Buyer FAQs

Property Auctions

Frequently asked questions

No. With our 60 and 90-day completion options, mortgage buyers are fully supported.

Auction purchases move quickly, and only certain mortgage brokers are set up for these timelines. We can recommend trusted advisers who handle auction finance every day and understand the pace and requirements.
Yes. It secures the property if you are the highest bidder at the auction.
All properties are competitively priced to encourage strong buyer interest and fast, certain sales.
Not at all. With upfront legal work and guaranteed timelines, Connect RealTime® is more predictable than traditional homebuying.

Yes – With Connect RealTime® you have three options when it comes to bidding.

For each bidding method, you must provide; Proof of ID, proof of funds and a utility bill.

By law we will require two proofs of ID – one photographic and the other proof of address less than three months old. Proof of funds will also be asked for at the time of registration. Without the above you will not be able to bid.

The auction fees are payable on all properties. This will be payable upon the fall of the gavel as contracts are exchanged. This will be paid at the same time as the deposit if you are the highest bidder on a lot. The amount payable will be specified in the legal pack.

Usually the Purchaser shall pay a deposit of 5% of the hammer price and auction fees of 2% +VAT (or a minimum of £5,500 +VAT) as contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot.

Yes. Any offers made before the auction will always be put to the vendor. If you are really interested in a lot then of course a pre-auction offer is a good idea. Ensure you have thoroughly read the legal pack before offering and if the offer is accepted the sale will exchange before the auction and will proceed under the same, auction conditions.

Here you will advise a representative as to your maximum bid by completing our Proxy Bidding form and the auctioneer will bid on your behalf up to your maximum. They will always endeavour to secure the property for you, either at, or below your maximum bid if possible. If the bidding in the room exceeds your maximum, then you proxy bid would end.

Speak directly with an auction representative as the auction unfolds. Place your bids over the telephone and stay informed with the bidding.

Connect Realtime® is our live streaming of the auction you will access via our website. Giving you the ability to bid from anywhere in the world, in real time. Once you register to bid, we will send over the necessary documentation for you to complete before approving your bidding. Once approved, come auction day, just login to your account and watch the auction unfold and bid on your chosen lot(s).

You will have already signed to say that you are happy for us to sign the memorandum of sale on your behalf to allow the exchange of contracts after the fall of the hammer. After this has been done one of our team will be in touch once the auction has finished to take payment of the lot deposit and auction fees. Once this has been completed contracts will be sent to your solicitor as well as the sellers with completion in the agreed completion timescale. As soon as the hammer falls there is a binding contract of sale. 

There are a few reasons for this and the most obvious include the following:

  • Properties without a kitchen or bathroom.
  • Properties with any kind of structural defect, damp, dry or wet rot.
  • Properties close to mining works, areas of landfill, areas of recent flooding or subsidence.
  • Leasehold properties with a short lease, typically less than 70 years, or a defective lease.
  • Where there are boundary disputes or where planning applications have not been applied for correctly.
  • Derelict property or where part of the building is in severe disrepair and needs demolishing.
  • Properties of non-standard construction. Standard construction has brick or stone walls with a roof made of slate or tile, so anything that differs from this will be classed as Non-Standard.
  • Some properties with sitting tenants or regulated tenancies.
  • All properties with a value below a threshold, sometimes stated as £40,000.

This means that you have done everything you can, in terms of research, before committing to a property or land purchase. This may include viewing the property, commissioning a survey, asking a solicitor to review the legal pack etc.

We accept direct bank payments only, either through out online merchant provider or via a manual bank transfer.

If you don’t complete on the date set you will be given what’s called ‘Notice to Complete’. This will last for 10 days and will incur a daily charge, of which the amount can be found in your contract. Failure to complete at all with result in a forfeit of your deposit as well as your auction fees plus any shortfall once the property or land is re-auctioned and sold.

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 a builder for some advice.

But remember, as soon as the gavel falls there is a binding contract of sale. The property is at your insurable risk from this point.

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