Q. What order will the lots be offered in? A. The Lots are offered as listed in the catalogue (Yes we are asked this question frequently!)
Q. Can I view the properties before the Auction? A. Yes, the viewing arrangements will be detailed within the property description or please contact the local auction office.
Q. What is a reserve price? A. A reserve price is the price stipulated as the lowest acceptable by the vendor. This figure is confidential between the vendor and auctioneer.
Q. Is the guide price the same as the reserve price? A. No, not always. The guide is an indication given by the Auctioneer. Where the guide price is a bracket figure, the reserve cannot exceed the top end of the bracket price. If the guide price is a single figure, then the reserve can be up to 10% in excess of this.
Q. How do I register to bid at the auction? A. You must register on the day of the Auction at the auction venue, you will need 2 forms of original or certified identification (one photo and one proof of address) to register. To save you time on auction day, you can fill in the registration form in the catalogue and bring it with you on the day.
Q. How long does it take to offer each lot? A. Each lot varies; there is no set amount of time per lot although it is generally approximately 2-3 minutes per lot.
Q. If I am a successful bidder how much deposit do I have to pay? A. Normally 10% of the purchase price, however we do recommend checking the legal pack to confirm this as some lots may vary. This is subject to a minimum deposit fee of £5,000.
Q. How is the deposit payable? A. Either by bank/building society drafts (made payable to SDL Auctions) or debit card.
Q. How much should I make my bank draft for? A. 10% of your maximum offer, if you purchase the property for less than your maximum offer, the full amount of monies will be used as your deposit i.e. more than 10% deposit paid and you will pay less on completion. If you purchase the property for slightly more than your intended maximum offer you can top your deposit up with a debit card.
Q. If I am a successful purchaser when do I have to complete the purchase and pay the balance monies? A. The normal completion period is 20 business days after the sale, although you should inspect the legal pack to confirm this as some lots vary.
Q. How can I view the legal pack and contract before the auction? A. These are available to view on our website and are uploaded as and when we receive them from the appointed solicitor. They can also be inspected on the day of the auction in the auction room.
Q. If I am unable to attend the auction can I bid by proxy, telephone or internet? A. Yes, a proxy, telephone or internet bidding form is available within the catalogue or on our website. This form must be completed and returned to the relevant auction office with your form of payment in advance of the auction sale.
Q. If I am unable to attend the Auction, can someone bid on my behalf? A. Yes, however they must bring with them 2 forms of original identification for you and for themselves, along with an authorisation letter from yourself. It must be noted that should you default, the bidder will be liable.
Q. Can I make an offer prior to the Auction? A. Yes, some vendors will consider selling prior to the auction but only on the condition that an unconditional contract is exchanged before the auction with a cleared funds deposit.
Q. How can I make this offer? A. Offers must be made in writing or by email to the relevant auction office. Verbal offers will not be accepted. Offers may not be acknowledged, but you will be contacted within 7 days if your offer is accepted.
Q. Can I have the property surveyed before the auction? A. Yes, your surveyor must contact us for access.
Q. Do some lots not sell? A. Yes, if a reserve price is not reached the lot will not sell. We continue to market most unsold properties after the auction so you may still purchase these lots, however all post-auction sales are under auction terms.
Q. Are there any further costs to pay in addition to the sale price? A. Yes, a buyers administration fee of £1074 inc VAT (see Important Notices in the catalogue) is payable on exchange to SDL Auctions if the lot is sold unconditionally. If a property is an unconditional reservation fee lot or conditional reservation fee lot then a reservation fee of 4.8% inc VAT or 4.2% inc VAT in London (subject to a minimum fee of £6,000 inc VAT) is payable (unless stated otherwise). Please note the reservation fee does not contribute towards the purchase price. Any further additional costs, which are payable in addition to the purchase price will be included within the Special Conditions that are attached to the Contract. Therefore all prospective purchasers must inspect the legal packs and we strongly advise that all prospective purchasers request a legal representative to go through the pack for every lot that you may wish to bid on, in order to be made fully aware of any additional costs, if applicable.
Q. If I do not complete the sale are there any penalties? A. Yes, firstly you will lose your deposit and admin fee, furthermore the Vendor may sue you for the balance owed and any further losses caused.
Q. Will I be able to get a mortgage on the property? A. Not all properties are suitable for mortgage security and we strongly recommend that you arrange for an independent survey to be carried out if you require mortgage finance.
Q. How do I know whether the details given in the catalogue change or a property is withdrawn or sold prior? A. An addendum is available on our website (www.sdlauctions.co.uk) at all times and is updated regularly and is also available at the auction. Alternatively, you can register for our email alert service by emailing us on email@example.com It is essential that you see the addendum prior to bidding.
Q. Can I go on the permanent mailing list to receive future auction catalogues? A. Yes, please follow this link to complete the form on our catalogue page.