Guide to buying property at auction - How property auctions work

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Guide to buying property at traditional auction

Viewing
Please view the properties that interest you as soon as possible. Viewing arrangements for each lot can be found here. Block viewings for all properties will be at specific times and if you arrive late you may have only a limited viewing time.

 

Instructing a solicitor
Before bidding at the auction, you are advised to consult a solicitor or licensed conveyancer to advise you on the general and special conditions of sale, the local authority search, the land registry office copy entries and any other information provided.

 

Guide prices
Guide prices provided with this catalogue and shown on our website and press advertising indicate the level of the sellers reserve. The guide price may change at any time prior to the auction. Lots may be sold at, above or below the guide price and the eventual sale price will be dependent on the amount of bidding at the auction.

 

Reserve prices
All lots offered for sale are subject to a reserve price. The reserve is a confidential minimum price which the seller authorises the auctioneer to sell at – bidding must reach or exceed this figure for the lot to be sold. The reserve may be changed by the seller at any time up to the start of the auction and this will be reflected in the guide price. The level of the reserve may be lower than the guide price.

 

Pre-auction offers
These must be made in writing and will only be considered if the lot has been viewed, legal documents inspected and proof of funding has been supplied to the auctioneers. Pre-auction offers are made on the basis of an immediate exchange of auction contracts upon acceptance by the seller.

 

Addendum
When you arrive at the auction, a member of Romans' staff will hand you a list of last minute alterations and amendments to the catalogue, this is known as an 'addendum'. It is essential that you read this information carefully in case it refers to a lot which is of interest to you, as the addendum forms part of the contract of sale.

 

Deposits
Purchasers are reminded that at the fall of the Auctioneer's gavel a deposit of 10% of the contract sale price (minimum £4,000, if the sale price is less than 40,000) per lot shall be payable, by way of banker's draft. Personal or company cheques will not be accepted unless arrangements have been made at least 3 working days prior to the Auction. All banker's drafts should be made payable to Romans. Cash and credit/debit cards will not be accepted. We suggest you obtain a draft for 10% of your maximum bid price (minimum £4,000, if the sale price is less than £40,000) and bring it with you to the auction. If you purchase for less, the difference will be deducted from your 'balance' figure on completion. Any shortfall (subject to the Auctioneer's discretion) can be paid by personal/company cheque.

 



Buyers charge
Each successful buyer will be required to pay the auctioneers, Romans, a non-refundable buyers charge of £800.00 plus VAT. On purchases below £20,000, the buyers charge will be £500.00 plus VAT. The charge is payable on exchange of contracts.

 

Proof of identity
In order to comply with money laundering legislation, the successful bidder is required to provide photographic proof of identification e.g. UK Driver's Licence, Passport. Please note that it is a requirement that you also provide documentation to confirm your name and residential address (Utility bill, Council Tax bill).

 

Completion day
Completion normally takes place twenty working days after the date that contracts are exchanged, unless other arrangements are specified in the special conditions of sale. It is advisable to check this prior to the auction day.



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