Guide to Buying Land & Property at an Online Auction

A Brief Guide to Buying & Selling by Auction

Buying by Auction really is a simple business, but you do need to be aware of the possible pitfalls. There are various matters that you should arrange prior to bidding and these notes contain important information, particularly for those not familiar with Auctions. If you would like any particular point clarified then do contact us – we are at the service of Buyers and Sellers.

Tel: 0345 8500333

View Available Lots

First visit www.cliveemson.co.uk to view our current listings and to find further information about our auctions (Please note that our online bidding platform requires Google Chrome to operate fully).

From our website use the property tab and select either ‘Current Auction’ or ‘Lot Search’ to begin looking through the Lots on offer.

Once you have found something of interest, registration is a two-step process. Firstly, scroll down the page to find the tabs marked ‘Online Bidding’ ‘Legal documentation’ and in some cases ‘Watch Video’. We always recommend that you download all available legal documents as these form part of the contract when purchasing a lot.

Guide and Reserve Prices

Guides are provided as an indication of the Sellers minimum expectation. They are not necessarily figures at which a Lot will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction). We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly in order to stay fully informed with the up-to-date information.

Common Auction Conditions & Special Conditions of Sale

The Auction is conducted in accordance with the Common Auction Conditions and Special Conditions of Sale, both of which are available to download free of charge. An Addendum is also issued online on Auction day and should be read if you intend to bid.

Viewings

During the current COVID-19 pandemic we are unable to hold block viewings at our available land and property Lots.  We are however able to hold internal viewings at some of our properties however these are strictly by prior confirmed appointment, please contact us on 0345 8500333 or at auctions@cliveemson.co.uk in order to check viewing arrangements.

Viewings are at specific times by prior confirmed appointment and will normally last for around 15 minutes. Our negotiators have tight schedules and potential buyers arriving late will only have limited viewing time.

To view a property in person you will need to confirm the following information to us:

  1. Your full name, address and contact number.
  2. Whether you or any of your bubble have been suffering from any related Covid 19 symptoms.
  3. You have viewed the video walkthrough (if available).
  4. You have registered and/or downloaded the relevant legal documentation for the lot you wish to view.

This needs to be confirmed to us by e-mail prior to an appointment being made.

Access to view tenanted properties is by courtesy of the tenants, who are under strict instructions not to allow unauthorised viewings. Interested parties are asked to respect their privacy at all times.

Once a Lot has been sold there will be a charge of £75, inclusive of VAT, per visit, if we are asked to conduct further viewings for any reason prior to completion.

Prospective buyers view all lots entirely at their own risk and neither the auctioneers, joint auctioneers or the sellers take responsibility for any damage or injury, however caused. It is advisable to wear appropriate footwear and clothing as some buildings, particularly those for refurbishment, may have uneven floors or even missing floorboards! Please also bring a torch as the electricity is often not serviceable for safety reasons.

Professional Assistance

If you are intending to bid you are advised to consult a Solicitor/Licensed Conveyancer to give independent advice on the legal documentation, which can be inspected at our offices or downloaded online from this website.

Finance must be arranged before the date of the Auction and any valuation/survey required by your lender should be completed before you bid. As the successful Buyer it will be your responsibility to insure the property on exchange and you should make arrangements immediately after the sale.

Prospective Buyers are required to make all their own investigations to satisfy themselves as to the condition of all Lots and make any necessary pre-contract enquiries prior to bidding. If you are the successful Buyer then the Contract is binding on the fall of the electronic gavel (when the timer reaches zero).

Measurements and Plans

All room sizes and site measurements are approximate and may have been scaled from architects, Land Registry or Ordnance Survey Plans. Each Lot will be sold in accordance with the Title Documents as the Location Plans shown in the catalogue are for identification purposes only.

Prospective Buyers should make their own site inspections and investigations regarding the accuracy of all measurements given in the catalogue and make any necessary pre-contract enquiries prior to bidding. If you are the successful Bidder, then the Contract is binding on the fall of the electronic gavel (when the timer reaches zero).

Deposits

Deposits, which are payable on the fall of the gavel, are 10% of the purchase price. If the sale price is less than £30,000 then a minimum deposit of £3,000 will be payable.

When the timer reaches zero (which indicates the fall of the electronic gavel) a holding deposit of £5,000 will immediately be taken from the credit/debit card supplied when registering to bid online.

