WORK THROUGH THE CATALOGUE
Each catalogue will contain a selection of houses, flats and land covering a wide geographical area. The first step is to identify which may be of interest to you. Some lots are offered with vacant possession, some are tenanted and some may be part vacant. Make sure you understand how the property is to be offered. If you are looking for a house to live in you should be looking at lots with vacant possession upon completion. The remaining lots are likely to be more suited to investment purchasers.
CHECK OUR PRICES
Check the properties are within your budget by looking at our guide prices. However, do be aware that the guide price is neither the asking price nor the reserve price; it is set as an indication only. The reserve price (the price below which the property will not be sold) is agreed privately with the vendor and is not disclosed. The reserve price will not be higher than the guide price.
VIEW THE PROPERTIES
Please call us during office hours and we will be happy to make the necessary arrangements. In most cases, the properties will be opened up for block viewings at prearranged times. Viewings start from the issue of the catalogue and continue until the day before the auction.
REGISTERING YOUR INTEREST
If you find a property that you wish to bid upon you are welcome to inform us of your interest. This is entirely at your discretion but it does enable us to keep you informed if we become aware that the property is likely to be withdrawn or sell prior to the auction.
MAKE YOUR LEGAL ENQUIRIES
You are encouraged to inform your solicitor of your interest in a lot. You are more than welcome to pass a copy of the auction catalogue to your solicitor or contact us and request that we send a copy direct. Details of the vendors' solicitors are printed next to the sales particulars for each lot and your solicitor is welcome to make enquiries direct to them.
We ask the vendor's solicitor to provide Special Conditions of Sale, copy title documents, lease details (where applicable), office copy entries, searches, answers to general enquiries, planning documentation, etc. These are generally available for two weeks prior to the auction and also on the night of the sale. We are happy to send out copies of these to you and your solicitor.
A charge of £45.00 + VAT per set of copy documents to cover our costs. Alternatively you and your solicitors are welcome to view the documents in our office for free. Don't forget that if you are the successful bidder at the auction sale you will also be asked to sign and exchange contracts in the auction room. The auction catalogue will form the basis of the contract of sale.
The 'Memorandum of Sale' in the back of the catalogue shows the form of the contract. Properties are not sold 'subject to contract', 'subject to finance' or 'subject to survey' when you buy at auction, they are sold unconditionally. If you are the successful bidder, you are legally obliged to go through with the sale. In the eyes of the law an exchange of contract occurs upon the drop of the auctioneer's hammer.
HAVE YOUR FINANCE READY
Properties sold at auction are not sold 'subject to finance'. It is assumed that you will be able to raise the price you bid. A deposit is required on the auction day which is usually 10 % of the purchase price; the remaining 90% is usually payable 28 days later upon completion. If you need to raise a mortgage you will need to apply for it as soon as possible as you must obtain approval in principal before the auction day. Most building societies and banks will wish to instruct a surveyor to prepare a valuation report before auction day and we are happy to arrange access to the property for these purposes. Make sure your lender is aware that you are planning to buy at auction and can release the appropriate funds on exchange and completion. For comprehensive advice on arranging a mortgage for an auction property please call our mortgage partner, Maddison James on 0845 678 10 10
OBTAINING A SURVEYOR'S REPORT
It is recommended, but by no means essential, to obtain a surveyors report upon auction property you are considering bidding upon. Please call us (or have your surveyor call us direct) and we will be happy to make access arrangements.
HAVE YOUR DEPOSIT READY
Make sure that your lenders know that you are buying at auction. If your bid is successful you will be required to provide a pay 10% of the purchase price on the auction day. You can pay either by cheque (with proof of funds) or a bankers draft made payable to Hunters Property Group Ltd. We do not accept cash or card payments.
MAKE A PROXY BID (IF YOU CANNOT ATTEND THE AUCTION)
If you cannot attend the sale, it may be possible to bid by proxy. You can do this in two ways: 1. By telephone; 2. In writing - where your maximum bid and the auctioneer will bid on your behalf. Should you require this service please contact us well in advance of the sale night.
BE AWARE OF LAST MINUTE ALTERATIONS
Occasionally over the marketing period, changes need to be made to the catalogue particulars. It is important that these are brought to your attention so that you can take them into consideration. We publish any changes in our Erratum during the weeks leading up to the auction. On the auction day they are printed in our Addendum (a copy of which will be distributed in the room and attached to each auction contract). To avoid disappointment we recommend that you call us on the day before the auction to make sure that the lots in which you are interested are still available.
