BUYING A PROPERTY

Buying at Auction

We know why we buy property from auctions, its quick, easy and over in seconds and before you know it, you have another investment to develop, sell on, rent or to live in and more importantly no risk of gazumping.

 

NALC Auctions as you have already seen, offer a wide range of properties and land, freehold, leasehold, flats, apartments, retail, mixed-use, amenity and development land.

 

And it’s a simple process as long as you have prepared and are prepared.

 

So please read our guide below if you want to avoid any complications, it’s on you.

 

Preparing Before the Auction

The Catalogue: NALC publish an auction catalogue two weeks before the date of the auction and it’s available both online and in physical form. Register for email alerts (link) and receive our catalogue whenever we publish.

 

View The Property: We highly recommend physically looking around the property you hope to purchase by booking a viewing. This will allow you to get a better understanding and feeling about the property. To book a viewing please contact us on 01636 558200.

 

Conduct your own Due Diligence…PLEASE: Before deciding to go ahead with the purchase, please read through ALL legal documentation for the property that can be found on our website. The exchange of contracts is legally bidding and can result in legal action being taken upon you if you fail to meet the requirements or breach the contract. We advise that you do this alongside your solicitor before placing a bid to get a better understanding of the contract.

 

Check for Updates and Changes: We prepare an addendum before the auction with details of all changes and made after the release of the catalogue. This will also include any details of properties that have sold prior or withdrawn. We advise that you check for any changes before going ahead with bidding on any property.

 

At The Auction

This advice will apply to both in-house and online auctions.

 

Register Beforehand and add Documentation: All bidders are required to register prior to the auction date with relevant identification being uploaded for bidders, buyers and deposit payers.

 

Have your Finances Ready: If you are arranging finances for a property, we recommend having these agreed upon before the auction date. You are free to use any mortgage or financial provider you like as long as they can complete in time. If your bid is successful you will be required to pay a 10% deposit and our buyers fees.

 

Do NOT  Bid if you’re Uncertain: Only place a bid on a lot that you are happy with and at a price you’re satisfied at. If you have any doubts, concerns, or are unsure of the process then please DO NOT bid.

 

The Bidding Process

In order to bid at one of our auctions you will first need to register. Please call us on 01636 558200 and one of our team will walk you you through the process, so have all relevant documentation at hand.
Or you can register online at easyliveauction.com.
We offer three different methods to bidding at one of our auctions.
  • Online
  • Telephone
  • Proxy

 

Bidding Online

  • If you choose to bid online, please login to eayliveauctions.com
  • When the lots you’ve registered to bid on come up, you will be able to place your bid online.
  • When bidding online, we recommend having a strong internet connection.

 

Bidding by Telephone

  • Please make sure you are using the contact number you provided when you registered to bid.
  • Once the lots you have registered for come up, you will be contacted by one of our staff members who will relay the prices as they’re happening live within the room.
  • We recommend watching the auction live at a time of no distractions or other obligations.

 

Bidding by Proxy

A proxy bid allows those who cannot attend the auction to still place and bids and win lots.
  • You will advise one of our auctions team as to your maximum bid.
  • The auctioneer will bid on your behalf up to your maximum and will always aim to secure the property either at or below your maximum bid limit.
  • If the bidding in the room continues and exceeds your limit then your proxy bid would end.
  • Please note, you can place proxy bids on as many lots as you like but you must first be in a position to purchase them all. That means having all finances for all lots prepared for beforehand.

 

After a Successful Bid

  • As soon as the gavel falls, the successful bidder is under a legally binding contract to buy the property.
  • The bidder will sign and exchange contracts and a 10% deposit of the purchase price plus the buyer’s premium (subject to a minimum of £5000+VAT) and our administration fee of £1000 including VAT will be paid via bank transfer.

 

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