Buying Property At Auction

…we hold regular auctions throughout the year with a wide variety of properties going under the hammer. As a buyer you should always view the property, read the Legal Pack and have your funding in place.

Buying at auction is not complicated

• Free and fair competition/competitive reserve prices
• No chain involved – the vendor cannot withdraw
• When the hammer falls, contracts are exchanged
• Completion within 20 working days

Example buyers can be

• Private individuals,
• Companies and partnerships
• Property investors
• Developers/builders
• Housing associations/local councils

The catalogue

A catalogue for each sale is released 3 weeks before the event. Visit goldingsauctions.co.uk to download your FREE catalogue and gain access to important information.

The properties

Make a list of must-haves, e.g. location, type, layout and price. Each Lot entry is listed individually with price, photos and floor plans. Lots can be offered as: vacant, tenanted or part-vacant.

Guide prices and reserves

Guide prices are provided as an indication of a vendor’s minimum expectation and the level at which the reserve is set. Properties may not always sell within this guide and this figure may change at any time prior to the auction. The sale price will be dependent upon bidding in the auction room and on the Vendors’ instructions.

Each property will be sold subject to a reserve price, which will be set within, or below, the guide price range or no more than 10% above a single figure guide. This is a confidential figure set between the Vendor and the Auctioneer and is a figure below which the Auctioneer cannot sell the property.

The legal pack

A Legal Pack contains relevant documentation to facilitate a sale, e.g.

• Special conditions of sale
• Title deeds
• Leases
• Searches
• Land Registry entry copies
• Energy Performance Certificate

ALWAYS READ the Legal Pack and obtain legal advice before bidding, as this will help you make an informed decision on buying the Lot. Legal Packs are available FREE on our website by clicking the “Auctions” tab, then the Lot of interest and finally the “download legal pack” button.

NB. Where possible, Legal Packs are available for your review at the saleroom.

Information updates

Keep an eye out for property sale amendments –
Addendum/Addenda. Check the day before to see if your favoured Lots are still available. Join our mailing list for alerts or download updates FREE from our website.

Surveys

A survey can check to see if the property is structurally sound. For mortgage purposes, you’ll definitely need a survey. Keys can be released, but only to RICS registered individuals.

Finance

It is imperative that finance is in place prior to auction.
If you need a mortgage, apply ASAP to allow time for a survey. Talk to your lender – remember completion is within 20 working days. We advise you to seek a formal mortgage offer and NOT an ‘agreement in principal’.

What to Bring?

Payment

Deposits and administration fees can be paid by immediate bank transfer, debit card, bankers draft, building society cheque or personal cheque. Sorry, we are unable to accept cash or credit card payments.

Solicitor details

We will need your solicitor details as soon as the hammer falls. If you need help, we can recommend one prior to the auction start.

Identification

Goldings Auctions operates a best practice operation and we strictly comply with the Money Laundering Regulations 2007.

When bidding in person, please supply two forms of identification:

• Photo ID Passport
• Driving Licence
• Proof of residency
• Bank statement
• Utility or Council Tax bill

NB. If you are bidding as a third party for a private individual or company, download “A Guide to Third Party Bidding” from our website.

What if I can’t make it?

Register for Remote Bidding

Buyers unable to attend an auction can register to bid by completing our online registration form or by downloading and completing our Remote Bidding form.

Online bidding

Having completed the registration process, buyers will be able to bid on the click of the mouse.

Telephone bidding

Registered bidders can opt to bid ‘live’ over the phone.

Proxy bidding

If you are unable to access a computer or telephone you can submit your best bid on any of the Lots. Our Auctioneer will then bid on your behalf at the auction.

Third party bidding

Another person can bid on your behalf. This requires authorisation from the actual buyer and formal proof of ID. A guide can be found in the Resources section of our website.

Bidding is easy

Please get to the venue early – our auctions start promptly. There is no need to register to bid for a Lot unless we advise via our website. We strongly recommend you attend the sale and bid in person.

Bidding

Our Auctioneer will introduce each Lot and refer to any changes. Bids are invited and will rise in increments set by the Auctioneer. Make your bid by clearly raising your hand.

Pre-auction bids

Pre-auction bids must be made via Goldings Auctions NOT the Vendors’ Solicitors. These are likely to still be subject to competitive bidding, as where possible, buyers who have registered for Legal Packs will be given an opportunity to bid.
NB. Vendors are unlikely to consider pre-auction bids prior to the completion of the full marketing and/or viewing process.

Going once…going twice…SOLD

All Lots are offered for sale subject to an undisclosed reserve price. Please do your research – if you have any doubts, don’t bid! Property will be ‘knocked down’ to the highest bidder – it’s yours!

Buyer details

In readiness for preparing your contract:
Successful bidders will be asked to fill out a buyers’ form; we just need your name, address, contact and solicitor details. We will also take your 2 forms of ID.

When the hammer falls

Your obligations

As the highest bidder at/above reserve price, if the hammer falls to you:

• You have bought that property unconditionally
• A legal and binding contract is created
• You are legally committed
• Contracts will immediately be exchanged

Insurance

In some instances, your new property is at your immediate insurable risk. This can be confirmed via the “Special Conditions of Sale” document contained within the Legal Pack. Where appropriate, we advise that you take out buildings insurance cover, which can be done immediately after the sale.

Payment

Buyers will be asked to pay a deposit of 10% of the purchase price subject to a minimum deposit of £3000. Deposits can be paid by immediate bank transfer, debit card, bankers draft, building society cheque or personal cheque. Sorry, we are unable to accept cash or credit card payments. Please note, should the cheque have to be represented, an administration charge of £50 plus VAT will be applied by deduction from the deposit.

Purchasers will also be required to pay an administration charge of £1,200 inclusive of VAT in addition to the deposit. A VAT receipt will be issued after the Auction.

Exchange of contracts

After payment, we get you to sign 2 copies of the Memorandum of Sale. You will get the Buyer’s copy of memorandum to give to your solicitor and we will send the Vendor’s copy directly to the Vendor’s solicitor.
We will also give you hard copy of the Legal Pack to give to your solicitor ASAP.

Completion of sale

Completion takes place after the exchange of Memoranda. The completion schedule is detailed in the “Special Conditions of Sale”. The standard completion date is 20 working days after the auction. The balance of the purchase price will be payable upon completion.

Unsold Lots

It is unlikely that a property will not sell. If this happens, please register your interest with our Auctioneer.
We will then start negotiations to secure a sale at the highest bid.