Step 1: Make sure you view the lot
The Open House viewings allow you to select a viewing slot of your choice and just turn up, without having to pre-book. You get to see the property but also to gauge the competition!
Step 2: Review the legal pack
If you are at all unsure, ask a lawyer to review it for you. If your lawyer is unsure about anything they can seek clarification beforehand. Check also for any hidden costs squirreled away. Things to look out for are large amounts loaded on buyers for sellers legal costs or a buyers premium. We ask sellers not to apply them but if they do, they can come listed as a percentage of the sale price which can add a very significant amount.
Step 3: Consider your maximum beforehand
It is no use on the way home saying “I should have paid more” as the property has been sold to someone else. If you end up paying your maximum then so be it, the benefits of buying at auction still make it worthwhile. Likewise, don’t expect to buy at a bargain price, but if you do win at below your maximum, then you will have had a good day!
Step 4: Have your finances arranged beforehand
On the day you will need to pay a 10% deposit and the administration fee which is £1,200 inc. VAT. You don’t have to have the balance of the purchase price then, but you do need to know you will be able to have it in time for completion. If you fear the timescale is too tight ask for an extension but do it by asking us before the auction.
Step 5: Bring with you two forms of ID
One with a photograph, such as a driving license or passport and one with your address, such as a utility or council tax bill. Also make sure you’ve got your solicitors’ details to hand.
Step 6: If you can’t make it on the day
There are various options still to bid:
You can lodge a proxy bid. Here one of our staff will bid on your behalf, just enough to win, without exceeding your maximum. This is the safest way to avoid any upset through a breakdown in phone or internet connection.
Alternatively, you can bid through one of our staff on the phone or you can bid yourself using your own keyboard but for any of these methods you will need to register for bidding by clicking on the ‘Register to Bid’ button on any of the lot pages and follow the instructions to upload your ID, solicitors details and agree to the terms and conditions.
