Guide to
buying at the auction
To assist you in navigating the auctioning process, we have gathered vital tips on how to buy a property at an auction and what you need to organize ahead of the event.
I. Register to bid
To bid on a property at our auction you will need to register. This can be done in our how to register to bid section which provides a guide on the registration process.
II. View the property and consider arranging a survey
We recommend that you attend a viewing of any properties, that you are interested in, before placing a bid. Viewing arrangements can be found on our lots page. We also advise you to arrange a survey to check the condition and structure of the property.
III. Conduct due diligence
All legal documents relating to the lot are available to download on the lot page. Please remember that you purchase subject to all legal documentation and the terms of the sale whether read or not. We recommend that you have a solicitor check through legal documentation, before placing a bid at the auction, because Century 21 cannot advise on the contents of legal documentation.
IV. Check the addendum and notices
Online details are regularly updated with changes to the lot information. A full list of amendments will be released on our website the day before the auction. Before bidding it is vital that you check these as they form part of the auction contract.
V. Read the conditions of Sale & Notices
All lots, unless otherwise specified, are sold subject to the terms of the Online Auctioneer, the RICS Common Auction Conditions of Sale, the Form of Purchase Agreement, and any Special Conditions of Sale or Articles of Roup (Scottish properties.) Prospective bidders are strongly encouraged to review all of our Conditions & Notices. It is crucial that you choose your own solicitors and heed their independent legal counsel.
Please be aware that certain Special Conditions of Sale specify additional expenses that the seller must pay on top of the purchase price.
VI. Get your funds in order
When you register to bid you are required to arrange a bidder security. If you subsequently purchase a property you are required to “top up” this payment and transfer the balance of the 10% deposit to the Century 21 Client Account. The Century 21 buyer’s fee is deducted from the bidder security payment if you are the purchaser.
What is the bidder security and how do I pay it?
A bidder security payment authorisation is required for each lot you wish to bid for. This is detailed on the payments page when you register and an amount will be held on your debit card via our secure online payment method.
Commercial Auctions
Fixed amount £10,000 per lot
There is no fee payable to bid. However, if you are successful in bidding, the Century 21 buyer’s fee will apply. This fee applies to each lot purchased in the auction. Buyers’ fees for commercial auctions are £1850 per lot, excluding VAT
Residential Auctions
Tier 1
£1 - £49,999 - bidder security payable £2,000 per lot
Tier 2
£50,000 - £149,999 - bidder security payable £5,000 per lot
Tier 3
£150,000 and above - bidder security payable £10,000 per lot
There is no fee payable to bid. However, if you are successful in bidding, the Century 21 buyer’s fee will apply. This fee applies to each lot purchased in the auction. Buyers’ fees for residential auctions are £1850 per lot (£10,000 or more), excluding VAT or £1000 per lot (less than £10,000), excluding VAT
VII. Arrange finance/ Mortgage
If you need to raise finance or set up a mortgage it is crucial that you get an offer in principle from your lender, before the auction day. Surveyors are typically instructed by banks and building societies before making a mortgage offer. Offers typically require completion within 20 working days of the auction. To ensure that there won’t be a problem, you should talk about this with your lender. Please Note that completion times can differ, therefore it’s advised that you check the Special Conditions of Sale for confirmation.
VIII. Purchasing lots prior to auction
In some cases, sellers can consider properties prior to the auction. If applicable, offers must be sent by email to the Century 21 contact- which can be found on the lot page. In the event that your offer is accepted, you will need to pay the 10% deposit plus the Century 21 buyers fee and be prepared to promptly exchange contracts. The simplest approach to register interest in any lot is by downloading the legal documentation.
IX. Check Availability
To ensure that the lot you are interested in is still available, we strongly suggest that you visit our website the day before the auction.
Get in Touch with Our Property Experts
Whether you’re managing a corporate property portfolio or exploring auctions for the first time, complete our contact form. Our dedicated team is here to answer your questions and guide you through the process with ease.