How much is the Bidder Security?
A Bidder Security must be provided at the time of registration. This amount will be dependent on the reserve price which has been placed on the property and the number of lots you wish to bid on, subject to change. The amount required for any given property is displayed when you click into the relevant property.
Payment of the deposit can be made via debit/credit card or bank transfer. If you pay via debit/credit card, the deposit will be taken from your card. If you are not the purchaser at the auction, the deposit will be refunded back onto your card (which normally takes between 2-5 working days), or your bank transfer will be returned in line with out terms & conditions.
When is your next auction?
All our auction dates can be found on our auction calendar.
What kind of properties do you sell?
We sell a broad mix of commercial and residential properties. Our sellers include private individuals, government agencies, charities, receivers & insolvency practitioners, housing associations, private equity funds and developers.
What makes an auction different from a private treaty sale?
Unlike the private treaty process, auction properties are not sold ‘subject to contract’, ‘subject to finance’ or ‘subject to survey’. When a lot is sold, a legal and binding contract has been formed: if you are the purchaser, you are legally obliged to complete the sale.
We strongly advise potential purchasers to check that they have read and understood all the various legal documents and terms & conditions prior to bidding.
Can I view a property before the auction?
We normally hold 2-4 open viewings for each lot. Viewing times are listed on the relevant property page.
Can I arrange a survey before the auction?
Yes – surveyors are welcome to attend one of the open viewings.
Where can I view the legal documents relating to a property?
The vendor’s solicitor prepares a legal pack containing special conditions of sale, title deeds, leases etc. These documents will help you and/or your legal adviser to make an informed decision about the property.
The legal pack can be downloaded from the relevant property page. Simply click on the ‘View Legal Pack’ button below the property summary.
Where should I direct queries about the legal documents relating to a property?
The vendor’s solicitor is best placed to answer queries relating to the legal documents. Details of the relevant solicitor can be found at the bottom of each property page, under ‘Legal Information.’
Do I need mortgage approval in order to buy a property at auction?
If you need to arrange a mortgage it is important that you obtain a binding offer from your lender before the auction. Most building societies and banks will wish to instruct a surveyor to prepare a valuation report before making a mortgage offer, so you will need to make your mortgage application as early as possible.
You will usually need to complete your purchase four weeks after the auction and should discuss this with your lender to make sure that this will not be a problem.
Please note that auction properties are not sold ‘subject to contract’, ‘subject to finance’ or ‘subject to survey’ – if you are the purchaser, you are legally obliged to complete the sale.
How long do I have from the day of the auction to complete the sale?
You will usually need to complete your purchase (transfer the full amount to the vendor’s solicitor) four weeks after the auction. However, the exact completion date for each lot will be stated in the Contract for Sale, which is available in the legal pack for each property.
Can I buy a property before the auction?
A small number of properties are sold prior to auction. Please contact a member of Landmark staff if you wish to discuss this; the key contacts for each property will be listed on the property page.
Can properties be withdrawn from the auction?
On some occasions, properties are withdrawn from the auction. This is often because the legal documents have not been prepared with enough time for potential buyers to complete the necessary due diligence. In many cases, these properties will be re-offered at a future auction date.
What does ‘Guide Price’ mean?
A Guide Price is an indication of the seller’s minimum starting price at auction.
What does the ‘Reserve Price’ mean?
The Reserve Price is the seller’s minimum acceptable price at auction, the figure below which the auctioneer cannot sell.
When does registration for bidding open?
Typically, registration opens 3 weeks prior to an auction. The registration opening date and time are advertised on individual lots as timings are subject to change.
How do I register to bid on a property?
The registration process is easy, just click on “register with us” and follow the instructions. After these steps have been completed, we will review your registration and let you know once you are approved to bid.
Is there a Buyer’s Administration Fee?
A buyer’s administration fee is applicable to the successful purchaser of each lot. This is paid in advance of the auction by each party when registering to bid. If you are not the buyer, this amount will be refunded to you in full after the sale has closed.
What information do I need when registering to bid?
When registering to bid at an auction, you will need to have the following information to hand:
Your Identification Documents
- Proof of Identification (a copy of your current passport or driving licence)
- Proof of Address (a bank statement, utility bill or Government-issued correspondence dated within the last 3 months)
Additional Purchaser Information – If you are purchasing the property with another individual, you will need to provide details about this individual including their name, email address and phone number (they will receive an email asking them to confirm these and to provide further details and identity documents).
Director & Shareholder Information – If you are purchasing the property on behalf of a Company, you will need to provide details about the Directors and Shareholders including their names, email addresses and phone numbers (they will receive an email asking them to confirm these and to provide further personal details and identification documents).
Solicitor Information – Details of your solicitor including the firm name, contact name, address & phone number.
Payment Information – Credit/Debit Card details or Bank Account details.
How do I place a bid?
Once you have been approved to bid by our team, you are free to place bids as soon as the auction opens.
Note that bidding takes place on the relevant property page – the same page that you’ve been visiting to get information about the property and to register for bidding.
Please note that if a bid is placed within 60 seconds of the scheduled closing time, an additional 60 seconds will be added. This is known as an extension period. During an extension period, any further bid that is placed will result in the clock re-setting again for a further 60 seconds, giving all registered bidders a fair and equal opportunity to place another bid. This will continue to happen until a full 60 seconds passes with no bids being placed.
Can I place bids over the phone?
Yes you can.
I am the winning bidder. What are the next steps?
Once a bid for the property has been accepted, it is placed in a binding contract. The buyer will be required to complete a Memorandum of Sale and provide a 10% deposit within 48 hours of the hammer falling.
Upon the sale of your lot you will pay us a 2% commission fee, this is calculated on the sale price or £3000 whichever the greater. This is payable within 7 days of completion. If the sale fails to complete for any reason, the commission is payable with immediate effect.