A Guide to the Bidding Process at Auctions
Prior to Auction
Properties are advertised on Loveitts web site loveitts.co.uk. It is possible to register for ‘email alerts’, to ensure that when a new property is added onto our web site an automatic alert is emailed.
All properties are featured in the auction catalogue, which is usually available two weeks prior to each auction, and registration to receive the catalogue is also via the web site.
To view any auction property visit the web site or call the auction office. Viewing representatives are available 6 days a week. Arrange a survey to be carried out on the property if required.
It is advisable that research is carried out prior to the auction, to ensure that bidders have a clear idea of what is the highest price they are prepared to bid up to. It is very easy in an auction room to get carried away!
The successful bidder on the night of the auction is required to sign the contract and enter into a binding legal contract, therefore buyers must ensure that they have the finance in place to be able to complete the matter within the time scales, usually 28 days after the auction.
The Legal Pack / Contract, that the successful bidder will sign on the night of the auction, will be made available prior to the auction and can be accessed via Loveitts web site. The Legal Packs are available via a service provided by the Essential Information Group Ltd, which will not only allow the download of the Legal Pack but will also keep purchasers updated with any changes to the pack. Please note however that it is the responsibility of all bidders to recheck the legal packs for any changes prior to bidding.
If there are any amendments / additions to the information held in the catalogue relating to each of the Lot, then an Addendum will be issued prior to, and on the night of the auction.
On the Day of the Auction
There is no need to register prior to the auction, just turn up!
All bidders must ensure that they have brought with them their 2 forms of identification:
- Passport or Driving Licence
- Recent utility bill / bank statement
As soon as the Auctioneers gavel falls on a bid, the successful bidder is under a binding contract to purchase the relevant property. Completion will occur 28 days after exchange, unless otherwise specified. Bids may be refused at the Auctioneers’ discretion. The Auctioneers reserve the right to bid on behalf of the vendor up to the reserve.
The successful bidder must sign and exchange contracts with the Vendors Solicitors prior to leaving the room and at the same time pay to the Solicitor a deposit of 10% of the purchase price plus the Buyers Premium.
Buyers Premium (To be paid along with the 10% deposit)
|Buyers Premium up to £20,000||£450 inc VAT|
|Buyers Premium £20,001 to £250,000||£600 inc VAT|
|Buyers Premium £250,001 +||£840 inc VAT|
Payments can be made with Debit Card, Bankers Draft, Building Society Cheque or personal cheque, (NOT credit cards or cash).
Any guide prices or any estimates or values mentioned in negotiations or discussions with the Auctioneers or any of their representatives cannot be relied upon by a prospective purchaser as representing professional valuations for any purpose in accordance with the requirements on guidance notes of relevant professional bodies or other authorities. In all respects prospective purchasers are deemed to have relied upon their own knowledge or the advice of their own professional or other advisors. Also the reserve price may in some instances exceed the quoted Guide Price.
Properties sold at auction are not normally cleared of furniture and effects on completion.
ALL BIDDERS MUST READ THE IMPORTANT NOTICE TO BIDDERS FOUND IN THE FRONT PAGE OF THE AUCTION CATALOGUE.
- Do your research
- Ensure finance is in place
- Read the Legal Documents
- Bring 2 forms of ID along to the auction
- Bring payment to the auction
FREQUENTLY ASKED QUESTIONS
Register for a catalogue
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