Frequently Asked Questions
Can I view the properties?
We can usually arrange for you to view and have group viewing times for most properties. All interior viewing appointments must be arranged through our local offices. Please telephone the office dealing with the property.
Do I need a mortgage arranged prior to bidding?
If you require a mortgage or other form of loan to finance your purchase you must obtain an offer of advance prior to the auction. Most building societies and banks are familiar with auction procedures and normally issue offers quickly.
When do I instruct my conveyancer?
Prospective buyers can inspect copies of important legal documentation at our auction offices and sometimes this is available online. It is prudent to get a conveyancer to check the legal pack.
Can I have a structural survey done of a property prior to auction?
If you require a survey your surveyor should contact us to arrange for access. Your building society or bank may also send a surveyor to the property.
Can lots be sold prior to the sale?
Occasionally lots are sold or withdrawn prior to the sale. Check with us on the working day before the sale to ensure your particular lot is still to be offered.
What order are the lots offered in?
The order of sale is usually decided five days before the auction and you should get in touch with the auction office to get the full running order. The published Order of Sale is within this catalogue and changes will be published on the addendum sheet available at the auction venue immediately before the auction starts.
Do I have to be at the sale from the start?
It is advisable to be at the auction from the start so you can listen to the auctioneer’s opening announcements.
How early should I arrive for the auction?
Arrive as early as possible. We recommend locating the auction hall at least an hour before the auction begins. This allows time to park, get settled, and familiarise yourself with the venue. For live-streamed auctions, please ensure you log in just before the start time to avoid missing the auctioneer’s introductory notes, which may include important information about the Lot you are bidding on.
How do I bid?
If you are bidding in person, when your lot is announced and the auctioneer invites bids, you need to make your interest known by holding your bidder card in the air. Please be bold with your bidding and make sure you can see the auctioneer, but it is far more important they can see you. The auctioneer will give you every opportunity to consider your bid but if you are at all concerned you have not been seen, confirm this out loud. Please note, the auctioneer will not accept your bid without a bidder card.
What if I cannot be there in person to bid?
What happens if my bid is successful?
Contracts are exchanged as soon as the gavel has fallen. If you are the successful bidder, a member of our auction team will take you to the finance desk. You will then need to provide a 10% deposit (minimum £5,000) and pay your Buyer’s Premium. If you are unable to do this, the auctioneer has the right to re-offer the lot. If the property then sells for a lower figure the seller may claim any losses from you. You will then complete and sign the memorandum of sale before sitting with the person representing the vendor to complete and sign the contract of sale.
The day after the auction, you will then be emailed a copy of the memorandum of sale signed by the seller or by us on behalf of the seller and you should then pass this to your own conveyancer as soon as possible.
Are there any other costs on the day?
Each successful buyer or bidder will be liable to pay a Buyer’s Premium as indicated in the auction catalogue, payable to Sheldon Bosley Knight Ltd. You will probably have to pay for the legal searches, if applicable, so please refer to the legal pack. Most lots have additional costs to pay on completion. Full details of any specific costs can be found in the legal pack.
Each Lot will be subject to a search pack cost. This will be noted in the auction catalogue and on the Lot listing. This cost will be paid along with your Buyer’s Premium.
What about insurance?
You are responsible for the property from the date of exchange and it is therefore very important you make arrangements to insure it immediately. If you do not have insurance in place, we can suggest firms who will be able to assist.
Can I buy a property prior to auction?
Vendors will often consider offers made before the auction day, but they should be made in writing via post or email. Once this is received we can submit your offer to the vendor and will then contact you with their instructions. Please note however, you must be in a position to exchange and pay your deposit and buyer’s premium before the auction day.
