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Buying at Auction – How to

 

World of Auctions and many other auctions across the UK. Please call us for any advice.

Buying with us

 

 

When it comes to buying property at auction, it’s important to be prepared and have everything ready before the auction. To make things easier for you, here is the process broken down step-by-step.

 

1. Register to bid

 

If you’re interested in bidding on a property, you’ll need to register to bid at our auction. Head over to How to Register to Bid which takes you through the process.

 

2. View the property and consider arranging a survey

 

Where possible, you should always inspect the property before bidding. Any viewing arrangements are available on the lot page. To check the structure or condition of the property, you are advised to arrange a survey.

 

3. Read the legal documents

 

The legal documents relating to the lot are available to download on the lot page. Please remember that you purchase subject to all legal documentation and the terms of the sale whether you have read them or not. World of Auctions cannot advise on the contents of legal documentation. Please always seek qualified legal advice.

 

4. Check the addendum

 

Occasionally changes need to be made to the lot information. Before bidding it is essential to check these as they form part of the auction contract. Please click on ‘View Addendum’ on the lot page. If you have added a lot to your ‘watchlist’ you will automatically be notified of any addenda. Changes can be made up to and including the day of the auction.

 

5. Read the Conditions of Sale & Notices

 

All lots (unless otherwise stated) are sold subject to the Online Auctioneer terms, the RICS Common Auction Conditions of Sale, the Form of Purchase Agreement and any Special Conditions of Sale or Articles of Roup (Scottish properties). We strongly advise prospective bidders to read all our Conditions & Notices. It is very important to appoint your own solicitors and follow their independent legal advice.

Please note that some Special Conditions of Sale detail the seller’s extra costs payable in addition to the purchase price.

 

6. Get your funds in order

 

When you register to bid you are required to arrange a bidder security. If you subsequently purchase a property you are required to “top up” this payment and transfer the balance of the 10% deposit to the World of Auctions LLP Client Account. The World of Auctions buyer’s fee is deducted from the bidder security payment if you are the purchaser.

 

What is the bidder security and how do I pay it?

A bidder security payment authorisation is required for each lot you wish to bid for. This is detailed on the payments page when you register and an amount will be held on your debit card via our secure online payment method.

The amount required is as follows:

    • Commercial Auctions – £10,000 per lot and inclusive of the World of Auctions buyer’s fee*

    • Residential Auctions – per lot and inclusive of the World of Auctions buyer’s fee*:
        • Guide price: £1 – £49,999 – bidder security payable = £2,000 per lot

        • Guide price: £50,000 – £149,999 – bidder security payable = £5,000 per lot

        • Guide price: £150,000 and above – bidder security payable = £10,000 per lot

 

What is the World of Auctions buyer’s fee?

Buyers Premium

If you are the successful bidder. most of lots attract a “Buyers premium fee”. This fee can vary depending of the type of lot and of course the Auction. The buyers premium will be quoted in the lot description on our website and also within any particulars. Please ensure you check before bidding.

 

There is no fee payable to bid. However, if you are successful in bidding, The world of Auctions buyer’s fee will apply. This fee applies to each lot purchased in the auction. The buyers’ fees are as follows:

    • Commercial Auctions:
        • All lots: £1,000 excluding VAT

    • Residential Auctions:
        • Lots sold for £10,000 or more: £1,750 including VAT

        • Lots sold for less than £10,000: £300 including VAT

 

7. Arrange finance / mortgage

 

If you need to raise finance or arrange a mortgage it is important that you obtain an offer from your lender in principle before the auction day. Most banks and building societies will wish to instruct a surveyor before making a mortgage offer. You will typically need to complete your auction purchase within 20 working days of the auction. You should discuss this with your lender to make sure that this will not be a problem. Please note that completion periods do vary and you are advised to refer to the Special Conditions of Sale for confirmation.

 

8. Purchasing lots prior to auction

 

In some instances, a seller may consider offers prior to auction. If applicable, offers must be submitted in writing via email to the world of auctions contact on the lot page. If your offer is accepted, you must pay the 10% deposit, plus the world of auctions buyer’s fee and be ready to exchange contracts immediately. The easiest way to register your interest in any lot is by downloading the legal documentation.

 

9. Check availability

 

We strongly advise you to check the website the day before the auction to make sure that the lot you are interested in is still available.

Bidding FAQs

How to buy a Lot at Auction

Dear Bidders and Vendors, we are pleased to inform you that you can register for our auctions at any time that suits you. Getting started is simple – just create an account with us at World of Auctions. Visit our website at [https://worldofauctions.co.uk/](https://worldofauctions.co.uk/) and follow the straightforward registration process. Once registered, you’ll be able to participate in our exciting auctions and explore the wide range of properties we have on offer. We look forward to welcoming you to our auction community!

We would like to remind you that you have the flexibility to bid on more than one lot in our auctions. This allows you to broaden your opportunities and increase your chances of success. However, if you are interested in multiple lots, we recommend registering your interest with our auctioneers. You can do this by sending an email to Auctions@worldofauctions.co.uk. This will help us provide you with the best possible bidding experience. Happy bidding!

Bidders and Successful Buyers, we would like to inform you that World of Auctions conducts its banking with Natwest. Upon the conclusion of the auction, an invoice will be promptly issued for any successful purchases you have made. A member of our accounts team will then contact you to discuss the transfer of your outstanding deposit or invoice. Please note that we only accept payment via bank transfer into our client account. We kindly request that all payments be completed within 48 hours of the auction’s conclusion. Thank you for your co operation.