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Buying at Auction?

If you are successful in buying at auction when the hammer goes down you have exchanged contracts, so it is important to make sure you have everything in place to be able to complete the sale.

Below is a checklist to help you insure you are fully prepared.

  • Visit the properties you are interested in.
  • Obtain advice on the condition of the property.
  • Enquire about any planning or building regulations required.
  • Ask your solicitor about any legal matters and ask them to view the legal pack online.
  • Make sure you have the required finances in place guide prices are a general indication as to the seller's reserve price.

How can I can bid?

  • Proxy / Telephone
  • Bidders must complete the registrant process in advance.
  • You must register first either telephone or at our auction department. Call onĀ 020 8880 6660 for more information

Bid on the day?

  • Arrive early and register or obtain your number if you have pre registered.
  • Obtain an addendum sheet and check to see if there are any last minute alterations to guide / reserve prices or the legal packs.
  • Lots are announced by number and address the auctioneer will suggest the start price and regulate the bidding.
  • If you wish to bid make sue the auctioneer can clearly see you and if you are successful hold up your number paddle so the auctioneer can record it.
  • Once the gavel has been struck you will have bought the lot under a legal and binding contract.
  • Go to the contract desk and complete a purchase slip and the legal documents. You will need to pay the required deposit and the purchasers administration fee.
  • You are responsible from the date of exchange for the property, so you must insure it immediately.
  • After the auction the written contract will need to be taken to your solicitor, he will advise you when he will require the balance of the money.
  • If the lot you are interested in is unsold you should talk to the auctioneer and register your interest at the enquiry desk.

View the lots online or obtain a copy of the catalogue, which is available 2/3 weeks before the auction.

   

This is only a brief guide so if you have further questions do not hesitate to contact us.

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