Guide to buying at Auction
Buying a property at auction is really simple
At Auction House London we have had to change things slightly as a result of the pandemic. To ensure that you are prepared, please read our How-to guide below as we take you through the process.
Don’t forget the Auction House London team are always available to answer any questions you may have. All our auctions are currently being held via live stream from our website. To take part in the excitement just come back to the Auction House London website on auction day.
If you would like to bid on a property you will need to register to bid prior to the date of the auction. The approval process may take a few days so please ensure that you give yourself enough time to register if you are interested in bidding on a property. Registration opens typically 5 days prior to the auction date.
Part of registering to bid is to carry out AML checks (anti money laundering) that are legally required before you can be approved as a bidder. You may be required to complete a remote verification check. Click the button to view the AML Regulations or you can visit the Government Website on the link here
Please join our mailing list and we will notify you when it is time to register and send you relevant auction updates.
Actions to take before the property auction
- Checkout the catalogue
- Attend viewing on the lot that you are interested in if available
- Register your interest with us by downloading a legal pack
- Register for the legal pack and conduct due diligence
- Arrange the finance if required
- Check the Addendum if any
How do I bid once I am registered?
To keep you safe during the pandemic you can bid remotely, we offer three bidding services:
Telephone bidding – A member of staff will attempt to contact the bidder by telephone prior to the lot concerned being offered for sale. If contact is made, then the bidder may compete in the bidding through the auctioneer’s staff. If it is impossible to obtain telephone contact, or the link breaks down, the auctioneer is authorised to continue to bid on behalf of the telephone bidder up to the maximum bid stated on the form.
Proxy Bidding – A member of the Auction House London team will bid in the room for you on auction day.
Internet bidding – Once the form is submitted and payment has been made you will be able to bid alongside the live stream.
What happens on the day of the property auction?
- The Auctioneer will announce each lot and highlight any addendum’s applicable.
- The Auctioneer will orchestrate the bidding and invite bids from the various platforms.
- All the lots will have a reserve price and will be offered for sale subject to the reserve.
- The ‘fall of the gavel’ is when the highest bid is achieved and the reserve price has been met or exceeded.
- It is worth noting that properties are not sold subject to contract when you but at auction. At auction properties are sold unconditionally. This means that you are legally obliged to honour the sale.
- If the property does not sell on auction day and you have registered the highest bid you may be contacted after the auction.
What happens if I am the successful bidder?
- If you are the successful bidder, you will be contacted by a member of the Auction House London team during the auction to provide the deposit payment.
- When funds have been received you will receive a Memorandum of Sale (signed as per the remote bidding terms & conditions) with the special conditions of sale (if any) attached.
- We will send a copy of the legal pack to your solicitor if stated on the bidding form. Your part of the contract should be forwarded to your solicitor also.
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