Frequently Asked Questions | The Property Auctioneers
Do you have queries about auction properties and how they work? The Property Auctioneers provide answers to the most commonly asked ones. Read them here.
How do I view the property I am interested in?
We encourage you to contact us to register your interest in the property, we can then invite you to our ‘open house’ or alternatively arrange for a member of the team to show you around. We prefer open houses as we are not holding you to an appointment. We will usually be at the property during an hour time slot so you can pop by and ask questions and have a good look around before jumping to a decision. These are generally arranged between Monday-Friday, 08.30-18:00
How will I know when the viewings are?
We will always display the ‘ open house’ viewings on our website. The viewing times will be displayed on our website by clicking on the property link you are interested in.
Or as stated above you can call or email to register your interest in the property and we will send you property viewing reminders via text and email.
Or as stated above you can call or email to register your interest in the property and we will send you property viewing reminders via text and email.
What if there are no viewings for the property I am interested in?
Not all properties will have scheduled viewing slots. This could be for a number of reasons, usually that the property at this time has tenants. Again, please call us we will do our best to schedule you a convenient time to view the property.
The stated price is a Guide Price, what does this mean?
This is a really important question for a new buyer to have a good answer to!
The guide price for each property or lot is the price that the Auctioneer will start the budding from ok the day of the auction.
N.B occasionally this figure can be subject to change, so please make sure you check the addendum before attending the auction.
What is the reserve price?
All properties and lots are unless stated are subject to a reserve price. This is a figure at which the property can be sold and will be set within 10% of the guide price. This figure can be subject to change, but will never be more than 10% above or below the guide price.
How do I obtain an auction Catalogue?
You can request an auction catalogue from our website or by calling the office and requesting one over the phone. You can also join our mailing list, which always has a link to the full catalogue online. The catalogue is offered at no cost, but we advise in all circumstances to access the property online or via calling our offices and register for the legal pack. The auction catalogue contains a brief and concise description of each of the property and a photograph.
How do I register my interest and access the legal pack?
All legal packs are accessible by registering your interest in the property.
The Property Auctioneers offer unlimited access to all the properties for sale at no cost to any interested parties. You can register for as many of the legal packs as you like.
If you are unsure about any of the properties or how to obtain the legal pack online please call the number shown on our website and we will be more than happy to assist you or pop us an email.
What is an Addendum?
The Addendum is details of any revisions or additions to the information contained in the catalogue or legal pack. Addenda are updated constantly and this is as important as these will form part of the Memorandum of Sale.
Make sure you check the properties Addendum for any changes before the Auction starts.
How do I register to attend the auction?
All of our online auctions are public auctions. Although this generally means there is no requirement to register to attend, you will be required to register to access the Auction online. Please call the office or register to bid online here. It is important that you understand how an auction works. You can read more by clicking here and accessing the ‘guide to buying at auction’ before you attend.
Do I need to do anything before I attend the online auction?
It is essential that you view the property and are aware of the property’s history and of course that you have read and understood the read the legal pack (or have a solicitor advise you on the contents).
It is also essential that you read and understand the contents of the conditions of sale before you bid.
If you have read and understood the guide to buying at auction, the property’s legal pack and conditions of sale, and that you have viewed the property then you are ready for auction! If you do have any further questions the team will always be happy to assist you so please do give us a call.
Remember as above be sure to check the Properties are up to date Addendum prior to the auction starting.
Do I need to instruct a solicitor prior to auction?
Sellers should instruct their solicitors to put together the legal pack for the property as soon as possible.
Prospective purchasers can inspect copies of important legal documentation at our auction offices and sometimes this is available online. It is prudent to get a solicitor to check the legal pack.
When can I have a survey of the property carried out?
If you require a survey your surveyor should contact us to arrange for access. Your building society or bank may also send a surveyor to the property.
When do I need a deposit?
