The buying process at World of Auctions! Discover the exhilarating experience of securing your next prized possession through our renowned auctions.
From the initial bid to the triumphant final bid, explore every step in detail as we demystify the art of auction buying.
Join us as we unravel the magic behind World of Auctions’ unparalleled purchasing process, where every bid is a step closer to owning your next asset. Welcome to a world where passion meets opportunity, and where buyers like you find treasures that last a lifetime. Enter the realm of World of Auctions and unlock the secrets to successfully bidding and making money.
World of Auctions hold a number of Property Auctions each year, Our Auctions are held at various locations. We sell properties throughout the UK giving the greatest opportunity finding the right property for you, your family or your business.
- Do I need to register to bid on a property before the auction?
- Can I speak to someone in the team?
- Where can I find the latest catalogue?
- What information do I need before the auction?
- What happens if I cannot attend the auction?
- What happens on the day of the auction?
- What happens if I am the successful bidder?
- Can I put in an offer on an unsold lot after the auction?
Do I need to register to bid on a property before the auction?
Yes. It is advisable if you are intending to bid on a property at any of our auctions it will help if you are pre-registered to bid before the sale. All checks required by current anti-money laundering legislation must be satisfactorily completed as part of this process before prior approval to bid will be given. Please follow the Register to Bid link on each lot particulars page in order to register.
Approval to bid can take some time to be granted. However, we aim to grant approval as quickly as possible upon receipt of your registration to bid details.
Can I speak to someone in the team?
If you would like to discuss the buying process with someone in the team, or if you would like to enquire about a property you have seen in our catalogue, we would be happy to help.
For full contact details visit Contact Us.
Where can I find the latest catalogue?
You can download a copy of the catalogue here.
What information do I need before the auction?
You must register to bid – If you are intending to bid on a property at any of our auctions you will need to have pre-registered and received our prior approval to bid. If you are attending the auction room on the evening of the auction a member of the auction team will be able to confirm your approval to bid.
View the property – You should always go and see the property before you purchase. See the lot page for details of any viewing arrangements. Please note, at least 48 hours’ prior notice is normally required.
Guide Prices – Guide prices are not necessarily figures at which a property will sell. They are only intended to be an indication of the seller and auctioneer’s expectation at the time printing the catalogue. They are subject to change throughout the marketing period. So please check the very latest price on our website.
The small print you should read – All lots (unless otherwise stated) are sold subject to the RICS Common Auction Conditions of Sale, Auction Conduct Conditions and any Special Conditions of Sale or Articles of Roup (Scottish properties). We strongly advise prospective bidders to read all our Conditions and Notices. Please note that some Special Conditions of Sale detail the seller’s extra costs payable in addition to the purchase price.
Legal Documents – Legal documents are usually available to view or download from our website. Alternatively, they will be available from the sellers’ solicitors. Please see the relevant lot page for details. Please remember that you buy subject to all documentation and terms of the sale contract whether or not you have read them.
Changes to property information – Occasionally changes need to be made to the lot information or the Special Conditions of Sale. If you have added a lot to your ‘watch list’, please check regularly for any changes to the addenda. Before you bid it is essential that you check for any changes that may have occurred, even up to the day of the auction. A final addendum will be made available at the auction and will form part of the contract. Any last-minute amendments made on the day will be announced from the Rostrum.
Survey – If you decide to have a survey done, we will do our best to make access available but cannot guarantee this. Any required survey or independent valuation is subject to three days’ notice.
Arrange finance – If you successfully bid for a property, you will be required to provide a 10% deposit and a buyer’s fee including the Buyer’s Premium on the day of the auction. Most building societies and banks will wish to instruct a surveyor to prepare a valuation report before making a mortgage offer. So, you will need to make your mortgage application as early as possible. You will usually need to complete your purchase 28 working days after the day of the auction. You should discuss this with your lender to make sure that this will not be a problem. Some completion periods are earlier than 28 working days. Please check the Special Conditions of Sale for confirmation.
Sales prior to the auction – In some instances a seller may consider selling their property prior to auction. It is worth registering your interest online so the Auction Team are aware of your interest. They will keep you up to date, wherever possible, of any possibility of the lot being sold prior to auction. You can make an offer in writing, or by email, 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 and pay your deposit and buyers fee and Buyer’s premium immediately.
Check availability – We strongly advise you to check the website or call us the day before the auction to make sure that the lot in which you are interested is still available.
What happens if I cannot attend the auction?
