Question 1

What types of land and property are suitable for auction?

Accepted Answer

One of the real benefits of auction is the flexibility in the types of land and property that can be sold. From the more traditional vacant, residential property, commercial and mixed-use properties, tenanted or investment properties, to land of varying shapes and size, forest blocks or commercial woodland, development sites (with or without planning permission), garage blocks and freehold ground rents.Auction is also an excellent option for unconventional properties such as churches, those which are fire damaged or former police stations, public houses or nursing homes.The only real criteria for selling by auction is the land or property has a Title! The Title doesn’t even need to be registered with HM Land Registry (provided you have the original Title deeds and can prove ownership).Our clients are as varied as our land and properties and range from sellers with a single parcel of land or a small property, investors looking to sell all or part of a portfolio, to a major landowner looking to divest themselves of some or part of their estate, or corporate clients with several properties throughout the year to sell. Whatever your situation, whatever your land or property, auction could be the perfect solution for you.

Question 2

How do I know if my property is suitable for auction?

Accepted Answer

Not every property is suited to auction, but many can benefit from the speed, certainty and competitive bidding that auctions offer. Our experienced auction team will assess your property, discuss your objectives and recommend the best sales strategy to help you achieve the best outcome. Auction isn't just for properties in need of renovation work. For more information please contact our auctions team below.

Question 3

What happens if my bid is successful?

Accepted Answer

Contracts are exchanged as soon as the gavel has fallen. If you are the successful bidder, a member of our auction team will take you to the finance desk. You will then need to provide a 10% deposit (minimum £5,000) and pay your Buyer’s Premium. If you are unable to do this, the auctioneer has the right to re-offer the lot. If the property then sells for a lower figure the seller may claim any losses from you. You will then complete and sign the memorandum of sale before sitting with the person representing the vendor to complete and sign the contract of sale.The day after the auction, you will then be emailed a copy of the memorandum of sale signed by the seller or by us on behalf of the seller and you should then pass this to your own conveyancer as soon as possible.

Question 4

Can lots be sold prior to the sale?

Accepted Answer

Occasionally lots are sold or withdrawn prior to the sale. Check with us on the working day before the sale to ensure your particular lot is still to be offered.

Question 5

Do I need a mortgage arranged prior to bidding?

Accepted Answer

If you require a mortgage or other form of loan to finance your purchase you must obtain an offer of advance prior to the auction. Most building societies and banks are familiar with auction procedures and normally issue offers quickly.

Question 6

Can I view the properties?

Accepted Answer

We can usually arrange for you to view and have group viewing times for most properties. All interior viewing appointments must be arranged through our local offices. Please telephone the office dealing with the property.

Question 7

Can I sell a property which is un-mortgageable?

Accepted Answer

Yes. A number of cash buyers and investors buy through auction so it can be an ideal way to sell a property that is un-mortgageable or has had a sale fall through. Auction properties are sold as seen and you have the added security of an immediate exchange of contracts and a fixed completion date. However, if you are aware of any defects, the purchaser should be aware of these and they must be declared in advance of the auction.

Question 8

How long does the auction process take?

Accepted Answer

We hold regular auctions throughout the year. The first task will be to order a legal pack from a solicitor. Depending on the complexity of your land or property, this will normally take around four weeks to complete but we always advise speaking to a solicitor to get a precise quote. We have a preferred supplier of legal packs and we can normally prepare an auction legal pack for £550 plus VAT.It is important potential buyers have ample time to see the property or land advertised and review the legal pack before the auction. Therefore, we advise allowing at least four to six weeks of marketing time before the auction.We can start marketing your land or property before the legal pack is complete, but we will not be able to offer the Lot for sale on the auction date unless the legal pack is completed and published. Once the auction has started, bids are received by the auctioneer and, provided your reserve price has been met, the gavel will fall at the highest bid and contracts will be exchanged.For Traditional Auctions, completion typically occurs 20 working days after the auction, although an alternative date can be specified if required. For Modern Method Auctions, completion usually takes place within 56 days. For a detailed comparison of both auction methods, please refer to our separate guide here.

Welcome to Sheldon Bosley Knight Auctions. Founded in 1843.

Why sell at auction?

Security

Speed

Transparency

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Why buy at auction?

Meet the Auction team.

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Accreditations.

Frequently asked questions for auction buyers and sellers.