Guide to Buying Property at Auction
Guide to buying at auction
Buying property at auction is a simple and straightforward process. Our guide to buying at auction will help you understand the process, if you have further questions our team is always available to help.
Steps to take before the auction
Each Catalogue is released 3 weeks prior to the auction day and can be received in an electronic format. We advise you to sign up to our email alert system so that you receive each catalogue as soon as it is released and you will also be notified immediately of any important news.
Viewings – We strongly advise you to view any lots you may be interested in, each lot will have viewing times listed, there is no need to pre book or register; simply visit at any of the listed times.
Legals – Each lot has its own legal pack which can be downloaded from the lot page, it is very important to have checked through the legal pack carefully and we recommend you take legal opinion where necessary. All lots sold are also subject to the Common Auction Conditions
Updates/Addendum – It is recommended that all prospective purchasers check for any late changes or amendments to the lots and take note of any important information prior to the auction day.
Auction Day
Under current government guidelines, all auctions must be held online and until such time as the relevant restrictions are eased all Taylor James Auctions will be held on our online bidding platform. A detailed guide of how to register, place bids and lodge deposits can be found in our Guide to Online Bidding.
If you have carried out all the necessary steps you will be registered to bid and be in a position to successfully purchase a lot. It is important to remember that if you are successful, contracts will be exchanged on the fall of the gavel and your 10% (subject to a minimum of £5,000) non-refundable deposit will be due immediately together with the £1,200 + VAT auctioneers administrative fee.
Post-Auction
For all successful bidders the contracts will be signed on your behalf by the auctioneers and a copy emailed to both the vendors solicitors and the purchasers solicitors. The standard completion period is 20 working days however we advise you check the special conditions of sales pertaining to that lot for any alterations to this time period.
Surveys – Please give your surveyors/lenders the contact details for Taylor James Auctions and we can make the necessary arrangements to allow them access.
Access – if a purchaser wishes to have access leading up to completion please contact the office where we will try to accommodate this, it is not always possible but with suitable notice access can usually be arranged.
Completion – On the day of completion we should receive notification from the vendors solicitor that the sale has completed and upon receipt of this we can legally release the keys to the purchaser. Keys will either be sent to the purchaser or can be collected close to the property.
For any questions relating to the auction process or for further information please contact Taylor James Auctions on 0121 827 8960 or info@taylorjamesauctions.co.uk