Buying at Auction
Buying a property through our auction couldn't be easier. You can bid from your desk, from the comfort of your own home or come along to the auction event and bid in person!
Benefits of buying at auction
- A chance of a bargain - auction sales really do offer great value.
- No chance of being gazumped - if your bid is accepted when the hammer falls, you have exchanged contracts.
- Quick completion - In most cases completion date is fixed for 28 days after the Auction date
How to Bid
There are THREE main options of how to bid on the night of the auction: - in person, proxy bid, telephone bid.
- In person - on arrival at the auction venue, all persons interested in bidding must register at the foyer of the auction and obtain a bidders paddle.
- Proxy bid - If you can't attend the auction, we can bid on your behalf
- Telephone bid - the interested bidder may bid over the telephone via a member of Town & Country Property Auctions staff under the relevant terms and conditions of auction.
For any telephone bidders a remote bidding form must be completed by the bidder and Town & Country Property Auctions must be in possession of cleared funds in respect to the deposit if the bidder is successful. Please see the form in the catalogue.
All bids are to be made clearly. The Auctioneer reserves the right to regulate bidding and to refuse undesirable bids. The vendor reserves the right to bid up to the reserve price or authorise the Auctioneer to do so. In the event of any dispute in respect to the auction, the Auctioneers decision is final.
Guide and Reserve Prices
Each property sold is subject to a Reserve Price. The Reserve Price, which is agreed between the seller and the auctioneer just prior to the auction, would ordinarily be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. Both the Guide Price and the Reserve Price can be subject to change up to and including the day of the auction.
ALL PROPERTIES OFFERED IN THIS SECTION ARE SOLD SUBJECT TO THE GENERAL CONDITIONS OF SALE AND SPECIAL CONDITIONS WHERE APPLICABLE.
On the auctioneer taking an acceptable bid or the acceptance of an offer subject to auction terms by the seller, the successful bidder is legally bound to purchase the property and the Auctioneer will immediately collect a 10% deposit subject to a minimum of £3000, along with a £600 administration fee from the purchaser and an exchange of contracts will occur. The auction conditions require full legal completion twenty-eight days following the auction. It is important to realise that on acceptance of an offer, the purchaser is legally bound to buy and the seller is legally bound to sell within the agreed time limit. Those sellers entering a property into the unconditional auction must ask their solicitor to consider preparing special auction conditions for their property which will give the prospective bidders more information regarding the legal arrangements for the sale of the property and to ensure buyers are fully informed concerning the particular circumstances of the transaction. Special conditions take effect in addition to the General Auction Conditions which are published in the auction brochure.
Where properties are sold under the conditional terms and conditions the General Auction conditions do not apply (except in relation to clause 37 which is incorporated into the conditional auction terms and all acceptable bids are deemed to be made in accordance with the following arrangements:
- Where the Auctioneer takes an acceptable bid then subject to these conditions the buyer and seller agree to use their best endeavours to proceed to a formal exchange of legal contracts within 28 days the time limit will expire at 1700hrs on the 28th day following the date of the auction or acceptance of an offer if sold pre or post auction
- A non-refundable reservation charge of 5% + VAT subject to a minimum of £5000 + VAT must be paid by the buyer immediately following the conclusion of the auction or acceptance of an offer along with a £600 excluding VAT administration fee. This must be paid by cleared funds to the Auctioneer who will issue an Acknowledgment of Reservation.
- Following the auction and in the 28 day period following the auction the seller agrees as follows:
- The Seller will immediately instruct solicitors promptly to dispatch the contract and accompanying papers to the buyer's solicitors and to deal promptly with proposed amendments or variations to the contract and provide answers to enquires.
- No sale contract or details of the title of the Property will be sent to anyone other than the buyer's solicitors.
- No other person will be allowed to view the Property.
- The buyer agrees within two days following the auction or acceptance of offer:
- To instruct a surveyor and/or accept liability for surveyors' fees by making a mortgage application
- Once received, propose any required amendments or variations to the sale contract
- Once property papers are received by its solicitors, raise all substantive preliminary enquires
- It is hereby agreed between the parties as follows:
- The seller has entered into the Agreement because the buyer has given certain commitments as herein mentioned, if the Buyer fails to comply with them strictly in accordance with the timetable this Agreement shall immediately lapse.
- If the Buyer decides not to proceed with the transaction as negotiated he/she shall immediately inform the Seller whereupon this agreement will lapse.
- This agreement is an independent contract and does not bind the Seller or the Buyer to the transaction.
Buyers Premium Conditional
All buyers' premium properties are clearly marked and are subject to a Buyer's Premium unless otherwise stated. The successful buyer shall pay a premium of 5% of the final agreed purchase price plus VAT subject to a minimum fee of £5,000 plus VAT to Town & Country Property Auctions on acceptance of an offer. This fee is non refundable.
As an example, the buyer bids £100,000 which is then accepted, the final purchase price is £100,000 plus the buyer's premium of £5,000 plus VAT (£1000) meaning total costs £106,000.
Buyers Premium Unconditional
All buyers premium unconditional lots are subject to a 5% deposit and 5% buyers premium + vat of the final agreed purchase price subject to a minimum of £5,000 plus vat payable to Town & Country Property Auctions on acceptance of an offer. This fee is non refundable.
As an example, the buyer bids £100,000 which is accepted, the buyer is required to pay £5,000+vat (buyer's premium) and a deposit of £5,000 (part payment of the property) meaning total payable on acceptance would be £11,000.
To the best of our knowledge, all details are correct at the time of going to press. Town & Country Property Auctions have not inspected all properties in the catalogue and rely on information provided by our co-agent. We advertise a number of properties from overseas and all the property details in these instances have been provided by the vendor and are sold subject to that country's laws. We recommend all purchasers satisfy their own requirements prior to bidding. The sale is held in two distinct sections. Please read the notes carefully relating to the differences in these sections and the charges levied against the purchaser.
All buyers are required to produce a form of identification, a drivers licence, passport or utility bill.
MISREPRESENTATION ACT 1967
NOTICE: Town & Country Property Auctions themselves and for the vendors of any property in this catalogue whose agents they are, give notice that:
- The particulars or property featured in this catalogue do not constitute, nor constitute any part of, on offer or a contract;
- All statements contained in this catalogue as to properties feature herein are made without responsibility on the part of Town & Country Property Auctions or the Vendor.
- None of the statements contained in this catalogue are to be relied on as statements or representations of fact;
- Any intending purchaser must satisfy himself by inspection or otherwise as to the correctness of each of the statements relating to any properties in this catalogue.
- The vendor does not make or give, and neither Town & Country Property Auctions nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to properties featured in this catalogue.
Where net house prices have been stated, they are purely to be used as guides as we cannot guarantee as being the same size and style of the property offered for sale. They are solely to used as a guide.
ALL PROPERTIES ADVERTISED WITHIN THE CATALOGUE ARE BEING OFFERED FOR SALE BY AUCTION AND ARE SUBJECT TO A RESERVE PRICE.