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Manchester 0161 710 2010

Buying At Auction

Auction is a great way to acquire property.  Here at Landwood Property Auctions our aim is to make sure you can get a lot of information to help you decide whether to bid and if successful you have the certainty an immediate exchange of contracts brings.

 

Many buyers prefer the simplicity of the process and you’re sure to love the excitement of the auction day! If your nervous about it though, you can always bid remotely.

 

Pre-Auction

This is the time to do your homework. The better prepared you are the easier you’ll find the process and less likely to waste time on properties that don’t match your requirements.

1
Search for Properties
  • Sign up to our website to receive our email alerts and notifications about future auctions, supplemental lots and any guide price changes.

  • Browse our website listing for the current auction and any unsold properties. There’s also a helpful search facility to narrow down your search. The auction listing for each auction is generally available 3 to 4 weeks before the auction date.

  • If you find anything suitable make sure you register your interest with us.
2
Review the Property Information
  • We try and make our property particulars as helpful and clear as possible. However additional information often becomes available so make sure you check our website for any Addendum entries.

  • Download the Legal Pack for free from our website. Prepared by the seller’s solicitor they often contain any special conditions of sale, title deeds, leases, office copy entries, searches and replies to pre-contract enquiries plus any other relevant information. We can’t give you advice on how to interpret the contents of the Legal Pack and we’d strongly recommend you obtain your own independent legal advice.

  • Please note that you buy subject to all documentation included in the Legal Packs regardless of whether you have chosen to read them or not.

  • Check the Guide Price. These can be subject to change and note that they are not our estimate of the sale price on the day, rather an indication of the seller’s current minimum price they would be prepared to accept.
3
Lead up to the Auction
  • Make sure you are aware of the Auction date, time and venue.

  • The website lists viewing dates and we recommend that you always view any properties you are interested in. On occasion internal access is not possible where we are selling for Mortgagees not in possession, or other Insolvency situations, where tenants are not willing to provide access or access cannot be provided safely

  • If you need to arrange finance to complete your purchase, contact us sooner rather than later. Your lender may require a survey before confirming a mortgage offer and you need to make sure that the funds are available in time to complete the sale in accordance with the sale contract (typically 28 days after exchange, but can vary so make sure you check). There are specialist lenders who we can put you in touch with access to quick finance whilst you arrange a more long-term finance solution. For more information please click here.

  • You can make an offer at any time up to the date of the auction, but if your offer is accepted you will have to be in a position to exchange contracts under Auction terms and pay your deposit immediately.

  • If you can’t attend the auction on the day contact us as soon as you can and no later than 1pm the day before the auction and we can make arrangements for you to bid remotely. You have three options; by phone, real time internet bidding or authorising the auction to bid on your behalf up to a stated maximum bid. Full instructions and a remote bidding form can be accessed from our website.

  • If deciding to bid please make sure you are familiar with our I.D. requirements for purchasers and bidders to comply with Anti-Money Laundering Legislation and read the helpful guide on our website. If you have any queries make sure you contact us for clarification well in advance. You may not be allowed to bid on the day if incorrect documentation is provided, or it may affect whose name the contract goes in.

  • On the night before the auction, check our website to see that the properties you are interested in remain available. In addition to properties sold prior, some get withdrawn and we’d recommend that you still register your interest as they may become available in a future auction.
4
Auction Day

Before you set off please make sure that you have any required I.D. for all involved parties and if you are bidding on behalf of someone else you have letter of authority from them. Also make sure you can pay the deposit and payment can be made by debit card/credit card/bankers draft or cheque from a UK registered bank but not by cash.

Also note that all sales will be subject to a Buyer’s Premium, payable at exchange of contracts. This charge is compulsory and is payable upon exchange of contracts and published on the website's property particulars pages.

You will need to register on arrival at the auction and you will be provided with a paddle that identifies you to the Auctioneer as a permitted bidder in the auction room.

 

  • Questions will not be taken by the Auctioneer from the floor once the sale has started. If you have any last minute queries, copies of the Legal Packs are available and you can also speak to a member of our team. We’ll do our best to help, but the best advice we can give is to make sure you have done all of your due diligence before auction day. If you have any doubts we would recommend not bidding.

  • Enter the auction room and take a seat ready to bid. Make sure you listen to the Auctioneer before they offer the property as there may be last minute updates to the property particulars and you are deemed to have bid with knowledge of these announcements.

  • Don’t be concerned about mistakenly making a bid. All you need to do is raise your paddle and the Auctioneer and the in room spotters should see your bid. If they don’t feel free to wave the paddle, or verbally alert the Auctioneer to your bid. The Auctioneer will let everyone know that they are about to put the gavel down when they think they are in receipt of what they think is the highest bid. Subject to the seller’s reserve being met or exceeded the gavel will fall and the property is sold.

  • If you are the successful bidder, one of our team will take you over to the deposit desk to pay the deposit and Buyer’s Premium, before signing of the sales memorandum to record the exchange of contracts. You’ll be given a copy of the contract signed on behalf of the seller to pass to your solicitors and we’ll pass the contract you have signed to the seller’s solicitor. They will then both make contact and take matters through to completion.

  • If the property you are interested in failed to sell, please speak to a member of our team and put forward and offer for the seller’s consideration.
0161 710 2010
Manchester
0151 242 6754
Liverpool
0113 403 2010
Leeds
0121 213 6389
Birmingham
0207 692 1930
London
Landwood Property Auctions is a trading name of LWA Manchester Limited a company registered in the United Kingdom under company number: 10855915. Registered Office: South Central 11 Peter Street Manchester M2 5QR. A list of directors is available at the registered office. VAT Reg Number: 277177173