FAQ's

The lot is the piece of land or property available for sale.

The guide price is an estimated value to give buyers an idea of what the lot might be worth. It's not the final selling price, which depends on bidding and interest.

Bidding happens online through the website.

It's advised to have a solicitor review the legal pack for any property. Recommendations can be provided if needed.

Ensure you have the necessary funds before bidding. If you need financing advice, ask for guidance.

The reserve is the minimum price the vendor will sell for. It's confidential but typically around 10% above the guide price.

This is when contracts are exchanged after the deposit is paid.

The vendor is the person or company selling a lot.

A holding fee is a deposit for bidders. It's returned to unsuccessful bidders, and only the winning bidder's fee is kept.

Sometimes properties sell or are withdrawn before the auction; all interested parties are informed.

Special Conditions of Sale: Unique conditions for each lot are in the legal pack; legal advice is recommended.

This is paid only if a property is sold out of the auction.

Lots that don't meet the reserve price are unsold and may be available later.

This is when the new buyer officially takes ownership.

This is the person interested in buying a lot.

To comply with AML regulations, bidders may need to provide proof of identification.

Sometimes property details are updated, and any corrections are noted in an addendum.

A survey is needed for a mortgage and is recommended even if buying with cash.

Contact The Property Auction House to arrange viewings. Details are needed for contact and safety reasons.

The successful bidder must pay the deposit within 24 hours of the auction ending.

Buyers should arrange insurance from the exchange of contracts.