Connect UK Auctions
The Auction Specialists | Covering the whole of the UK
The world is changing, and our lives are becoming ‘overwhelmed’ by mounting work pressures, busy social calendars and financial worries.
As everyone is aware, selling property is one of the most significant strains, and while up to 50% of private treaty sales fall through, we must consider other alternatives.
Here at Connect UK Auctions, we put you first, which means once we have agreed on a sale on your property, there is no chance of a fall-through.
With one dedicated point of contact, Connect UK Auctions will become your dependable pair of hands.
Being experts in our field, we have accomplished and are proud of our successful results, as well as long-term client relationships that we have developed over the years.
Here to work for you, we will appoint you a dedicated property manager ready to work extremely hard to achieve the maximum price for your property in the shortest possible time.
A guide to Buying at Auction
Peruse the lots
Head over to our upcoming auctions to identify the lot(s) you are interested in. Note that some properties are offered with vacant possession, some are tenanted, and some may be part-vacant.
Every property or land lot has a Guide price that is published in the auction catalogue. The guide price is an indication of what the seller expects to achieve and is, therefore, subject to change. The guide price is not the price at which the property will necessarily sell, and it is not uncommon for properties to sell for a considerable amount above the guide price.
Book a viewing
Call us to book in viewing on 01293 528575. It may be that we have one or two open days for the property in question.
Ensure your finances are in order
Make sure you have a mortgage in principle, just as you would buy through private treaty. This will give you an idea of your maximum budget. Explain to your lender that the property is being bought at auction as, upon the fall of the gavel, the buyer will have to pay a deposit which is usually 5% of the sold price (Subject to a minimum of £5000) as well as 2%+VAT (subject to a minimum of £5000 +VAT) buyers’ premium, and contracts are exchanged.
Bring anyone you may think you need with you and quiz us on any questions you may have. We are here to help.
Study the Legal Pack
We will email you the relevant legal pack for the property you have an interest in. The pack will include the local searches, title deeds and an information form on the list of fixtures and fittings. If you feel it’s necessary or you are unsure, you may instruct a solicitor to go over this. You can also request the legal packs for each property on the property page.
Commission a survey
This is only necessary when you are applying for a mortgage, and you are not a cash buyer.
Making an offer prior to the auction
You can make an offer (which should be in writing, by email) for a property or land lot at any time up to the date of the auction. Still, if your offer is accepted, you must be in a position to exchange contracts and pay your deposit immediately.
The seller’s solicitor will then prepare the contracts. THESE MUST BE SIGNED by the purchaser BEFORE LEAVING THE AUCTION ROOM.
Learn all you need to know about auctions with our auction academy!
[bctt tweet= “Don’t buy until you have read the British Landlord Association property auction tip & guide” username=” Landlord_UK”]
Don’t buy from any property auction until you have read the British Landlord Association property auction tip & guide
Connect UK Auctions website
Date: 28th of September 2020