Allsop Property Auctions Auction house

 Allsop Property Auctions (Commercial) 4th December 2018

Allsop is an independent property consultancy with a market-leading reputation for high quality service and integrity.  Too many people Allsop are best-known as the UK’s largest and most successful property auction house but Allsop reach is considerably wider.

Allsop have the people, the skills, the experience and the drive to maximise value for their clients in any given market and like to do business in their own distinctive Allsop style – open, friendly and honest. Clients appreciate this, which is why so many stay with Allsop over the long term.

In an unpredictable world, Allsop remains a reassuring constant source of market knowledge, insight and expertise.

A guide to Buying at Auction 

Details of the Allsop Auctioneers properties and land to be sold are set out in Allsop Auctioneers Auction catalogue. Auction catalogues are usually available online or on request online to be posted to you. All lots are sold subject to general conditions of sale. It is most important that purchasers satisfy themselves as to the availability, location, boundaries, conditions and state of all lots prior to the auction.

Viewing
It is essential that you view the properties which interest you as soon as possible. Viewing arrangements for each lot are contained in this catalogue.

Legal Documentation
There are special conditions and general conditions that apply to all lots being offered at auction. A copy of these should be available within the legal pack for each lot, a copy of which, will be posted to the relevant auctioneer’s website as soon as possible.

Instructing a Solicitor
Before bidding at the auction, it is advisable to consult a solicitor/licensed conveyancer to advise you on the general and special conditions of sale, any searches that may be necessary, the Land Registry office copy entries and any other information provided.

Guide Prices
Most are quoted in the catalogue available from the agency/office concerned, nearer the time of the auction. a guide price may change at any time. Lots may be sold at above or below the guide price and we cannot accept responsibility for their accuracy.

Reserve Prices
All lots, unless stated in the catalogue, are subject to a Reserve price. This is the minimum price at which the seller has authorised the auctioneer to sell.  The bidding must reach or exceed the reserve price for the auctioneer to be able to sell. The reserve price is confidential. It is set by the seller in consultation with the auctioneer prior to the auction and may be subject to change right up to the start of the auction. The auctioneer reserves the right to accept bids from the vendor up to and including the reserve value.

Pre-Auction Offers
Offers must be in writing and will only be considered if the lot has been viewed and the legal documentation inspected. Pre-auction bids are on the basis of an immediate exchange of auction contracts upon acceptance by the seller. Any offer will be assumed to be your best and final offer and the auction house cannot guarantee that you will be invited to increase your bid in the event of an alternative, satisfactory offer being received prior to exchange.

Finance & Mortgages
It is essential to arrange finance prior to the auction and for all surveys, valuations and inspection to take place before the bidding.

Unable to Attend
If it is impossible for you to attend the auction there are two ways in which you can bid (each auction house has its own rules & methods). Firstly, you can appoint a representative or a solicitor to bid for you, and it is always advisable to write and inform the auctioneer. Also give your representative a letter confirming that they are bidding on your behalf.

Proxy Bids
If you want to bid by proxy on the day of the auction the auctioneer maybe happy for you to do so, check in advance with the relevant auction house. The Auctioneer usually holds a signed contract and deposit cheque at least 48 hours before the auction. Therefore, please contact the auction house in plenty of time to avoid disappointment.

Please contact the relevant Auction house for a proxy bid registration form or use the one shown on the relevant auction house website (link for this auction house is below) or the one in the auction brochure.

Registering at Auction & Means of Identification
You must register before the auction starts at the registration desk at the auction venue (each auction house its own rules check in advance what they are).  The successful bidder is required to provide two forms of identification (see registration form).  Please note that it is a requirement that you also provide documentation to confirm your name and residential address.

Bidding at Auction

If you have not bid at an Auction before, it is advisable to be present when the Auction starts, listen to the Auctioneer’s opening remarks and follow the bidding in the early lots. The Auctioneer will indicate from whom the bid has been taken, but it is helpful to the Auctioneer for you to raise your hand or bidding card number clearly when you bid.  If the Auctioneer is in doubt whether the movement of a head or hand was in fact a bid, he will usually inquire “Was that a bid Sir/Madam?”  If you are the successful bidder, a binding contract is entered into between the seller and the bidder on the fall of the Auctioneer’s gavel. You will then be approached by a member of the auction staff who will escort you to the sales desk.  At this point a deposit payment is required, the sum of 10% of the sale price  is handed to the seller’s solicitor.

The seller’s solicitor will then prepare the contracts. THESE MUST BE SIGNED by the purchaser BEFORE LEAVING THE AUCTION ROOM.

Click Here for Allsop property Auctioneers Auction website

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