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The bidding start and end time will be clearly displayed in the “Bid Now” widget on each auction lot.
It is not compulsory for you to get legal packs checked. It is, however, advisable to get them checked if you are new to the bidding process or to the property industry.
Yes, it is possible. There are, however, further information and documentation required when a bidder opts to do this. The following are the information/documents required:
– Letter of authority under the company letterhead signed by the director(s)
– Company registration number and registered address
– Personal ID/residential proof of bidder
– Personal ID/residential proof of any major shareholders of the company (with 25% or more shares)
You should speak to a member of our staff if you are intending to purchase a property with an overseas company, in order to confirm the additional documentation required.
The biggest reasons why one should purchase through an auction rather than a real estate agent is due to its speed, certainty and value. It is stipulated in the sales contract that all transfers should be completed within 28 days of the auction. This is significantly faster when compared to a real estate agency, where it may potentially take months to complete.
Certainty is also a huge factor because, as soon as the gavel falls, the seller is contractually obliged to sell to the highest bidder, subject to the reserve amount. No time is therefore wasted going back and forth between the two parties.
Finally, auctions are often seen as the best way to purchase a property in terms of value. Auctions work from the low end and work their way up to the highest bidder. Real estate agents, on the other hand, work from the higher end and eventually work their way down until a buyer is interested. It is, therefore, logical to believe that properties bought at auction are cheaper than through estate agents.
Bidders should always check whether the properties they are interested in are mortgageable or not if they are looking to seek finance for them. The following is generally a list of issues that suggests a property is not mortgageable:
– No kitchen or bathroom
– Structural defects, damp, dry or wet rot
– Properties within the vicinity of mining works, landfills and recent areas of flooding and
– Leasehold properties with typically less than 70 years on the lease, and/or a defective lease agreement
– Properties with boundary disputes or where planning permissions were not applied properly
– Properties in a very poor condition or those that require demolishing
– Non-standard properties: properties that are not constructed like a typical property in the
UK. A standard property consists of brick/stone walls and slate/tile roofs
– Properties that have a value below a certain threshold set by banks