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Auction FAQ

Q: What types of property does Strettons sell by auction?

A: We sell a variety of property covering residential, commercial, land, sites and investment opportunities. In addition, we often sell interesting or unique properties that might not have an exact fit on the traditional market - everything from advertising hoardings to islands.

 

Q: Do your auctions only cover London properties?

A: Our auctions cover the whole of the UK, although our catalogue frequently shows properties within London. Marketing a property in our auctions will give it nationwide marketing coverage.

 


BEFORE THE AUCTION

 

Q: Do I need an auction catalogue?

A: All of our properties available at our current auction are online here. Their price or availability may change ahead of the auction, so please register your interest and check online for updates.

 

Q: Do you make guide prices available?

A: Yes, the guide prices are available anywhere the property is advertised. Guide prices represent the price range the lot is available to purchase at the time of going live. This range may change during the pre-auction marketing period, though we will update our website each working day leading up to the auction.

To confirm the latest figure, feel free to call our auction team on 020 7637 4000.

 

Q: Can I view the properties?

A: Where access is possible, we will organise pre-arranged viewings. Viewing opportunities will be listed on the lot page of our website. If a property is not available for viewing, we may be able to provide a video viewing. Feel free to call the team on 020 7637 4000 if you have any questions.

 

Q: Do I need to have a mortgage arranged before bidding?

A: If you require a mortgage or other form of loan to finance your purchase, you should have these arrangements in place before you bid. There are various lending sources, possibly including your bank, but they need to be able to respond to the quick timescales of an auction.

We have links with multiple lenders who might be able to help you. If you require funding, please do get in touch with us and we will happily recommend some of our trusted partners.

 

Q: When do I instruct my solicitor?

A: Our advice is to speak with your solicitor as soon as you decide to bid on a property. Much of the legal information is freely available online on the property page under its 'View Legal Documents' button.

If you need a quick understanding of the good and bad points of a lot within a short time frame, our friends at aucspace.com offer a paid service to draw up legal pack summaries for each of our available lots.

 

Q: Can I have a structural survey done of any property before the auction?

A: If you require a survey, your surveyor can contact the team on 020 7637 4000 to arrange access.

 

Q: Could there be any late changes?

A: Occasionally, there are late amendments to lots that appear on the individual lot page same business day.

If you have registered to download legal documents from our website, you will be updated on any changes by email. This is provided we receive such information in sufficient time on the last working day before the sale.

Sometimes changes even occur on the auction day. Late alterations to the lot will be made available on our website and be read out by the auctioneer on the day, so please listen for announcements when it starts at 12pm. This is sometimes referred to as "addendum notes" or "the addendum".

 

Q: Can lots be sold before the sale?

A: An auction lot can be sold or withdrawn before the auction. Check with us on a working day before the sale to make sure your particular lot will still be offered.

 

Q: How do I register to bid for an auction?

A: Pre-registration is essential for bidding, and you can register via https://passport.eigroup.co.uk/bidder-registration/strettons.

You'll be asked to:

      • Upload your ID (e.g. driving licence, passport, utility bills, and bank statements)
      • Indicate the lot(s) you wish to bid on
      • Share your method of bidding (telephone, internet or proxy)

The auction team will review and authorise your registration to bid on the requested lot and confirm your method of bidding. Please note we have a limited number of telephone bids available for each lot, and they will be assigned on a first-come basis.

 

Q: How do I bid for an auction property?

A: The process varies depending on which method of bidding you have selected.

 

PHONE

If you are bidding by telephone, one of our team will call you before the auction starts (usually sometime in the morning on the day of the sale) to introduce themselves and to ensure that they have the correct number for you and that they have a good signal or connection. They will then talk you through how they will communicate the current bid to you and what you should do if you want them to bid on your behalf at any point.

 

INTERNET

If you are bidding on the internet, you will receive a login in the run-up to the auction. When your lot is being offered, you will have a bidding portal that will open on your browser, via which you can place your bids at your leisure.

 

PROXY

If you are bidding by proxy, the auctioneer will place bids on your behalf at appropriate times, up to and including (but not exceeding) your indicated maximum bid. The auctioneer will give you notice of the intended fall of the hammer, usually by saying: 'Selling for the first time… Selling for the second time… Selling for the third and final time… Sold'. You may bid at any time before you hear the word 'sold'. It is advised that you do not delay, as this increases the risk of losing the lot to another bidder.

 

Q: Any words of caution for buying at auction?

A: If you've done your research and have your finance in place, buying at auction shouldn't be too daunting. If you have any remaining doubts on the day of the auction, our advice is not to bid. Please feel free to call us beforehand with any questions; we're very happy to help.

 


AUCTION DAY

 

Q: What order are lots offered in?

A: Lots are offered in the order they appear in the catalogue, but the auctioneer will announce when late entries are in the mix.

 

Q: Do I have to be at the property auction from the start?

A: We recommend that you access the live-streamed auction at the start so that you can listen to the auctioneer's opening announcements. You will be able to access your particular lot for bidding just as the previous lot completes.

 

Q: When do I need my deposit?

A: If you make a successful bid, you must provide the auctioneers with:

      • A contractual deposit of 10% of the purchase price (minimum deposit £3,000)
      • Plus a £995 Buyers Administration Fee (or £595 for transactions of less than £10,000) including VAT on the day of auction

This is generally in the form of a same day transfer or personal debit card. We unfortunately can't accept business credit cards.

 

Q: What happens if my bid is successful?

A: Contracts are exchanged as soon as the gavel falls. If you're the successful bidder:

      • A member of our auction team will email you to confirm your or your company's contact details along with the details of your solicitors.
      • You will be contacted to pay the associated fees (see below).
      • When the paperwork is complete, the deposit and fees are confirmed as received.
      • You'll be asked to sign the Auction Memorandum sent via email.
      • Your solicitor will then be sent the Auction Memorandum signed by us on behalf of the seller.

 

Q: What are the fees for purchasing a property at auction?

A: On the day you will be asked to pay:

      • A deposit of 10% of the purchase price (minimum deposit £3,000)
      • A £995 Buyers Administration Fee (or £595 for transactions of less than £10,000) including VAT

If you're unable to do this, the auctioneer has the right to re-offer the lot. If the property then sells for a lower figure, the seller may claim any losses from you.

 

Q: Are there any other costs on the day?

A: Each successful buyer pays a Buyers Administration Fee of £995 (or £595 for transactions of less than £10,000) including VAT on exchange of contracts for each lot purchased. Strettons will issue a formal VAT invoice.

 


AFTER THE AUCTION

 

Q: Do I need insurance for my new property?

A: On exchange of contracts, you will usually become responsible for the insurance of the property. You must arrange for building insurance to commence immediately. You can contact our insurance department on 020 8509 445 or francesca.raisbeck@strettons.co.uk who can place immediate market-leading cover written specifically for property investors.

 

Q: What if the auction lot I want is unsold?

A: A few lots may not reach their reserves. If you're interested in one of these, speak to one of the auction team after the auction as it may be possible to contact the seller and negotiate a mutually acceptable price.

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