Considering becoming a buyer?

Buying at Auction may seem an intimidating task, but with the right knowledge, this option can be one of the most exciting and rewarding approaches to purchasing property or land.  The tabs below gives an overview of the Auction process and the steps required towards achieving a successful purchase.

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nextAUCTION

Wednesday

04

October 2017

...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 

Property search


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.




Our mailing list
 gives

  • Previews of forthcoming Lot entries

  • Catalogue availability

  • Additions/withdrawals/sales of Lots prior to auction 
  • Important Addenda to specific Lots 
  • Access to free Legal Packs 


The viewings


Always view a property to fully understand exactly what it entails.  Group viewings take place on most properties 2/3 weeks prior to auction and last for 1 hour.  Dates and times are in the catalogue - there are no extra viewings. 

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 “legal documents” button. 

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

Pre-auction Preparation


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? 


Proxy or telephone bidding
We recognise that it is not always possible to bid in person.
To assist, we offer a proxy or telephone bidding service, which requires registration and usually takes approximately one week to coordinate – forms are on our website “downloads” page. 

Third party bidding
Another person can bid on your behalf.  This requires authorisation from the actual buyer and formal proof of ID. Forms for registration are found in our website “downloads” section. 

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 £2000. 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 £600 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.