Visit our Auction page for details of how you can bid online for these auctions
For our in room traditional auctions, we would encourage you to attend the auction in person where possible but if you are unable to attend, we offer remote bidding services as follows:
- By telephone – we will call you from the auction room
- By proxy – the auctioneer bids on your behalf
- Online – follow the auction via our website and place bids online, Subject to Pre-registration.
You will first need to complete the required Registration to Bid process and as part of this you will be given the opportunity to apply to bid remotely. Once we have processed your application to bid remotely, we will ask you for cleared funds for the deposit and buyer’s fees and Buyers Premium. Full details of our remote bidding service can be found on our Auction page. (Hyperlink to Proxy Bidding Form)
What happens on the day of the auction?
If you are attending the auction to bid in person, you should bring with you:
Identification – We will need to see the original document or certified copy of the photo ID used in your Registration to Bid.
Deposit payment and Buyer’s Fee and Buyers Premium – We will accept a credit or debit card, banker’s draft payable to ‘Town and Country East Midlands’ Please note that neither cash deposits or cheque payments are not accepted.
Solicitor’s details – It is strongly recommended that you instruct solicitors prior to bidding. Please bring details of the solicitors acting for you.
Addendum
Before you bid it is essential that you check the printed Addendum. Listen for any announcements detailing any last-minute changes that may have been made. These will form part of the Contract.
Start of the Auction
The auction will start promptly at the time stated on our website. The auctioneer will make a number of announcements about the auction procedure. You can read a summary of the auctioneer’s pre-sale announcements here. (Hyperlink to auction start)
Bidding
- The auctioneer will announce each lot and refer to any last-minute changes.
- The current lot number is usually displayed on a screen next to the auctioneer, which will also display the last bid taken for the lot being offered.
- The auctioneer will invite bids at a particular level and you can make this bid by raising your hand or catalogue or buyers paddle, given to you at registration in the auction room.
- The auction room is likely to be full, so please make your bids clearly and ensure that you have the auctioneer’s attention.
- All lots will be offered for sale subject to an undisclosed reserve price (unless stated otherwise).
- Please note that questions will not be taken by the auctioneer from the floor once the auction is in progress. If you do have any last-minute queries, you should speak to a member of the World of Auctions Property Auctions team who will be in attendance at the auction. In accepting your bid, the auctioneer will at all times be assuming you are aware of any matters concerning the property whether those matters are legal or physical and in addition the auctioneer accepts your bid in line with the terms and conditions of each individual contract Should you require additional advice buyers should ensure they have satisfied themselves as to the requirements prior to bidding.
- The auctioneer will regulate the bidding increments and the property will be ‘knocked down’ to the highest bidder, assuming that the reserve is met or exceeded.
On the fall of the hammer
When the hammer falls, if you are the highest bidder at or above the reserve price, you will have bought the lot. A legal and binding contract will have been formed at the fall of the hammer. The property is usually at the Buyers insurable risk from this point. Please ensure that you arrange your building insurance immediately after the sale.
What happens if I am the successful bidder?
Buyer’s Form
After the gavel has fallen, you will be approached by a member of the World of Auctions team. You will also be asked to produce the original of the photo ID used in your Registration to Bid.
Please note that none of the details supplied in your Registration to Bid can be changed at this stage unless the seller agrees.
Identification
See above
Deposit
You will be asked to provide a deposit, normally 10% of the purchase price. Please note that cash and cheques deposits are not accepted. Credit/Debit cards and banker’s drafts are acceptable subject to the Conditions of Sale and to the provisions of the Auctioneers notices.
Buyer’s Fee
In addition to the deposit, you will be asked to pay a buyer’s fee for each lot purchased.
Your Memorandum of Sale
After verification that your photo ID matches that used in your Registration to Bid, and the relevant deposit and buyer’s fees and buyer’s premium have been paid, you will be given a Bidder Identification Card by way of receipt. When asked to do so, you should approach the Contracts Desk and hand this card to the staff there who will ask you to sign the Memorandum of Sale. This is your proof of purchase. You will take away the seller’s part memorandum and should give this to your solicitor. We will send your signed memorandum to the seller’s solicitor. Completion will take place within 28 days, unless otherwise specified in the Special Conditions of Sale.
Please note: Please do not leave the auction room without taking your memorandum of sale. Properties are not sold ‘subject to contract”, ‘subject to finance’ or ‘subject to survey’ when you buy at auction. They are sold unconditionally on the fall of the hammer. If you are the successful bidder, you or the named buyer are legally obliged to complete the sale.
Can I put in an offer on an unsold lot after the auction?
In the unlikely event that the property that you wish to buy does not sell, you should register your highest bid with us before you leave the auction room.
For the best advice about Auctions. Please email Tom@worldofauctions.co.uk
