The fast and secure way to buy a property
A growing number of potential purchasers and investors are considering property auctions for all types of commercial investment due to the transparency and simplicity of the process.
Our online auctions platform provides a clear and visible method of sale via the competitive nature of the online bidding platform and alternatively, via the ‘virtual’ auction room offering the potential to create significant demand resulting in satisfactory sale prices being secured.
With commercial property one of the best performing asset classes in terms of property investment, a growing number of investors are seeking to invest in commercial property, regardless of whether they are vacant or tenanted, leasehold or freehold.
Buying at auction FAQs
What is an unconditional auction?
At the end of the auction, if the reserve price has been met, the highest bidder will legally exchange contracts and pay a 10% deposit (subject to a minimum deposit of £5000). The completion period is usually 28 days unless specified differently in the special conditions of sale.
What fees do I have to pay?
Our standard buyer fee is £1074 inclusive of vat, which is payable on top of the purchase price.
What is a conditional auction?
Conditional auctions are considered to be a more flexible auction method. The purchaser pays their deposit and buyers fee to secure the property and is granted 28 days to exchange contracts and a further 28 or 56 days to complete. By offering a longer time period, this can extend the appeal by giving purchasers the flexibility to arrange funding.
What is a guide price?
Properties will be advertised with a guide price, which is based on the seller's likely reserve price. The guide price must be within 10% above or below the reserve price when a single figure is stated. If the guide price is a bracket figure the reserve price cannot exceed the top end of the bracket price.
What is a reserve price?
The reserve price is the minimum price for which the property can be sold. It is confidential between the auctioneer and the vendor and cannot be disclosed.
How long does an auction last?
The properties will be advertised on our website prior to the auction date. The auction date will be clearly displayed on the property details page.
Properties are normally advertised 3-4 weeks prior to the auction date.
Is my bid binding?
Yes. If you are a successful bidder in an unconditional auction, you are obliged to exchange contracts on the fall of the hammer.
The completion dates can vary and we recommend you check the legal pack to confirm for each individual property.
Is the reservation fee refundable?
If you fail to complete your purchase for any reason the reservation fee and deposit are non-refundable. If the sale falls through due to the vendor, then the reservation fee (and deposit) will be refunded in full.
Why do I have to pay a reservation fee?
An auction is a secure way of buying a property and gives you the reassurance that the vendor will stop marketing and not consider any other offers.
The reservation fee covers the auctioneer's admin costs.
What if the reserve price isn't met?
If the property fails to meet the reserve price it will remain unsold. You can contact the auctions team and at this point you'll be able to make an offer which will be referred to the sellers for their consideration.
What if I'm not available to bid on the auction day?
If you are unavailable at the time the auction is scheduled to end it is possible to enter your maximum bid in advance. The bidding will still increase in the relevant increments (usually £1,000) up to your maximum amount.
How do I read the legal pack?
The legal packs are available to view by following the link on the individual property page.
We recommend that you get advice from a solicitor or legal representative and ask them to read the legal pack on your behalf, so they can guide you accordingly.
However, not all properties are suitable for secured lending and we strongly recommend that you arrange for an independent survey to be carried out to ensure the commercial lender will fund the acquisition.
Can I have a survey?
Yes of course. We highly recommend that you commission an independent survey to ensure you are satisfied with the property and that the commercial lender will lend against it, if required.
How do I get further advice?
Our friendly team are available to offer you all the help and guidance you need, to ensure you are comfortable with buying at auction. Please give them a call if you have any questions and they will happily guide you through the process to ensure buying at auction is the best route for you.