The remainder of the deposit is due within 24 hours. An email confirming your purchase along with instructions on how to transfer the remainder of the deposit to our Client Account will be emailed to you following the auction.

We have a primary duty to our Clients (the Sellers) and reserve the right to immediately re-offer any Lot if the deposit conditions are not strictly adhered to in accordance with our Conditions of Sale.

Administration Fee

An Administration Fee is payable at the same time as the deposit for each Lot purchased. The administration fee will be added to the sale price on the following scaled increments and includes VAT;

Up to £19,999 = £400

£20,000 – £49,999 = £600

£50,000 – £99,999 = £900

£100,000 – £299,999 = £1,200

£300,000 and above = £1,500

Offers

Our Clients have agreed that only pre-Auction offers substantially above the top Guide Price figure will be submitted for their consideration. Offers must be in writing and will only be considered if the property has been viewed (where possible) and the legal documentation inspected. Pre-Auction bids will be on the basis of an immediate exchange of Auction Contracts upon acceptance by the Seller with the Buyer providing the full deposit and Administration Fee. Any offer will be assumed to be your best and final offer and we cannot guarantee that you will be invited to increase your bid in the event of an alternative satisfactory offer being received prior to exchange.

Register to Bid Online

To register to bid online first find the lot or lots that you are interested in and select the ‘Online Bidding’ tab in the centre of the page.  You will be redirected to the lot information within the online bidding platform. From here you will see to two boxes, ‘Login’ and ‘Register’ (Please make sure you have accepted ‘Cookies’ as this sometime hides the Register tab).

Alternatively click here to register.

You will be asked for your name, email address, telephone number and to create a password. These will be your new login details for the online bidding element of our website.

Now logged in you will need to go to the tab marked ‘Dashboard’ to complete your registration. When in the dashboard you will see four options on the left-hand side of the page, they are;

  • Profile
  • Identity Verification – Passport or Driving Licence No.
  • Payment Details – Credit/Debit Card
  • Solicitors Details

Once you have completed these four sections you are good to go!

Bidding

Log back in when the lots go live and you will see the bidding box. The bidding box will show you the countdown timer, current bid and whether the reserve has been met.

Proof of Identity

When registering to bid online the ID provided is securely stored with Bamboo Auctions who are the third-party provider of our online bidding platform.  We are unable to access these ID documents and therefore in addition to the Identity Verification used to register to bid online all successful Buyers will be required to provide the full names and address of the Buyer for Auction Contract purposes, the Bidders details (if these are different from the named Buyer) and the Solicitor/Legal Representative. In compliance with the Money Laundering Act all Buyers are required to provide photographic identification and proof of address.

Buyers must present the following documents*:-

  • photographic identity document such as a current passport or UK driving licence and
  • an original utility bill, council tax bill, building society or bank statement or any other form of identity document (with the exception of a mobile phone bill or credit card statement) that has been issued within the last three months and that provides evidence of residency at the correspondence address.

If the Bidder is acting on behalf of another party, they will be required to provide the documents detailed above for both themselves and certified copies for the named Buyers for whom they act, as well as providing a valid letter of authority from the Buyers authorising them to bid on their behalf.  If the bidder is acting on behalf of a company, the above documents will still be required, together with a copy of the Certificate of Incorporation and identification for anyone with a 25% share or more.

Auction Contracts

On the fall of the electronic gavel the highest Bidder above the reserve is contracted to buy.  The £5,000 Holding Deposit is taken immediately following the successful purchaser.  You will then be contacted by one of our Team in order that they may produce the Sale Memorandum.

The signed Counterpart Sale Memorandum will be sent to your Solicitor or Legal Representative and you should also insure the property, if appropriate. Completion will normally take place 20 business days after exchange, but this may be varied in the individual Special Conditions of Sale, which are attached to the Sale Memorandum.

The Auctioneer is legally authorised to sign the Sale Memorandum on behalf of both the Buyer and Seller. We reserve the right to immediately re-offer the Lot if the deposit conditions are not strictly adhered to in accordance with our Conditions of Sale.

After the Auction

A list of unsold Lots will be available after the Auction stating the minimum price at which that Lot can now be bought. Offers will be submitted on the basis of an immediate exchange of Auction Contracts upon acceptance by the Seller.

Finally

Good luck on the day and if you are unsure of any aspect of buying or selling then do call our offices – our staff will be delighted to assist. To find a list of our upcoming land and property auction events, please visit our future property auctions page. Alternatively, visit our properties page to view current lots available.