Buying at Auction – Frequently Asked Questions
- Are Auctions for cash buyers only?
- What do I need to bring with me on the Auction day?
- Do I have to ‘buy blind?’
- Is it just dilapidated houses for sale?
- I’ve found the property I want. Do I have to wait until the Auction to bid?
- If I win an Auction lot, how long does it take to complete?
- Are there any other charges?
It is possible to buy at Auction with a mortgage, provided the property is in a mortgageable condition. To find out whether you could obtain a mortgage on a specific lot, contact our Auction Department on 0161 443 4740.
If you are attending an Edward Mellor Auction with the intention of bidding, you will need to bring:
- Proof of Identity – Valid Passport, National Identity Card, or Valid Photo Card Driving Licence
- Proof of Funds – Recent bank statement if buying in cash, Valid Agreement in Principle if buying with a mortgage
- Cheque book or banker’s draft
- Your Solicitor’s details
If you are bidding on behalf of a Company, please bring one of the following:
- Proof of Identity and Residence for one of the Directors
- Certificate of Incorporation for the Company (if a Limited Company)
- Official List of Directors
One of the biggest preconceptions of buying at Auction is the dread of being the winning bidder – only to later realise that your new property is on the brink of falling down!
Almost all of the lots in our Auction are available for you to view prior to the day by simply booking an appointment with our team, where you can inspect the building inside and out.
If you’re serious about buying, you can even arrange for a survey to be conducted prior to the Auction day for a professional report.
There is a huge range of properties in every Edward Mellor event suitable for all types of buyers. Recently, we have seen a big increase in houses listed for sale under the hammer in immaculate condition – perfect for owner-occupiers and Landlords with tenants ready to move in.
Unless otherwise stated in the details, you can make a pre-auction offer on any lot in the Auction.
We will need your offer in writing and will get in touch with the seller immediately to put it forward.
If successful, the property will be sold to you under auction conditions.
Under Auction conditions, the contract between bidder and vendor exchanges on the drop on the gavel, meaning you are legally obliged to buy and the vendor is legally obliged to sell.
The transaction will then complete within 28 days.
If you win an Auction lot you will be required to pay a buyer’s premium of 0.6% of the final purchase price with a minimum of £996 including VAT.