Guide To Buying At Auction
Do You Want To Buy at Auction?
Decide when you want to buy a property and which Auction you would like to attend. Sale dates and venues can be found on our website. Auction Calendar.
Contact Equity & Law
Contact us on +44 (0) 208 123 0067 or 0796 777 0832.
E-mail: auctioneer@equityandlaw.co.uk
Web Site: www.equityandlaw.co.uk
Sale Particulars & Legal Packs
Draft sale particulars will be displayed on our web site and are available upon request to all registered individuals. Get your solicitor to examine the legal pack containing the special conditions of sale, title documents, leases (where applicable), searches, planning documentation once they have been dispatched to you.
Catalogues
The catalogue details all the lots that will be offered in the next sale by auction. The catalogue will be distributed to those who request a copy as well as being available free on our website.
Viewings
Where applicable we will carry out regular viewings of the properties at pre-arranged times. These viewing times will be published in the catalogue.
Legal Packs
The legal pack is made available through the vendor's solicitor. We shall also arrange for buyers to receive documents by post if they so request.
Interest and Offers
We will maintain close contact with potential buyers and liase with them throughout, as well as reporting any offers made prior to the sale.
Reserve price
A reserve price is usually set for each property and any variations will be published in the catalogue and on our web site. This is the level below which we will not be authorised to sell.
The Auction Day Itself
Equity & Law holds all its auctions in the area where the property is being sold. To view the auction calendar click here or telephone 0796 777 0832 or +44 (0) 208 123 0067. For buyers and vendors, it is important to note that the fall of the hammer represents an exchange of contracts and the successful bidder is legally obliged to pay a deposit, usually 10% of the purchase price, and sign a memorandum of sale before leaving the room. The buyer will purchase any property at the final bid price. They can not renegotiate and can not change any of the terms stipulated. Completion usually occurs 20 working days after the auction when the balance of the price is payable. The deposit funds are then paid. The atmosphere of the room can be extremely exciting and competitive.
What happens if the property does not sell on the day?
If any property fails to reach its reserve price at the auction, someone may still wish to buy it. The seller will decide on whether to accept any subsequent offer through Equity & Law. The property may even be sold in the days or weeks after the sale as we continue to market the property. It is quite common for an unsold property to sell within an hour of the auction ending as potential buyers may have simply been delayed etc.
If the property still fails to sell, Equity & Law will continue to market the property at no extra charge until it has sold.
