Guide to Buying From Auctions
Prior to Auction Sale
View the Online Catalogue on the Eddisons website to see if there are any properties of interest.
Legal documents for each property can be viewed up to 10 days before the auction. These can be viewed on our website or by appointment at our office in Leeds.
Property viewing arrangements are shown on the website and requests can be made online or by telephoning 0845 505 1200. It is recommended that properties are viewed before the sale.
Contact the auction department on 0845 505 1200 close to the date of the auction to ensure that the property is still available and to obtain an update on the auction.
Proof of Identity
If you are interested in bidding at our Leeds and Manchester auctions you MUST provide two forms of identification as detailed below.
IF YOU DO NOT PROVIDE THIS IDENTIFICATION, YOU WILL BE UNABLE TO BID
Once you have registered, you will be provided with a personalised photo identity card which you will need to bring to subsequent auctions, thereby dispensing with the need to provide two forms of identification at every auction.
Successful bidders are required to provide Eddisons with proof of identity and proof of current residential address by producing the following documents prior to signing the contract at the auction:
- a photographic ID, such as a current passport or new style UK driving licence
- a utility bill, bank or building society statement, or credit card bill issued within the previous 3 months, providing evidence of residency at the correspondence address.
If the bidder is acting on behalf of a limited company, the bidder will be required to provide personal proof of name and address and in addition:
- copy of the company certificate of incorporation
- written authority from the company that the bidder has the authority to represent and purchase on behalf of the company at the auction.
On Auction Day
Bring a personal or business cheque book to the auction to pay for any properties you purchase. Do not bring cash. You should also ensure that your finance is in place before you bid for a property.
Arrive early at the auction as space is sometimes limited. When bidding ensure that this is done clearly.
If you are out of town on the day of the auction, proxy or telephone bidding can be arranged in advance.
If you are successful with your bid, please report to Eddisons staff who will take you through the signing of contracts.
1. Prospective Purchasers are advised:
- To inspect the property and check the particulars of sale as to areas, measurements and all other matters to which the properties are expressed to be subject or have the benefit of. All measurements and areas are approximate
- To satisfy themselves as to the condition of the property
- No representation or warranty whatsoever is made or intended in respect of the state of repair thereof. Services, gas and electrical fitting have not been tested and their condition is not known. Information or documentation in respect of any item of disrepair does not imply that others do not exist
- To inspect the special conditions of sale in respect of the precise interest to be sold
- To consult their legal advisers and make all appropriate enquiries with all relevant Authorities and bodies
2. Reserve Price: unless otherwise stated all property is sold subject to a reserve price whether declared or not. The reserve is 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 day of the auction.
3. Guide Prices: an indication of 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 usual, but not always the case, that a provisional reserve range us 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. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
4. Procedure and Payment: the fall of the hammer at the final acceptable bid constitutes a binding contract and the purchaser is required to pay 10% of the purchase price, cheques being made payable to Eddisons. We do not accept cash.
Completion of the sale and payment of the balance of the purchase money takes place four weeks later unless the conditions of sale provide otherwise.
5. Location Plans are provided to enable prospective purchasers to locate the property only. They are photographically reproduced and therefore not to scale and are expressly excluded from any contract. Arrows and other marking on photographs or plans are also to enable the purchaser to locate the property only. Plans based on the ordnance survey are with the sanction of the controller HM Stationery Office, Crown copyright reserved.
6. Rateable Values are obtained on verbal enquires to the Local Authority and no responsibility is accepted for any error or omission.
7. Viewing is at the prospective purchasers own risk, a torch is sometimes needed and great care should be taken at all times.
8. Late Check. Purchasers should check that any particular property is still in the sale.