Buying Advice
Pure Comment: First time at an auction? We recommend that you attend an auction or two before buying to get a feel of how things work.
See the calculators page for mortgage and yield calculators
Glossary
Some of the key phrases you'll hear at an auction - this is what they mean:
Actual completion date
The date when completion takes place or is treated as taking place for the purposes of apportionment and calculating interest.Addendum
An amendment or addition to the conditions whether contained in a supplement to the catalogue. This may be a written notice in the catalogue, or announced at the auction.Auction
A public sale in which property or items of merchandise are sold to the highest bidder.Auctioneer
The person who conducts an auction. The auctioneer introduces each lot offered for sale, acknowledges bids, and announces whether lots are sold or unsold and their final bid prices.Auction catalogue
The catalogue gives a description of the property, details on how to view each property and the General Conditions of Sale. These are prepared by the auctioneer, stating the basis on which the auction is carried out.Bid
The offer to buy property at a specific price.Completion
On completion of the sale of the lot there is usually a defined time period from the auction to the completion date in which the sale must be finalised. Penalties will be applied if the sale is completed late which can include losing your deposit.Exchanging contracts
If you are the successful bidder at the auction sale, the sale is binding on the fall of the hammer and you will then be asked to sign and exchange contracts in the auction room.Guide price
A guide price gives an indication of the price that the property is expected to sell for and what the vendor is hoping to achieve.Guide prices are for information only and shouldn’t be relied on as an indication of reserve price, or representing professional valuations for any purpose. Purchasers are deemed to have relied on their own knowledge or obtained the independent, professional advice of others.
In the room
A bid from someone in the room (not by phone.)Legal pack
The vendor's solicitors prepares a legal pack containing copies of all the legal papers that you and your solicitor are likely to need to make an informed decision about your lot. The pack should include (where applicable) copies of: special conditions of sale, title deeds, leases, office copy entries, searches, replies to pre-contract enquiries.All legal packs will be available for inspection at the auction room. You must be aware that you buy subject to all documentation and terms of contract whether or not you have read them.
