Buying a Property at auction need not be complicated with the alotsold team to hand in ensuring that the transaction runs as smooth as possible. We market properties for sale using both the conditional (modern method) and unconditional (traditional) auctions methods.
- Every property sold at auction will have a Guide Price, which will feature prominently in the catalogue and on the on-line auction website. Guide Prices are generally where the bidding will commence and will go up from that point.
- For every Property submitted to the alotsold team to enter into the auction a Legal Pack must be provided giving the Sellers the opportunity to review the legal title and any information about the Property, enabling the Seller and his advisers to make an informed decision before placing a bid on any lot.
- The Reserve Price is one of the most important figures that will be communicated to the alotsold team, as it provides total confidence to the Seller that the Property will not be sold below the market value. The Reserve remains the Sellers minimum acceptable price at auction and the figure below which the auctioneer cannot sell unless the Seller provides instructions to the contrary.
- It is prudent to ensure that if you are interested in a Property that you make arrangements to view the Property before a bid is placed. The viewings will be co-ordinated as either block open viewings or on specific dates or by prior appointment, whichever is preferred by the Seller and these details will be made available on the catalogue and on the on-line website.
Before the Auction
- Potential Buyers should ensure that they check the Legal Pack and the accuracy of any boundary plans, locations, measurements, information contained in completed forms, photographs, floor plans, the general condition of the Property and the structural condition of the Property.
- You should also ensure that you make arrangements for your finances to be in place and you have a Solicitor or Licensed Conveyancer to advise you on the Legal Pack and raise any concerns with the alotsold team before you place a bid on any Property.
- In the event that you are unable to attend the auction, you may be able to bid remotely by telephone or proxy bid. On-line bids are accepted through our website up to 24 hours before each auction. The Remote Bidding Application Form is available in the auction catalogue or under the heading Auctions or alternatively you can telephone the alotsold team who will be more than happy to e-mail you the Form.
- We recommend that you obtain independent legal advice prior to submitting a bid. The Legal Packs should be thoroughly investigated and any enquiries raised with the Sellers Solicitors before any bids are placed. Your legal advisors should be able to help you make an informed decision about the title and security of the Property.
- The team at alotsold are aware that purchasing a property itself let alone at auction is the most exciting but most valuable purchase that will be made and it goes without saying that certain due diligence should be carried out including a Survey. Appointments can be made for a Surveyor to access the Property by e-mailing email@example.com/ or telephoning the team at alotsold on 0300 000 000, with details of the Property and the Surveyors business contact details.
It is important that your finances are in place prior to bidding on any Property.
Terms and Conditions
All bidders must ensure that they have read the Terms and Conditions and the Legal Packs before submitting a bid on individual lots.
The team at alotsold offer two options, the traditional and modern methods of buying a property at auction
Option 1 – Traditional Auction Method
The traditional method of auction requires the Buyer on the fall of the gavel to pay a 10% deposit (subject to a minimum of £4,000) and a 2% Buyers premium or alternatively an entry fee is paid by the Seller and no premium is payable and this is the point of exchange of contracts and payable within two hours, which means that the Buyer is legally committed to purchase the Property and the Seller is also legally committed to sell, with the completion date being inserted into the Contract for 28 days on the fall of the gavel.
Option 2 – Modern Auction Method
The second option is aimed at the residential market and those Buyers that require time to source completion funds such as a mortgage from a Bank, Lender or Building Society. With this option on the fall of the gavel, a non-refundable reservation fee of 3.0% subject to a minimum of £5,000 plus VAT is paid to the alotsold team and the Buyer agrees to exchange contracts within 28 days at which point the 10% deposit must also be paid, with a further 28 days allowed for completion to take place, providing ample breathing space to get the right financial package in place.
On-Line Property Auction
The team at alotsold offer an-online auction whereby bids can be placed remotely which will run for a short period of time and end on a specified day for each property to ensure that only interested and serious Buyers interact with the website. The lot will be subject to our three minute rule, whereby bidding will not end until the highest price is achieved.
At the expiry of the time and on the fall of the on-line gavel, by law the on-line bidder has won the lot. The successful bidder will need to provide their Solicitors or Licenced Conveyancers details and will need to make the buyers payment of 10% of the purchase price (deposit) and in addition the buyer’s reservation fee (£5,000 plus VAT) or premium (2% of the purchase price, subject to a minimum of £5,000 plus VAT), dependant on the choice of sale elected by the Seller and is payable within 24 hours of the auction finishing. The on-line bidder who is successful will already have had his identification confirmed before their bid is accepted.
- The team at alotsold will strategically market your property and this will not only heighten activity and interest but will lead to offers being received before the auction starts. However, any such offers will need to be under auction conditions in order to ensure that you have committed Buyers and would advise against taking your property out of the auction until exchange of contracts has taken place.
- Prior to submitting a bid on any lot, proof of identity and the bidders address is required in order for the team at alotsold to comply with the latest Money Laundering Regulations. The Regulations require original documents to be provided as photocopies are unable to be accepted. Documents acceptable as proof of identity include a current passport, Full UK driving Licence, resident permit issued by the Home Office to EU nationals.
- For proof of address the following are acceptable – A utility bill, bank statement, council tax bill, HMRC correspondence containing your current address and dated within the last three months.