Compare Listings

BUYERS’ GUIDE

Buying With Auction Agent

On the day of the auction, if you are able to attend, you can bid in person.

On arrival, make sure you have your proof of ID and address as without these you will not be able to register to bid.

Make sure you collect a copy of the addendum sheet once you have registered to bid, in case there have been any final amendments to the lot(s) you wish to bid on. These could relate to the property being sold prior to auction, being withdrawn, subject to change or a change in the guide price. Make sure that you understand any updates relating to the property for which you are bidding.

One of our auctioneers will begin with initial comments and announcements. It is therefore vital that you arrive on time so that you do not miss any information relevant to the lot(s) you are interested in.

The Auction Agent team will be on hand to deal with any queries you may have. If you have time, prior to the auction commencing, you will have an opportunity to go through the legal pack for the property you are interested in, should you wish to do so. Remember, we are here to help and make your experience as enjoyable as possible.

Why buy through Auction Agent?

In recent years traditional auctions have been perceived as one of the best methods of purchasing property. There are many benefits to buying at auction, both for the experienced investor or those who are new to the property scene:

Incredible value for money: This is because the entire bidding process is made completely transparent; it is not possible for the winning bidder to pay a substantial amount over the second highest bidder.

Fast, secured and assured: Auctions take up to four weeks to complete, whereas estate agencies may take months. No time is wasted in traditional auctions. The highest bidder wins as soon as the hammer falls, after which they would have entered into a legally binding contract to purchase the property.

Wide variety in property types and values: There are generally a wide range of properties within an even wider range of property values to bid from. All property details are made available for assessment in our bi-monthly auction catalogue or from our website.

Flexible and Convenient: Traditional auctions offer various ways for bidders to participate in the bidding process to further increase the convenience and ease: by proxy, by telephone and online (in certain circumstances).

The Auction Process

You would be provided with a bidder’s number upon registration. Please make sure you raise your hand or number on time so that the auctioneer can see you clearly.

You would have automatically entered into a binding contract if you become the winning bidder for a lot. You would then be guided by one of the auction team to sign the Memorandum of Sale.

We will require the bidder’s name and address, the buyer’s name and address (if this is different from the bidder) and the solicitor’s details who will be acting for the purchaser. We will also require a cheque, card payment or bank transfer for the deposit, which is generally 10% of the purchase price (please refer to the Common Auction Conditions) plus the buyers’ premium and made payable to Auction Agent. We are unable to accept cash so please ensure that there are sufficient funds within your bank account.

Furthermore, we will require two original forms of identification in order to comply with the Money Laundering Regulations 2007.

Finally, we will forward a copy of the memorandum of sale and any other relevant documents to your solicitor upon signing.

Auction Finance Available

Financing your winning bids:

Investors attending auctions are generally cash buyers. There are, however, instances where investors may seek to finance their winning bids instead. There are only a few select lenders available in the market that can arrange finance within the payment deadlines of traditional auctions. Properties with longer unbroken leases are especially easier to obtain financing.
Auction Agent has long standing business relationships with various bridging lenders who can offer competitive loans that best fit your auction financing needs.

Money Laundering Act Regulations

The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2007

The Money Laundering Regulations require auctioneers and estate agents to verify the identity of all vendors and purchasers and those that bid for auction properties. We are required to seek proof of the buyer’s identity, a practice which is in line with banks, IFAs and other providers of professional services.
All those attending our auctions with the intent to bid must provide documentation that proves their identity and address. You would not be able to register and bid without this documentation.

In the case of individuals, acceptable form of documentation are as follows:

Proof of Identity:

Current valid, signed and original passport

Current valid and signed full UK/EU Photo Card Driving Licence*

Resident Permit issued by Home Office to EU Nationals

A valid identity card (Police warrant card, Prison officer, HM forces, government or local authority issued)

A Firearms Licence

Proof of Address:

An original utility bill issued within the last three months (but not mobile phone bills)

An original Local Authority tax bill for the current year

An original Bank, Building Society or Credit Union statement within the last three months

An original mortgage statement from a UK lender for the mortgage year just ended

An original HMRC tax notification, self-assessment statement or tax demand

*These items may be used as evidence of identity or address, but not both.

For private limited companies and partnerships, we will require all of the following:

a) The company registration number

b) Registered address

c) Evidence of the individual’s authority to act on behalf of the company (a letter of authority on company letterhead).

If you are bidding on someone else’s behalf, we will require proof of identity and address for the bidder and certified copies of the buyer’s identity and address. This will be requested at the auction.

Proof of ID and address documents must be certified by one of the following persons or institutions who is not a friend or relative of the person whose documents are being certified:

Doctor

Chartered Accountant

Post Office

Civil Servant

Minister of Religion

Solicitor or Notary

Teacher or Lecturer

Our team are on hand to answer your questions. You can call us on 01706 940499 or click here to email us.

Don't Miss Out?

Sign up to receive Auction Agent property newsletter with future property updates
SUBSCRIBE NOW
Terms and Conditions apply
close-link
Click Me