Property Auctions: Frequently Asked Questions

Buying a home by property auction is becoming increasingly popular. For sellers, it provides the opportunity for a swift sale. For buyers, there's the opportunity to bag a bargain.

Property auctions can be daunting for those not in the know though, so we've put together a list of some of the most commonly asked questions and answers below.

• I intend on bidding on a property. What do I need to bring to the auction?

  On registering at the auction you will need proof of identification, such as: a current UK photo card driving license or a current passport and a utility bill issued in the last 3 months.

  If you are the successful bidder you will need to pay the higher of either a 10% deposit of the sale price or £2,000 on the night. Business and personal cheques are accepted, however we do not accept credit or debit cards.

  Successful purchasers are also required to pay a buyer's administration fee of £350 inclusive of VAT. In addition, we will require your solicitors details, which will be included in the memorandum of sale.

• Do I have to register my details before an auction or can I just come along?

  If you are interested in bidding for a lot you will need to register by completing a registration form. There will be a registration point at the auction, where you can register on the evening. Proof of identification must be provided in compliance with the Money Laundering Regulation 2007. The documentation required includes:  a current UK photo card driving license or current passport and a Utility bill issued in the last 3 months. Once you have completed registration you will be issued a bidding number without which you will be unable to bid. If you have no interest in bidding on a property then there is no need to register.

• Can I get a building survey done on a property I am interested in bidding on?

  Prospective purchasers may have a building survey carried out on a property at their own cost. There are short timescales when considering an auction property, so surveys should be arranged as soon as possible if deemed necessary. Arrangements can be made for surveyors to have access to the property through your local office.

• I’m worried that if I sneeze during an auction I may accidentally buy something!

  If the auctioneer thinks that you have bid they will make it clear to you. If this was not your intention you must immediately notify the auctioneer that you have not made a bid. If you wait until after the fall of the hammer, it will be too late.

• I was successful in my bidding. Do I need to pay the full amount at the auction?

  Purchasers are required to pay the higher of either a 10% deposit of the sale price or £2,000 at the auction. Generally, completion is set for 28 working days following the auction, where the balance of the money is due. The purchaser will also be required to pay an administration fee of £350 inclusive of VAT at the auction.

• Does it matter if I haven’t viewed a property before I bid for it?

  We would strongly recommend that any potential purchasers view the property they wish to bid for. If this is not possible we would suggest a friend or family member views the property on their behalf. It is still possible to bid for the property if you have not viewed it, and on the fall of the hammer a legally binding contract will be created.

• Is there a ‘cooling off’ period after an auction, during which I can change my mind?

  There is no cooling off period after an auction. The fall of the hammer constitutes a legally binding contract, and after this there is no opportunity to change the terms of sale.

• The property I was bidding for didn’t reach its reserve price. What will happen to it now?

  If the property does not reach the reserve price it will not be sold under the hammer. However if you are interested in the property, we advise that you come and speak to the auctioneer straight after the auction and submit your best offer. We try to make sure our vendors are contactable on the night of the auction and if the price is agreed it will be possible to exchange contracts immediately.