In order to bid at a property auction you must be pre-registeredDownload Registration Form
We are passionate about auctions and have been selling land and properties at public auctions since our company was established in 1871.
There are a number of benefits to buying or selling this way and with a little bit of prior research and preparation, auctions can be quick and cost effective for both parties. As the purchaser has to sign a contract on the day then the sale becomes legally binding and generally completion of the sale takes place 28 days later.
To sell your property or land at auction, it will be valued by one of our experts and both an auction guide price and subsequently a reserve price agreed upon. A small fee is charged to include your lot in the listings and upon completion you will be charged a pre-agreed commission rate. We will liaise about contract packs and conditions of sale documents with your chosen solicitor, as these documents need to be available to interested parties prior to the auction.
From a buyer’s perspective, we also make the process as straight forward as possible. Immediately after the auction the buyer will be expected to sign a legally binding Contract and pay a 10% deposit. The sale of each lot is subject to a buyer’s fee of £500 plus VAT (£600 inc. of VAT) payable on the fall of the hammer. For on-line buyers only, there is an additional on-line buyer’s premium of £500 plus VAT (£600 inc. of VAT) payable on the fall of the hammer. If one property is offered in more than one lot, the fee will be chargeable on all lots whether or not one purchaser buys all. The signing of the Contract of Sale and 10% deposit is legally binding on both parties and completion will occur within 28 days thereafter, unless specified otherwise. It’s as easy as that!
Online Bidding, a step by step guide!
- Go to the top of the Bagshaws Website – www.bagshaws.com and click on ‘Online Sales’
- Select ‘Land and Property’.
- This will take you to the Auction Marts website. Click ‘Register’.
- Once registered with Auction Marts, click on the desired auction on the Auction Marts website.
- Click ‘Bid On Sale’ to accept the terms and conditions. This will enable you to VIEW the auction only. We will see that you have registered and will contact you, firstly to see if you would like to bid at the auction. If you do, we will need to collect relevant details to verify your ID, name and proof of address.
- Once your details have been received we can authorise you to bid online.
- Once this has happened you will be able to go back to the sale and click ‘pre-authorise’. This will take you to a link to register with Stripe, (a third party payment service provider). This is a system to lodge a set deposit of £10,000 and pre-authorise your funds. This will be classed as a pending transaction and will only be taken from your account if you are the successful bidder on a lot. If the £10,000 does not equal the 10% deposit of the purchase price, you will then be required to pay the remainder of the deposit by BACS. We will contact you for this on the day on the sale. If you would prefer to pay the 10% deposit in full rather than via Stripe, then the £10,000 pre-authorisation amount will be released to you. The process will then continue through solicitors.
Due to the changes made to the Money Laundering Regulations, we are now required by law to verify the identity and address of everyone who offers, bids or buys at our auction. An auction registration form can be found above.
If you think your property might be suitable for auction or if you would like some free, confidential advice about the buying process, please contact a member of our team.
Property Auction Prices
Some of the particulars on this website contain details about properties being sold at auction. Those details are subject to change up to and including the day of the auction. Please check our website and look out for any additional materials available on the day of the auction, in order to stay fully informed with the up to date information.
For the assistance of prospective purchasers, the following are definitions relating to the Guide Price and the Reserve Price;
Guide Price: An indication of the Agent’s opinion of value and the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is sometimes the case that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
Reserve Price: the seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the immediately prior to the auction.