The fast and secure way to buy a property
Motivated sellers will often turn to auctions to sell their property, as they’ll be looking for a quick sale to committed buyer, for the right price. There are many benefits to purchasing a property in an auction, you know you'll be paying the right price based on market value and interest from other potential bidders.
Timed Auctions provide a clear and visible method of sale, through the competitive nature of transparent online bidding, allowing you to see other people’s bids and the listed guide price. Auction Events occur at venues or via an online live stream with an auctioneer at the rostrum.
Every month we see buyers purchase vacant properties, freehold, leasehold or tenanted properties as their new investment.
Buying at auction FAQs
What is an unconditional auction?
At the end of the auction, if the reserve price has been met, the highest bidder will legally exchange contracts and pay a 10% deposit (subject to a minimum deposit of £5,000). The completion period is usually 28 days unless specified differently in the special conditions of sale.
What fees do I have to pay?
Our standard buyer fee is £1,074 inclusive of vat, which is payable on top of the purchase price.
What is a guide price?
Properties will be advertised with a guide price, which is based on the seller's likely reserve price. The guide price must be within 10% above or below the reserve price when a single figure is stated. If the guide price is a bracket figure the reserve price cannot exceed the top end of the bracket price.
What is a reserve price?
The reserve price is the minimum price for which the property can be sold. It is confidential between the auctioneer and the vendor and cannot be disclosed.
How long does an auction last?
The properties will be advertised on our website for 3-4 weeks prior to the auction date. The auction date will be clearly displayed on the property details page.
Is my bid binding?
Yes. If you are a successful bidder in an unconditional auction, you are obliged to exchange contracts on the fall of the hammer. The completion dates can vary and we recommend you check the legal pack to confirm for each individual property.
What if the reserve price isn't met?
If the property fails to meet the reserve price it will remain unsold. You can contact the auctions team and at this point you'll be able to make an offer which will be referred to the sellers for their consideration.
What if I'm not available to bid on the auction day?
If you are unavailable at the time the auction is scheduled to end it is possible to enter your maximum bid in advance. The bidding will still increase in the relevant increments (usually £1,000) up to your maximum amount.
How do I read the legal pack?
The legal packs are available to view by following the link on the individual property page. We recommend that you get advice from a solicitor or legal representative and ask them to read the legal pack on your behalf, so they can guide you accordingly.
Can I have a survey?
Yes of course. We highly recommend that you commission an independent survey to ensure you are satisfied with the property and that the lender will lend against it, if required.
How do I get further advice?
Our friendly team are available to offer you all the help and guidance you need, to ensure you are comfortable with buying at auction. Please give them a call if you have any questions and they will happily guide you through the process to ensure buying at auction is the best route for you.