If you make a successful bid, on the sale day you must provide the auctioneers with a contractual deposit of 10% of the purchase price (minimum deposit 2,000). This is normally in the form of a bank or building society cheque or payment can be made using a debit card.
How do I bid at auction?
The auctioneer will normally start the bidding on the guide price and will invite bids from the room/online room. To bid you will need to follow the instructions on the screen.
What happens if I am successful in my bid?
If Remote Bid accepted by the Auctioneer is the highest bid on the fall of the hammer, the Bidder will then be contractually bound to purchase the property. The Auctioneer will sign the Contract of Sale, Minute of Preference or Enactment, or Reservation Agreement as applicable on behalf of the Bidder.
Contracts are exchanged as soon as the gavel has fallen. If you are a successful bidder a member of our auction team will be in touch with you.
The applicable fees will then be due, as described in the relevant Buyers Terms. Please refer to these.
What if I am bidding on behalf of another person?
This isn’t unusual and we are more than happy to assist you with this. We ask that you provide Ll the ID stated above for yourself and also the person you are bidding for. Along with a letter of Authority to state you are bidding with a view to buying a property in their name. They will also need to state your full name, the Property or lot number, and address with their maximum bid that you will be authorised to bid too.
What if I am bidding on behalf of a Company?
In addition to the standard requirements above if you are bidding on behalf of a company, you will require a letter of authority from the company and the certificate of incorporation of the company.
Can I buy a property at auction if I require a mortgage?
Yes, you can. Although it will require you to be very organised before you attend the auction to make sure that you have everything required to complete the property within the given time limit. Please check the legal packs for more information on this: This includes; having a mortgage in principle, arranging a surveyor’s report, and providing the mortgage company with details of the property and the legal pack. There is time to do some of this after you exchange contracts, but it is so much easier and far less stressful to have as much done prior to the auction as possible.
You will also need to take into consideration the cost of insuring the property. This will be a requirement of the mortgage company and will need to be arranged once you have successfully landed the closing bid at the auction.
I’ve seen a property I am very interested in, Can I purchase a property prior to auction?
If you are looking to purchase prior to the auction, you will still be purchasing the property under standard auction terms and conditions. We advise that you have read and understood the contents of the legal pack and that you have viewed the property before submitting your offer. Once you have submitted your offer, and it has been accepted, then you will need to pay the 10% non-refundable deposit and exchange in the exact same way you would as if you were at the auction.
How do I buy a property that didn’t sell at the auction?
If you are looking to purchase after the auction, you will still be purchasing the property under standard auction terms and conditions. We advise that you have read and understood the contents of the legal pack and that you have viewed the property before submitting your offer. Once you have submitted your offer, and it has been accepted, then you will need to pay the 10% non-refundable deposit and exchange in the exact same way you would as if you were at the auction.
Do I need to pay The Property Auctioneers additional costs?
Yes, there is a buyer’s fee which is a fixed fee of £1000 plus vat and some of the properties may be subject a buyer’s premium. You can find out if your property has a Byers premium by checking the If the addendum prior to the auction.
Are there any additional or hidden fees?
Yes, sometimes there are additional fees. These can normally be found in the Contract/Special Conditions of Sale. They can be for any number of things including but not limited to; the cost of searches, an apportionment of cost (legal a/or selling costs) as well as any fines for delays in completion and the serving of any notices, these fees are additional and not hidden, you will find all of the information on additional costs within the conditions of sale pack.
About
About Us
The Property Auctioneers are a leading property auctioneer in the UK providing national coverage with local knowledge, whether you are buying or selling please contact us for personable and professional service.
Why choose us
Selling property at auction is a fast and effective way to ensure a quick sale or purchase.
No Hidden Fees
All fees are in the legal packs with no hidden nasty surprises.
Free Property Appraisals
We can give you a free appraisal for your property with an indication of a guide price. It is then for you to decide if you would like to put the property into auction.
Browse our properties
Take a look at our properties for our next future auction.
