Eddissons Auction
By combining the property auction expertise of Eddisons with the Pugh & Co team, Eddisons Property Auction is the largest commercial auctioneer outside of London.
Together Eddisons Property Auction offers the most commercial lots in the country and has one of the highest sales success rates in the UK (according to Estates Gazette), which means that clients are more likely to sell their property when Eddisons Property Auction offer it to market.
As a result, Eddisons Property Auction is trusted by a range of organisations, councils, corporations and private individuals to sell their property at auction.
Eddison property auction acquired market leader
Eddisons acquired market-leading property auctioneer Pugh & Co in 2016 and retained the Pugh & Co brand for all of our property auctions.
A Guide to Buying at Eddisons Auction
Details of the Eddisons Property Auction and the land to be sold are set out in the Eddisons Property Auction online catalogue.
They 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 regarding the availability, location, boundaries, conditions and state of all lots before the auction.
Eddisons Viewing
You must 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 at Eddisons
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.
Eddisons Reserve Prices
Unless stated in the catalogue, all lots 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 before 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.
Finance & Mortgages
It is essential to arrange finance before the auction and for all surveys, valuations and inspections to take place before the bidding.
Unable to Attend an Eddisons property auction
If it is impossible for you to attend the auction, you can bid in two ways (each auction house has its own rules & methods).
Firstly, you can appoint a representative or solicitor to bid for you, and writing and informing the auctioneer is always advisable.
Also, give your representative a letter confirming they are bidding on your behalf.
Eddisons Proxy Bids
If you want to bid by proxy on the day of the auction the auctioneer may be 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 get in touch with the auction house immediately 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 (the 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 has its own rules.
Check in advance what they are). The successful bidder must provide two identification forms (see registration form).
Please note that it is a requirement that you also provide documentation to confirm your name and residential address.
Bidding at Eddisons 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 doubts 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 an auction staff member 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.
Don’t buy from any property auction until you have read the British Landlord Association property auction tip & guide.
Disclaimer:
This post is for general use only and is not intended to offer legal, tax, or investment advice; it may be out of date, incorrect, or maybe a guest post. You are required to seek legal advice from a solicitor before acting on anything written hereinabove.
