Savills Property Auction House
Savills have been successfully selling property to the public for some time now. If you have a house for sale, flat for sale or for that matter any type of property Savills can help you sell. Savills are national London auctioneers, based in the heart of London.
They sell residential and commercial properties, houses, flats, land and a variety of commercial properties nationally. Due to COVID-19, the process is conducted by remote online-auction.
Savills team are always on hand to offer advice on any matter and will be pleased to guide you through the Auction process whether as a buyer or seller.
Buying at Savills
If you are thinking of buying a property please read this blog including the guidance.
Savills managers will be able to talk you through the auction process, offer initial market valuation guidance and importantly advise if your property and your circumstances are suitable to recommend sale by public auction.
Selling At Auction
No matter what types of property you are looking to sell or buy a house for sale or a flat for sale Savills auctioneers will offer support and guidance throughout the process.
Viewing Savills property lots
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.
Savills Auction 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 above or below the guide price and we cannot accept responsibility for their accuracy.
Savills Auction 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.
Making 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 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, the satisfactory offer is 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 a Savills Auction
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.
Savills Auction 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 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.
Bidding at Savills 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.
A guide to Buying at Savills Auctions
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.
The seller’s solicitor will then prepare the contracts. THESE MUST BE SIGNED by the purchaser BEFORE LEAVING THE AUCTION ROOM.