We have listed some of the most frequently asked questions raised by prospective purchasers prior to bidding for a property at auction:
How do I view the property I am interested in?
Normally once we print the catalogue, we will arrange several block open house viewings for each property, since they are open house viewings you will not need to book in advance. These are generally arranged between Monday-Friday, 09:30-18:00. On occasion, there are additional viewings held outside of these hours. The viewings are normally for thirty minutes at a time and there can up to two viewings a week per property.
How will I know when the viewings are?
The viewing times will be displayed on our website by clicking on the property you are interested in and looking on the right-hand side of the screen for viewing schedule for that property – view the lots here. Additionally, if you have enquired about this property (via email, Rightmove or Zoopla enquiry) or if you have registered for the legal pack, then you will automatically be added to the viewing reminder list for that specific property.
What if there are no viewings for the property I am interested in?
There are some properties that may not have viewings scheduled. There are many reasons why this might happen; it might be a plot of land (open site), it may be tenanted, or a multi-let which makes access tricky. We always endeavour to gain access, so if this is something you are concerned with please contact us directly to discuss.
What is a guide price?
The guide price for each lot will be the price at which the bidding will start on the day of the auction. 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 lots unless stated differently will be 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 get 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 weekly 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 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 for the legal pack?
Auction House London offer unlimited access to all the properties for sale at no cost to any interested parties. You can register for any of the legal packs by clicking on the property you are interested in and looking on the right-hand side of the screen. You will need to set up a free account with Auction Passport to access the legal pack.
How do I register to attend the auction?
Our auctions are public auctions. This means that there is no formal requirement to register to attend. Just made sure that you have read the ‘guide to buying at auction’ before you attend.
What do I need to do before I attend the auction?
It is essential that you view the property (at least from the outside) and read the legal pack (or have a solicitor advise you on the contents). It is essential that you read and understand the contents of the conditions of sale before you bid. Make sure that you read our guide to buying at auction, this gives you timeline of events and will give you a list of documents you will need to bring with you to the auction to exchange contracts easily.
How do I bid at auction?
The auctioneer will normally start the bidding on the guide price and will invite bids from the room. To bid you will need to get the auctioneers attention, most people put their hand in the air or a deliberate nod and there are some who will make a noise to get the auctioneers attention.
What happens at the auction when I win the property?
One of the auction day staff will meet you at your seat and escort you to the contracts desk. There you will be asked for your two forms of ID and your method of payment (Credit Card, Debit Card or Cheque) for the 10% non-refundable deposit (sometimes the deposit amount can be higher, please check the legal pack or the addendum before bidding). We will fill in the contracts of sale, take your payment and advise you to pass these documents directly onto your solicitor to start the conveyance process.
What identification do I need to provide?
You will need to provide an original of either your passport or driving licence and either a utility bill or bank statement (within the last three months, and not a mobile phone bill).
What if I am bidding on behalf of another person?
You will need to provide all the ID requirements for yourself and the person you are bidding for, as well as a letter of authority from the person you are bidding for. This will have to state that they are authorising you by name, the address of the property and your agreed maximum bid. This will need to be signed and dated.
What if I am bidding on behalf of a Company?
If you are an agent or officer for the company, you will need to provide (in addition to the standard requirements) a letter of authority from the company and the certificate of incorporation.
Can I buy a property at auction if I require a mortgage?
Yes, you can. You will need 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. 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.
Do I have to Insure the property between the exchange and completion?
Yes, you must make sure that the property is adequately covered from the date of the auction. This will be a requirement if you are purchasing the property with a mortgage, but generally is very good sense.
How do I buy a property prior to the auction?
If you are looking to purchase prior to 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 after 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.
What the costs I have to pay to the auction house?
Yes, there is a buyer’s fee which is a fixed fee of £650 plus vat (£780 Inc. vat) and some of the properties may be subject a buyer’s premium of £750 plus vat (£900 Inc. vat). If there is a buyer’s premium this will be disclosed in the addendum prior to the auction.
Can there be any additional 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.