


The property details are subject to change up to and including the day of the auction. Please check our website regularly and look out for any addendums (amendments).


Ensure you have read the “Important Notice to Bidders” which can be found on pages 4 & 5 of the auction catalogue. 

View the latest Catalogue

View your chosen Properties

You should always inspect the property.


The viewings must be booked in advance and will be for a limited time, therefore, we recommend that you are prompt.


Arrange a Survey

Depending on the property type and how you are funding your purchase you may be required to arrange a survey.

Inspect the Legal Documents

All the legal documents relating to the auction properties are available to download from our website. We recommend that you and your solicitor review the documents.


On the fall of the hammer, you are considered to purchase subject to all the legal documents, the important notice to bidders, the common auction conditions, the special conditions of sale and any addendum.


We recommend that you always check the Special Conditions of Sale relating to each property, so you

are aware of any additional costs involved.

 

We make no warranty as to what is contained within the legal documents or their correctness and will be unable to advise you on any of the points contained. 

Arrange your Deposit

Arrange for the 10% (minimum £2,000) deposit and buyer’s premium of 1.8% of the purchase price (minimum £2,400) inc. VAT. This will be required on exchange of contracts. The balance of the purchase price will be required upon completion. 

Get Ready to Bid

There are 3 straightforward ways of bidding:


  1. Proxy - the auctioneer bids on your behalf
  2. Telephone - we will take your bids over the telephone
  3. Remote/Internet bidding - the auction will be live streamed and you will be able to place your bids remotely by logging into your EIG account.

 

To bid by one of the above methods you are required to register no less than 24 hours before the auction so that we can process your application.


You will need to:


  • Read the Terms & Conditions for Proxy, Telephone & Remote/Internet Bidders.
  • Complete the Registration Form.
  • Provide identity documents for all parties involved in the transaction.
  • Verify your method of payment and provide cleared funds for the 10% (minimum £2,000) deposit and buyer’s fee 1.8% (minimum fee of £2,400) inc. VAT.
  • Provide your solicitors details.

Getting Prepared for the Auction Day

First and foremost, check that the property is still available for sale!

Check the Addendum, any additions or amendments to the auction particulars will be specified on an addendum sheet and also announced at the start of the auction.


Any amendments/addendum in respect of a property will form part of the contract, therefore, you need to ensure you understand them. 

My Bid has been Accepted, what happens next?

Upon the fall of the hammer contracts have been legally exchanged and the successful bidder is under

a binding contract to purchase the relevant property.


You will be required to complete payment for the deposit which is normally 10% of the purchase price (minimum £2,000) and pay the auctioneers buyer's

fee (non-refundable) of 1.8% (minimum fee of £2,400) inc. VAT. This is payable on exchange of contract whether buying prior, during or post auction.


 

Do arrange building insurance as on the fall of the hammer the successful bidder acquires a legal interest in the property and is therefore liable for the insurance cover. 

What happens after the Auction?

We will write to all parties involved in the transaction informing them of the sale. It is important that you instruct your solicitor and advise them of your purchase. Thereafter the seller’s and buyer’s solicitors liaise with each other through to completion of sale. During this stage we closely monitor the progression of the sale to ensure a smooth completion.

Completing your Purchase

This is normally 28 days after the auction, unless stated otherwise in the auction contract.


The remaining balance of the purchase price will be required at this stage.

Auction FAQs

Got a question? We’re here to help.

  • What are guide prices?

    Guide prices or guide price ranges are not necessarily figures at which the property will sell. They are not an indication of the anticipated sale price or a valuation.


    It is the buyer’s responsibility to decide how much they should bid for any lot, and you should check for regular updates as guide prices are subject to change prior to the auction. 


    The price achieved at Auction may be more or less than the guide price. 

  • What is a reserve price?

    This is the minimum price that the seller will accept for their lot.

  • Can I offer prior to the auction taking place?

    Some sellers are prepared to consider sales prior to auction. If you are considering making an offer this should be above the guide price and be your best and final offer. The offer should be made verbally and followed up in writing and you should be in a position to exchange contracts prior to auction and pay the 10% (minimum £2,000) deposit and buyer’s fee of 1.8% (minimum fee of £2,400) inc. VAT of the purchase price.


    Offers are accepted at the seller’s discretion and whilst we will endeavour to respond immediately, we can only do so once we have received the seller’s instructions. Until contracts have been exchanged there is no commitment on either side and the property remains available. The property is only withdrawn once contracts have been exchanged. 

  • Who is responsible for bidding?

    It is your responsibility to bid on time, do not leave your bid until it’s too late.


    At the auction it is advisable that you: 


    • Do not panic, our auctioneers understand the pressures. 
    • Do not be late, any amendments or addendums are announced at the beginning of the auction which will form part of the contract. Also observing other lots being sold helps to follow the process.
    • Do not lose track, some lots go quickly, you could miss out. 
    • Do not assume that all Lots are available, check with us beforehand. 
    • Do not forget that the insurance risk changes as the hammer falls.

  • If you can’t attend the auction:

    You can still bid using one of the following 3 straightforward methods: 

    • By proxy bidding - the auctioneer bids on your behalf 
    • By telephone - we will call you from the auction room 
    • By remote/internet bidding - the auction will be live streamed and you will be able to place your bids remotely. 

  • What happens if a property does not sell?

    In this case the property will not have reached its reserve price. If you are interested do contact us, we will then be able to speak to the sellers on the day and try and agree a sale.