Buying at Auction
We hope to make the process of buying property through Austin Gray as stress-free as possible. If you are interested in one of our private treaty properties then speak to a member of our team for additional information and viewing arrangements. If it is one of our auction lots we recommend that you follow our simple guidelines.
Register with us to receive an on-line or printed catalogue which will be available 3 – 4 weeks prior to the auction date.
Identify the lots that may be of interest and check at the front of the catalogue for details of the allocated block viewing times. Please note we will only attend at these times if people have pre-booked. We generally only allow a 20 minute viewing period per lot so please be prompt at the given time. If no one attends after 10 minutes, we will leave.
The guide prices are clearly shown against each lot and these may be subject to amendment in the period leading up to the auction. The guide price is a price range that the auctioneers expect the property to sell within.
All lots, unless specifically mentioned, will be subject to a reserve price. This is a figure at which a property can be sold and will generally be between the parameters of the guide price, sometimes below it but never above the upper end figure. The reserve can also be subject to change right up to the start of the auction, but will never be above the top of the guide price.
If you identify a property that you want to buy please register your interest so that we can contact you if the property is to be sold prior or withdrawn.
Inspect the legal documents, when available, and any special conditions. We recommend that you obtain independent legal advice before bidding. Legal documents can be downloaded free of charge from our website.
If you decide to have a survey done please ask your surveyor to contact us and we will make the necessary access arrangements.
If you need to arrange a mortgage you will need to obtain an offer from your lender in principle before the auction day. Completion is generally 28 days after the auction and you need to clarify with your lender that this will not be a problem.
Some properties might be sold prior to the auction but offers will only be considered if a property has been viewed, the legal pack inspected, and you have made all necessary enquiries. Offers need to be confirmed in writing or via email and will not be considered if they are below the guide price. If an offer is accepted you will be expected to come and sign the auction contracts in our office within 24 hours and pay a 10% deposit (minimum £3,000) and the Buyers Premium of 0.3% (0.25% plus VAT) of the sale price, subject to a minimum of £660 (£550 plus VAT).
Telephone / Proxy Bids
If you are unable to attend the auction you can leave us a commission bid or register to bid over the telephone. In each case we require a completed registration form and cheques to cover the 10% deposit (minimum £3,000) and the Buyers Premium of 0.3% (0.25% plus VAT) of your maximum bid, subject to a minimum of £660 (£550 plus VAT). In addition we will need to undertake ID checks to satisfy the requirements of the Money Laundering Regulations. More detailed information on proxy and telephone bidding can be found in the front of the catalogue. Please make sure you make necessary arrangements with us at least 48 hours prior to the auction.
We strongly recommend that before setting off for the auction, you check with us that the lot you are interested in is still available.
Terms and Conditions
We recommend that potential purchasers read and understand all the legal documents and our General and extra Conditions of Sale section which can be found in the back of the catalogue.
You will need to provide proof of identity to satisfy the requirements of the Money Laundering Regulations. For a list of acceptable documentation please refer to the front of the auction catalogue. We will also require details of the solicitor you intend to use.
Acceptable means of paying the deposit and Buyers Premium
We will accept personal or company cheques (with accompanying company registration certificate), bankers drafts, or debit cards.
Once you have satisfied the criteria of the Money Laundering Regulations you will be issued with a bidding paddle. If you are successful this will need to be shown to the auctioneer for him to record against the lot on his sale sheets.
Addendum to Catalogue
This will be handed to you by a member of staff and lists all the lots that will be offered and any changes to the lots, completion dates or the guide prices. This is an important document and forms part of the auction contract.