There are a wide variety of properties that go to auction. Auction lots can range from small flats to large family homes, in variable states and condition, from dilapidated with significant title issues to pristine properties where the owners just need a guaranteed quick sale.
If you are thinking of selling at auction then contact Biscoes in order that we have sufficient time to prepare the legal documents so that the Property can be included in the Catalogue. Auctioneers will hold Sales regularly, but will usually wait until they have a sufficient number of properties (each property know as a “Lot”). The Catalogue will need to give sufficient details about the Property, and the legal papers will need to be ready so that they can be sent to prospective bidders in advance of the auction, in order to allow them to decide whether or not they wish to bid.
If you are thinking of buying at auction then our Property Team will need to review the Legal Papers and carry out the usual searches and enquiries for you, to fully advise you of any potential risks and whether your proposed plans (for example, conversion, building an extension, or changing the Use) will be achievable. Once you have this information you can decide whether to bid at all and, if so, what your upper limit is to pay for the Property when factoring in any expenses for redecoration and/or fixing and legal defects in the title. Once the hammer falls, you have to pay 10% of the price by way of a deposit on the day. The hammer falling on your successful bid commits you to buy the property. You will need to complete 28 days later and so the remaining 90%, plus any costs, will need to be available, otherwise you run the risk of losing your deposit.
We would never recommend going into an auction ‘blind’ and bidding on a Property that you know nothing about. At Biscoes we ensure that we spend time investigating the Property, but also knowing your future plans for the Property; whether it be as a home or a business venture. It is important that we know this to ensure that any restrictions imposed on the Property do not operate to prevent you using and enjoying it as you have planned.