Frequently Asked Questions for Buyers

We understand that buying a property at auction can sometimes seem complicated, especially if it is your first time. While we know that this sales method is an excellent option for buying residential properties, commercial buildings and land, we want you to feel comfortable with the process. 

That is why we have collated many of the questions we have been asked over the years to help you learn more. If you cannot find a question you need an answer for, please call 0345 646 2288 or complete our contact form. Our team members will be on hand to assist you. 

Can I view the property before the auction? 

Yes, you can usually view a property you are interested in before the auction goes live. Simply click the ‘Request a Viewing’ or ‘Book Viewing’ buttons on the listing to select a date and time that suits your schedule. 

Please note that some buildings cannot be viewed because they are either tenanted or structurally unstable. In these instances, we facilitate virtual tours to ensure you can gauge your interest before bidding. 

How do I view the legal pack and contract before the auction? 

All legal packs and contracts can be found on the property’s listing on our website. We upload these as soon as they are sent through by the seller’s solicitor. 

Can a property be surveyed before an auction? 

Yes, it can. We recommend having a property surveyed before bidding to ensure there are no surprises if you are successful. Please ask your surveyor to contact us to arrange access to the building. 

Can first-time buyers buy auction properties? 

They can. Property auctions are a great way for first-time buyers to get on the property ladder. You will find a range of building types to suit your tastes and varying price points to fit your budget. 

Can I get a mortgage on an auction property? 

Yes, you can get a mortgage for an auction property. These are often financed through the same means as properties purchased via private treaty sales. Before bidding, we recommend speaking with a broker to get a mortgage in principle to see what you can afford. 

Do I need to pre-register before I bid on an auction property? 

Yes, you will need to pre-register to bid on a property being offered in an Auction Event. However, if it is a Timed Auction, then you can register and bid at any time before it closes. Simply click Register to Bid and follow the instructions. 

Do I need ID to buy an auction property? 

Yes, you will need a valid form of identification when you register to bid. We accept the following forms of photographic ID: 

• A current signed passport 
• An EU member state identity card 
• A current photo card driving licence. 

Can I bid on property even if I cannot attend the auction? 

You can, and proxy bidding is the best method for it. This is where we ask for your maximum offer, and someone is assigned to bid on your behalf. 

Can I make an offer before the auction opens? 

Yes, it is possible to make an offer before the auction opens. Some sellers are willing to accept bids that meet their expectations, but only if an unconditional contract is exchanged or a reservation fee is paid before the auction. 

How long does a property auction last? 

Almost every lot varies in the time it takes to bid, depending on interest levels, the guide price, and number of bidders. On average, however, bidding will last between five and seven minutes for each property. 

How much deposit will I pay if I am the winning bidder? 

The deposit amount varies between lots, but will be clearly stated in each property’s description. If you are the successful bidder, then your deposit will be taken from the debit method provided when you registered with us. 

What additional costs will I pay on top of the sale price? 

Some of the extra costs include a buyer’s fee or reservation fee, which will be detailed in the legal pack. 

What is the difference between conditional and unconditional sales? 

Conditional sales are when the successful bidder enters into a reservation agreement with the seller. A reservation fee will be paid immediately, and the buyer will then have 60 days (unless stated otherwise in the legal pack) to exchange contracts and pay the remaining balance. Please note, the reservation fee does not contribute to the purchase price. 

Unconditional sales, on the other hand, are where you are legally bound to purchase property once the hammer falls. You must exchange contracts right away and pay the applicable deposit and buyer’s fee (both are non-refundable). You must pay the remaining balance within 28 days unless the special conditions of sale state otherwise. 
 

Are there penalties if I do not complete the sale? 

Yes, there are. You will lose your deposit and reservation or buyer’s fee if you do not complete the sale. The seller may also sue you for the balance owed and any other losses caused. 

How do I get finance in place ahead of making a bid? 

Having your finances in place before the auction starts allows you to bid with confidence. Choosing a specialist lender, such as Together, lets you arrange a decision in principle (DIP). You can then safely bid, knowing a lender is able to finance your purchase. 

Can lots be withdrawn before the auction day? 

Lots are sometimes sold before the auction event if the seller receives an acceptable pre-auction offer. We advise regularly checking our website to keep up to date with our auction properties. 

What is a reserve price? 

The reserve price is the seller’s minimum acceptable bid. Auctioneers will not be able to sell the property for a figure below the reserve price. 

What is a guide price? 

An auction guide price is an estimated price range set before a property is offered at auction. It provides an indication of the seller’s expectations and helps buyers understand the likely level of interest, but it does not guarantee the final sale price. 

Are auction bids legally binding? 

Yes, when the hammer falls, the successful bid becomes a legally binding contract. The buyer must conclude the sale or face penalty fees.