Buyers Guide

A Guide to buying a property at auction Sell By Auction produce a brochure, detailing all the properties which will appear at the next auction. This can be viewed online and can be printed directly from our website or you can contact Sell by Auction to receive a printed copy. Alternatively, you can obtain a copy of the brochure from one of our member Estate Agents. We always recommend that buyers view the brochure prior to auction.

When you have found a property of interest, you can arrange to view it via the relevant Estate Agent, in the normal way. Please be advised that you can obtain an Auction Pack from the Estate Agent, which contains detailed information about the property. You may wish to pass a copy to your legal representative for further advice.

It is essential that you have finance in place before bidding for a property. In the case of a conditional sale, an immediate payment of £2,750 must be paid by debit or credit card. This represents a £2,500 holding deposit (non refundable subject to a satisfactory survey) which will be set against the purchase price and a £250 administration fee. If payment is made by credit card, a 2.5% card handling fee will be charged. If payment is made by debit card, a 50 pence handling fee will be charged. Completion must take place in 28 days.

In the case of an unconditional sale, an immediate payment of £2,750 must be paid by debit or credit card. This represents a £2,500 holding deposit which will be set against the purchase price and a £250 administration fee. If payment is made by credit card, a 2.5% card handling fee will be charged. If payment is made by debit card, a 50 pence handling fee will be charged. In addition to this, the balance of a full balance of the 10% deposit (i.e. 10% of purchase price less £2,500) is also payable immediately by bankers draft or personal cheque. Completion must take place in 28 days.

Please note that we are unable to accept American Express or Diners Club cards.

At the auction:

Buyers are required to register their details on arrival at the auction. They then receive a bidding paddle, which enables them to make bids on properties of their choice.

Properties are sold by lots and will follow the same order as the properties in the brochure. Each property will be displayed in turn on a screen at the front of the auction room. Please listen carefully to the auctioneer who will announce each property and call out bids incrementally, at his discretion.

In order to bid, you must raise your paddle, which should be visible to the auctioneer. If your bid is successful, keep your paddle raised in the air, so the auctioneer can note your number. You will then be approached by a member of the auction staff, who will accompany you to the Contracts Room. (Please note that it is also possible to bid by telephone. Please contact us for further details).

In the Contracts Room, you must sign the Memorandum of Agreement. This (subject to satisfactory survey for conditional sales) obliges you to complete in 28 days. This timescale can only be varied subject to any special conditions attached to the contract of sale.

Once the memorandum of agreement has been signed:

In the case of a conditional sale, an immediate payment of £2,750 must be paid by debit or credit card. This represents a £2,500 holding deposit (non refundable subject to a satisfactory survey) which will be set against the purchase price and a £250 administration fee. If payment is made by credit card, a 2.5% card handling fee will be charged. If payment is made by debit card, a 50 pence handling fee will be charged. Completion must take place in 28 days. There are no other costs apart from the balance of the purchase price upon completion. Please note that you are committed to signing a memorandum of sale on the fall of the auctioneers hammer.

In the case of an unconditional sale, an immediate payment of £2,750 must be paid by debit or credit card. This represents a £2,500 holding deposit which will be set against the purchase price and a £250 administration fee. If payment is made by credit card, a 2.5% card handling fee will be charged. If payment is made by debit card, a 50 pence handling fee will be charged. In addition to this, the balance of a full balance of the 10% deposit (i.e. 10% of purchase price less £2,500) is also payable immediately by bankers draft or personal cheque. Completion must take place in 28 days.Please note that you are committed to signing a memorandum of sale on the fall of the auctioneers hammer. In the case of a Conditional sale, you may carry out a survey after bidding.

In the case of an Unconditional sale, you are advised to carry out a survey in advance of the auction.

We stress that the buyers guide on this website is for information purposes only and it should not be considered to be legal fact. It is recommended that you obtain independent legal advice, as required.

Auction Entry Fees

All fees are payable at the time the property is entered into auction.

Entering a property through one of our member estate agents or directly with Sell By Auction: The cost is set very competitively at £650.00

THE ABOVE FEE ENTITLES THE SELLER TO ONE FURTHER AUCTION ENTRY FREE OF FURTHER CHARGES IF THE PROPERTY FAILS TO SELL AT THE FIRST AUCTION.

All prices include vat.

Please contact us to discuss the discounts available for entering 5 or more properties.

See: Sell By Auction for more details