Buying Through Auction

Here at Pattinson Auction we aim to make the buying process simple and easy to follow. Before you start on your auction journey we advise that you read through this handy guide so you know exactly how to bid and buy at auction with confidence.

Buyer Benefits

A quick & easy bidding process

Buying a property through auction could not be easier. You can bid in person, over the phone, by proxy or online.

A wide range of properties to choose from

Auction provides buyers with a wide range properties to purchase that are realistically priced and readily available. All of the properties advertised for auction are available through our expansive network of partner agents which spans most regions of the country. Many of the properties are available with no onward chain, making auction a great way to purchase a property quickly and securely.

A quick and secure transaction

Buying a property through auction gives the buyer and seller transparency. A sale can be agreed on the fall of the hammer and all deposits and necessary documents can be exchanged on the same evening.

What type of auction lot are you bidding on?

  Conditional Lot’s

Upon the fall of the hammer the buyer shall...

Exchange contracts within 28 days
Complete the purchase within an additional 28 days of the exchange
A non-refundable £3,600 Deposit
Pay an administration fee of £780 (inc VAT)

  Unconditional

Upon the fall of the hammer the buyer shall...

• Exchange contracts on the fall of the hammer. Special conditions may apply

• The sale must complete within 28 days

• A 10% deposit must be paid to a minimum of £3,600

 • Pay an administration fee of £780 (inc VAT)

Conditional Lot’s Reservation Fee*

Upon the fall of the hammer the buyer shall...

• Pay a non-refundable 5% plus VAT Reservation Fee (to a minimum of £5,000 plus VAT)

• Exchange contracts within 28 days

• Complete the purchase within an additional 28 days of the exchange

*Reservation fee denotes a different set of charges to the regular auction lots. Reservation fee lots will be either Unconditional or Conditional the reservation fee does not contribute toward the purchase price. Please read the differences between these auction formats carefully above so you understand the associated costs of each one and the requirements of each auction. if you have any questions please don’t hesitate to ask a member of staff on the day.

 

  Unconditional Lots Reservation Fee*

Upon the fall of the hammer the buyer shall...

• Pay a 5% Deposit and a 5% Reservation Fee (to a minimum of £5,000 plus VAT)

• Be legally bound to buy the property / lot and the vendor is legally bound to sell

• The sale must complete within 28 days

*Reservation fee denotes a different set of charges to the regular auction lots. Reservation fee lots will be either Unconditional or Conditional the reservation fee does not contribute toward the purchase price. Please read the differences between these auction formats carefully above so you understand the associated costs of each one and the requirements of each auction. if you have any questions please don’t hesitate to ask a member of staff on the day.

The Bidding Process

Starting Bids

This is the advertised price for the property and the opening figure for bids.

Reserve Price

This is the minimum price that the vendor is willing to sell the lot for in the auction. The reserve price is never published or listed, this is a private figure between the vendor and the auctioneer. Both the reserve price and starting bid can be subject to change.

How can l place a bid?

Once you’ve chosen the properties you want to bid on, you must register with the auction department. This can be done at the auction, over the phone or online. Once you’ve registered you’re ready to bid.

Before placing a bid we do advise you take the time to research and fully understand the properties that you are bidding on. The very nature of auction is a quick and secure sale, therefore there isn’t much time to second guess yourself once bidding commences. Make sure you familiarise yourself with the properties and any legal documents that are available, so you have all of the information you need to make a clear and informed decision about your prospective purchases.

Auction Room

Our property auctions are split by region. lf you want to attend the auction and bid in person you must make sure to attend the correct event, this will be stated in the property listing and registration can be completed upon arrival. Bids can be placed on properties prior to the auction but we do encourage people to attend the events and bid in person.

In Person

Once you are registered we will provide you with a bidding number, you are then

free to bid live in the room. If you need a helping hand a member of our team will

be happy to assist you through the process.

Proxy Bid

A proxy bid is a way of bidding on a property without having to physically be in

the auction room. When a proxy form is submitted, a member of the auction

team will bid on your behalf for the lowest amount possible up to your maximum

bid through increasing increments. Payment details or cleared funds must be

provided when using this method.

Telephone Bid

When a telephone form is submitted a member of the auction team will call you

from the auction room enabling you to bid live. They will update you on what is

happening with the lot you are interested in and act on your instructions to place

bids on your behalf.

Upon the fall of the hammer

• Congratulations, you’ve bought a property!

• You’ll be invited into the accounts room to sign the relevant

Documents.

• You can pay the deposit on lots or reservation fee on

 lots by debit/credit card or by cleared funds

• We’ll instruct the sale with your chosen solicitor

• The sale will complete within the agreed timescales dependant

on the terms (see What type of auction lot are you bidding on?)

FAQ's

Can l place bids outside the auction process?

Bids can be placed on lots before the

auction commences. It is up to the vendor

whether or not they accept the bid. If

you are interested in an unsold lot please

contact us.

How can l pay a deposit or reservation fee?

To pay a deposit on lots (C) (U)or a

reservation fee on (CR) (UR) lots we accept:

• Debit credit card payments

(3% surcharge on credit cards)

• Cleared funds banked with Keith

Pattinson Ltd. prior to the auction.

These would be refunded the day after

auction if unsuccessful

• We do not accept cheque payments

Can l view a property prior to auction?

Yes.

We would strongly recommend viewing

any properties before placing a bid.

Can l get a survey?

Yes. If you would like to have a survey

carried out or need one to obtain a

mortgage, you can arrange to have one

done prior to the auction.

l need a mortgage, can l buy at auction?

Providing your lender has agreed that

the property you would like to bid on is

mortgagable it is possible to purchase

through auction. Please be aware the

properties marked with (U) & (UR) will

exchange immediately so you must have

your finances in place prior to bidding.

What is the reservation fee?

A reservation fee applies to any properties

Marked (CR) or (UR). The seller has elected to

sell their property under these terms and

conditions and an additional fee applies

separate from the purchase price.

Can l change my mind?

Once the hammer has fallen on &

properties you are legally bound to

complete the sale. With & lots you

would forfeit your deposit but would not be

bound to continue with the purchase.

What is a legal pack?

A legal pack is produced by the seller’s

solicitors for interested applicants to view

ahead of bidding. These packs will be

available on all lots marked (U) & (UR) .

They contain copies of searches, title

documents, leases, special conditions and

any other necessary documents to allow

immediate exchange of contracts.