FAQs Buyers Questions
What types of property are offered at auction?
A large variety of properties are sold including residential and commercial property including properties with existing tenancies, development sites, green belt sites, ground rent investments, lock up garages.
What areas do you cover?
Strettons have office in east and south west London and Essex which gives coverage of London and the Home Counties. However, they do cover the rest of the UK and frequently sell properties nationwide.
Do I need an auction catalogue?
The auction catalogue is available on-line at www.strettons.co.uk, but hard copies are also available from us or Strettons. The catalogue gives detail of the individual properties, guide prices, guidance notes for purchasers and more importantly the common auction conditions and extra conditions. Regular updates are posted on the web site.
Do I have to pay for the catalogue?
Your first copy of the catalogue is complimentary and with it you will be sent a form to complete to subscribe if you so wish. This will guarantee you the next 3 catalogues at £10 or an annual subscription of £15.00, which will guarantee at least 6 catalogues without the need to make a specific request on each auction.
Are reserve prices disclosed?
No the reserve figures are confidential and are not disclosed under any circumstances prior to sale. We issue guide figures however these may change during the pre-auction marketing period and are available by either contacting the office by telephone or by checking on the website.
Can I view the properties?
In general all properties are made available for inspection prior to auction. We do not release keys and for vacant properties generally organise block viewings on set days and times. If the vendor is in residence then appointments will be made at mutually convenient times. With regards to tenanted properties all access is granted by courtesy of the tenants and generally we will need to give them 24 hours notice.
Do I need to have a mortgage arranged prior to bidding?
If you require a mortgage or other form of loan to finance your purchase it is recommended this is arranged in advance. If you require any assistance in this matter we have a financial advisor that deals with banks and building societies familiar with auction procedures.
When do I need to instruct my solicitor?
Once you have found a property that you are interested in contact the auctioneers to see if the legal pack is available, if the pack is available you will be able to download this from our main auction website www.strettons.co.uk to pass onto your solicitor for inspection or if you provide us with your solicitors email details we can email directly to them which cuts out any postal delays.
What is a legal pack?
The legal pack is provided by the seller’s solicitors and will consist of the necessary documents allowing us to offer the property. The seller’s solicitor can amend the common auction conditions and relate to the individual property. Other documents would possibly include proof of title, local authority search, planning documents, tenancy agreements (if let) etc.
Can I have a structural survey done on any property prior to the auction
If you require a survey a surveyor should contact us to arrange access, your bank or building society may also send a surveyor to the property.
When do I need my deposit?
If you make a successful bid you will need to provide the auctioneers with a deposit of 10% of the purchase price or £2000 whichever is the greater.
How do I bid?
When your lot is announced and the auctioneer invites bids you will need to make your interest known. You can do this by either calling out, raising your catalogue or hand in the air. The auctioneer will give you notice of the intending fall of the gavel usually by saying ‘going for the first time’, ‘second time’, ‘third time’, ‘sold’, do not leave it till the last second, if the gavel falls, the property will be sold and you will miss out.
What if I cannot be there in person?
There are two alternative methods of bidding:
Telephone bidding where you have a member of the auction team on the other end of the telephone relaying what is going on in the auction room and you will authorise them to bid on your behalf.
Proxy bidding this is a written bid that is placed with the auctioneer.
Before we accept either form of alternative bidding we will require a proxy/telephone bidding form to be completed, signed and returned to us along with 10% deposit of your MAXIMUM bid plus buyers fee before 11.00 am on the day of the sale. These forms can be found in the auction catalogue or can be downloaded from our website.
What happens if my bid is successful?
Once the gavel falls you will be asked by the auctioneer for your exclusive bidding number. This will allow the clerk to prepare the sales memorandum, which you will need to sign and pay your 10% deposit. Also you will be expected to provide two forms of identification to comply with The Money Laundering Regulations 2003, details of these are in the auction catalogue.
Are there any other costs on the day?
There will also be an auctioneers administration fee, details of which are contained in the catalogue. Some vendors charge a buyers premium (which does not go to the auctioneers) to defray their costs. It is usual for this to be disclosed in the catalogue or special conditions.
Who is responsible for insuring the property?
On the fall of the gavel you will usually become responsible for insuring the property and you must arrange for cover to commence immediately. If you require assistance in this matter speak to one of the auction team who will refer you to our in house insurance representative.
Can the lot be sold prior to auction?
All offers of reserve and above are reported to the seller in writing but the seller does not have to accept any offers just because they are over reserve they may still wish to take the property to the room. If your offer is accepted prior to auction you will have to sign an auction contract with payment of 10% deposit before the property is withdrawn from sale.
What if the property is unsold?
Should the property not reach its reserve price and you are interested we have a contract with the seller for up to 28 days after the auction where the property can still be purchased under auction conditions.