Buyer FAQs

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Buying at Auction

Frequently asked questions

Yes – You have three options when it comes to bidding and each will require its own bidding process. For each bidding method, you must provide; Proof of ID, proof of funds and a utility bill.

By law we will require two proofs of ID – one photographic and the other proof of address less than three months old. Proof of funds will also be asked for at the time of registration. Without the above you will not be able to bid.

The auction fees are payable on all property and land lots. This will be payable upon the fall of the gavel as contracts are exchanged. This will be paid at the same time as the deposit if you are the highest bidder on a lot, before leaving the auction venue. The amount payable will be specified in the lot description.

Usually the Purchaser shall pay a deposit of 5% and auction fees of 2% +VAT inclusive (or a minimum of £5,500 +VAT) as contracts are exchanged. The purchaser is legally bound to buy and the vendor is legally bound to sell the Property/Lot.

Yes. Any offers made before the auction will always be put to the vendor. If you are really interested in a lot then of course a pre-auction offer is a good idea. Ensure you have thoroughly read the legal pack before offering and if the offer is accepted the sale will exchange before the auction and will proceed under the same, auction conditions.

Here you will advise a representative as to your maximum bid by completing our Proxy Bidding form and the auctioneer will bid on your behalf up to your maximum. They will always endeavour to secure the property for you, either at, or below your maximum bid if possible. If the bidding in the room exceeds your maximum, then you proxy bid would end.

Here you will advise a representative as to your maximum bid by completing our Proxy Bidding form and the auctioneer will bid on your behalf up to your maximum. They will always endeavour to secure the property for you, either at, or below your maximum bid if possible. If the bidding in the room exceeds your maximum, then you proxy bid would end.

Connect Realtime® is our live streaming of the auction you will access via our website. Giving you the ability to bid from anywhere in the world, in real time. Once you register to bid, we will send over the necessary documentation for you to complete before approving your bidding. Once approved, come auction day, just login to your account and watch the auction unfold and bid on your chosen lot(s).

You will have already signed to say that you are happy for us to sign the memorandum of sale on your behalf to allow the exchange of contracts after the fall of the ‘virtual gavel.’ After this has been done one of our team will be in touch once the auction has finished to take payment of the lot deposit and buyers’ premium. Once this has been completed contracts will be sent to your solicitor as well as the sellers with completion usually to take place 28 working days later (or as varied by the Special Conditions of Sale) under the supervision of your solicitor. As soon as the hammer falls there is a binding contract of sale. The property is at your insurable risk from this point.

This means that you have done everything you can, in terms of research, before committing to a property or land purchase. This may include viewing the property, commissioning a survey, asking a solicitor to review the legal pack etc.

We accept all major credit/debit cards or bank transfers.

If you don’t exchange on the date set you will be given what’s called ‘Notice to Complete’ – This will last for 10 days and will incur a daily charge, of which the amount can be found in your contract. Failure to complete at all with result in a forfeit of your deposit as well as your buyer’s premium plus any shortfall once the property or land is re-auctioned and sold.

The main types of land include residential land, commercial land, agricultural land, industrial land, and recreational land. Residential land is designated for housing and living spaces. Commercial land is used for business activities such as retail stores, offices, and hotels. Agricultural land is used for farming and livestock. Industrial land is allocated for factories, warehouses, and other industrial activities. Recreational land includes parks, playgrounds, and other leisure spaces. 

Before buying land, consider its location, zoning regulations, utility access, topography, environmental restrictions, and future development plans in the area. It’s crucial to understand the intended use of the land and ensure it aligns with your goals. Additionally, perform a thorough inspection to check for any issues such as soil quality, drainage, or potential hazards. 

Buyers should thoroughly research the land and its market value before participating in an auction. Attend open houses or view the property if possible. Review all auction terms and conditions, including deposit requirements and closing timelines. Be prepared to act quickly, as auctions typically require immediate financial commitment from the winning bidder. Understanding these factors can help buyers make informed and confident bids. 

A land survey is a detailed measurement and mapping of a piece of land conducted by a licensed surveyor. It determines property boundaries, identifies any encroachments or easements, and provides information on the land’s topography and features. A land survey is necessary to ensure that the land’s legal description is accurate, prevent disputes with neighbours, and comply with zoning and building regulations.

Financing options for buying land include traditional bank loans, land loans from specialised lenders, owner financing, and home equity loans if you already own property. Land loans typically have higher interest rates and shorter terms compared to mortgage loans for homes. It’s important to shop around and compare different financing options to find the best terms for your purchase.

Land with planning permission has received official approval from the local planning authority to be developed or altered in a specific way. This could include building residential or commercial properties, or changing the land’s use. Land without planning permission has not received this approval, meaning any intended development or change of use is not yet permitted and would require a formal application process to obtain the necessary permissions.

Zoning refers to the regulations set by local governments that dictate how land can be used. These regulations classify land into different zones such as residential, commercial, agricultural, or industrial. Zoning is important because it affects what can be built on the land and how it can be used. Understanding the zoning laws for a piece of land ensures that your intended use is permissible and helps avoid legal complications. 

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    Bidding registration deposit

    The bidding registration deposit is required in order to be approved for bidding. The amount is £2,400 per lot and is deducted from your deposit upon exchange, if you are the highest bidder. If you are not the highest bidder, the bidding registration deposit is refunded to you, in full.

    Bidding online

    Once you’ve been approved to bid, our registrations team will send your login details. On the day of the auction, click the ‘Live Auction’ button displayed on our homepage, login and start bidding. There will be a live video feed of our auctioneer and presenter, who’ll be talking through the lots, providing insightful tips and information.

    Bidding by telephone

    A Connect UK Auctions representative will call you prior and during the auction and place bids on your instruction. You will also be able to watch the live auction on our website via Connect Realtime®

    Bidding by proxy

    Here you will advise us of your maximum bid amount, and we’ll bid on your behalf up to this figure. We will always endeavour to secure the property for you, either at, or below your maximum bid amount, if possible. If another bidder exceeds your maximum bid amount, your proxy bid would end.

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