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auctions@yorkshire-properties.co.uk www.yorkshire-properties.co.uk What is a Conditional In Room Auction?
Conditional auction is where a property is offered in the auction room under a best bids process where the winner secures a period of exclusivity (usually four weeks). During the exclusivity period, the buyer will sort their mortgage funding and exchange contacts with a fixed completion date (usually within eight weeks of winning the property). The successful bidder will pay a non-refundable reservation fee to secure the exclusivity and both the seller and the buyer are tied into the process.
What is a Guide Price?
A guide price is a marketing figure, which is used to guide potential buyers as to how much a property could be worth. They are not necessarily figures which a property will sell for, the sale price will be dependent on bidding in the auction room. Guide prices can either be a single figure price or a price range. These may change at any time prior to the auction. The most up to date guide prices should always be showing on the property details page.
What is a legal pack?
A legal pack is the set of documentation prepared by the seller’s solicitor. These are available to download via
the property details page on the website.Ahard copy will usually be available in the auction room too. The elements of a legal pack are:
• Official Copy of Register of Title • Land Registry and Local Searches • Special Conditions of Sale • Property Information Form • Fixtures and Fittings Form • Management Information • Leases • Tenancy Agreements • Planning Permission Documentation
(Office Copy Entry)
the seller and the auctioneer, and it is the figure that bidding must reach before the auctioneer can sell the property in the room. For a single figure guide price, the reserve cannot be more than 10% above the guide (for example, a property with a guide of £100,000+ could have a reserve up to £110,000). For a guide price range (£100,000 - £120,000), the reserve must sit within that range and not exceed to the top end figure stated.
What is an Addendum?
Auction teams recommend that all elements of the legal pack are inspected by those wishing to bid and their legal advisors. The Special Conditions of Sale will include pertinent information such as completion date, any additional disbursements that become payable on completion, and overage clauses.
What is a reserve?
Each property will be offered in the auction subject to a reserve price. This is a confidential figure, set between
An Addendum, sometimes referred to as an Amendment Sheet, is a list of changes that have been notified after the catalogue being published. The sheet will be available in the auction room and you will often be able to view the addendum on our website. Bidders should check the addendum in advance of the auction, in addition the auctioneer will often remind bidders of any amended information prior to the property being offered. The addendum forms part of the property description and sale contract. If you have any questions about the contents of the addendum, please speak with a member of the auctions team for advice prior to the auction beginning.
What is an Online Auction? Online auction sees individual properties offered with
eBay style bidding on a web based platform. Marketing of the Online Auction lots includes extensive promotion, open house viewings, sometimes with legal packs in place. Bidders will register their interest, provide ID and then gain access to the bidding system. Online auctions can offer properties Unconditionally (always with a legal pack provided) with the fall of the virtual gavel effecting an exchange of contracts between buyer and seller, or alternatively, lots can be offered on a Conditional basis with the winning bidder securing a period of exclusivity (usually four weeks) to arrange any mortgage funding before exchanging contracts.
What is an Unconditional In Room Auction?
Unconditional Auction (sometimes called a traditional auction) is where a collection of properties are offered for sale in an auction room with contracts being exchanged to the highest bidder on the fall of the gavel. The auctions team bring together all entries into a catalogue, actively promote the properties, host open house viewings where possible, get legal packs created and made available, and cultivate interest from as many buyers as possible. Competitive bidding in the room will usually see the property sell at a price above the seller’s reserve.
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