LOTS FOR SALE

A Brief Guide to Buying a Property at Auction

What are the advantages of buying at auction?

Properties are usually offered at Auction at a competitive reserve price.

If more than one person is interested in a particular property, an auction demonstrates free and fair competition enabling the purchaser to buy the property at a price that is competitively achieved against other known bidders.

If you are the successful bidder, you know that the vendor can-not withdraw, and that the property is yours on completion.

What does the catalogue tell me?
The catalogue gives you the description of the property, details on how to view each property and the General Conditions of Sale. It is important you read these. These are prepared by the auctioneer, stating the basis on which the auction is carried out.

Should I inspect the property?
Yes, it is always wise to inspect the property before bidding. Anyone who is unsure or has any doubts about a property is recommended to seek professional advice. The auctioneer will be pleased to suggest a firm of surveyors and/or valuers to you.

Do I need a Building Society Survey?
A valuation carried out by a building society is only required should you need a mortgage. This and any other financial ad-vice or arrangements must be organized before the auction day.

What is the difference between a guide price and a reserve price?
A guide price is the auctioneer’s opinion only and should not be regarded as anything more. A reserve price is the lowest price the vendor will accept and is not disclosed to any interested parties.

What do I have to pay for on the day?
It is important that you have all the finances ready for the day of the auction.
Deposit. Should you be the successful bidder, deposits are 10% of the hammer price which will be required on the day of the auction.
The deposit may be paid either by Debit card or by BACS. There is no surcharge for payments by debit card. Personal cheques, company cheques, credit cards and cash cannot be accepted. Each purchaser will be required to furnish the Auctioneer with the 10% deposit immediately after the property has been knocked down to him or her. A separate payment will be re-quired for each lot purchased. The balance plus VAT (if applica-ble) will be due upon completion.
Buyers Premium.
The successful buyer will be required to pay the Auctioneer a buyer’s Premium of 5% of the hammer price upon exchange of contracts for each property purchased.
In the event of non-payment, a deduction of 5% of the hammer price will be made from the amount received before the deposit is applied to the balance.

Should I insure the property and when can I gain access?
You will be responsible for insuring the property from exchange of contracts – it is wise to make arrangements in advance. How-ever, you will not be entitled to keys or access until the sale is completed.

What do I need to bring with me on the day of the auction?
Your auction brochure for directions! You will need to register your personal details along with your solicitor’s name, address, telephone number and contact name prior to entering the auction room. You will then be given a bidding number; you must show this clearly to the auctioneer should you be successful.
You will also need a 10% deposit, a passport or drivers license and one proof of address, such as a utility bill.

What if I am unable to attend the auction?
You will still be able to bid by proxy or telephone. A guide on this is listed below.

A Brief Guide to Placing Proxy or Telephone Bid at Auction

By setting up proxy or telephone bids, prospective buyers can bid on lots offered for sale without attending the sale room in person.  This is helpful if a buyer is unable to attend the auction because of other commitments, or because they live a long way away, or if they wish to remain anonymous.

By Proxy:

You will need to complete a proxy form.  The following documents must be provided before authorisation to bid is granted.

• a photographic ID
• proof of Address (council tax or utility bill)
• proof of funds (a bank statement or a letter from a bank manager or an accountant vouching for them)
• details of chosen Solicitor
• card Details in order that we can take payment of 10% deposit of the sale agreed price or hammer price + 5% buyers’ premium

By Telephone:

You will need to provide all the details above plus a telephone number for us to call them on the day of the auction.

Prospective buyers need to be made aware, …

• if they are successful, buyers will need to make payment of 15% of their successful bid on the day. This can be done by direct online bank transfer, or by debit card.

To bid via proxy or telephone please contact the office on the below details:

Telephone: 01434 381 808 or 01434 322 277
Email: auctionsdesk@pennine-ways.co.uk

Alternatively you can write to us to at the below:
Pennine Ways Ltd, Market House, Market Place, Alston, Cumbria, CA9 3HS
Pennine Ways Ltd, Westgate Chambers, Haltwhistle, Northumberland, NE49 9AQ

We no-longer accept payments by credit card.

If you wish to bid by telephone, we cannot guarantee that we will be able to make contact for a variety of reasons including if there is poor phone signal on the day.

How to Register to Buy or Request a Valuation

Looking to buy:

To register to purchase a property or be automatically updated on new lots and all upcoming auctions please do not hesitate to contact us by telephone, and email.

Looking to sell:

To request a valuation to sell your phone by auction please do not hesitate to contact us by telephone, and email.

Please be aware all properties to be sold in our Auction must be entered two months prior to auction date.