FAQs

The world of property auctions can sometimes seem a little daunting, here is a list of frequently asked questions to help you out. Also, feel free to ring us on 01633 254044 if you have any further queries.

+ What is a vendor?

The vendor is the person or organisation selling a property or plot of land. The vendor is also the agent or auctioneer’s client and the person to whom the agent/auctioneer is responsible to.

+ What is a reserve price?

A reserve price is the lowest price the vendor will accept. The existence of a reserve price will be disclosed but the amount of the reserve will not. Reserve prices are usually set just a few days before the auction.

+ What is a guide price?

Guide prices are neither an opinion of value of the property nor an exact figure of where the reserve price will be set. They may be set at, above or below the reserve price but in accordance with RICS guidelines they are normally within 10% of the reserve. The guide price may change in the run up to an auction so buyers should contact the auctioneer to check prior to the sale.

+ Can I obtain a catalogue?

Yes. With the advent of online auctions, paper catalogues are no longer produced. Having the auction description online allows for additional information and photographs as well as video tours to be uploaded, as well as helping with our commitment to run the company in a greener, more environmentally friendly way.

+ Can I inspect the property before the auction?

Viewings are normally undertaken on set dates at our special open house viewing days. Viewing dates and times can be found online on each individual lot page. Viewers are asked to book in to viewings in advance. Viewings may be booked electronically or by telephoning the office. The purpose for asking people to book in is so that we have a record of viewers but also so that we can contact all parties in the event of delays/cancelation etc.

+ What if I need finance?

It is essential that you have all necessary funding in place for the day of the auction. If you need finance to purchase a property (if you do not have all of the money), you can arrange finance either through a traditional lender although this may take too long, or you can use a short-term bridging company. Together is one such company that has experience of providing such finance with very fast turnaround times.

+ Do I need a survey?

A survey is only mandatory if you require a mortgage. However, we recommend that you ask a chartered surveyor to undertake a survey on your behalf before buying any property or at the very least you take a reputable builder to assess the property.

+ What is a legal pack?

A legal pack will be prepared by the solicitors acting for the sellers of a particular property. Every property being sold will have a legal pack and without one the property cannot be sold. The legal pack contains relevant legal information to allow buyers to do their due diligence. Information should include title documents (ownership, boundaries etc.), searches, planning consents, fixtures and fittings lists and potentially much more. We strongly advice interested parties to obtain a copy of the legal pack which can be downloaded via a link on the individual property on the website.

+ Should I contact a solicitor?

Yes. Let your solicitor have a copy of the auction catalogue, he/she may wish to contact the Auctioneer and the Vendor’s solicitor on your behalf. You should also ensure that your solicitor inspects the legal pack/s for any property/s that you are interested in. If you do not have a solicitor we can recommend one to you. We work closely with a number of solicitor practices across Wales & England.

+ Can the property description change?

There are sometimes amendments to property descriptions such as tenancy details for instance. Mistakes can also be made in relation provided on properties in the catalogue as information comes to light. In the run up to the sale, any mistakes or amendments are corrected as well as being noted on the addendum for that lot. The description should be checked just prior to bidding and a note made of any addenda.

+ Can properties be sold or withdrawn prior to auction?

Properties do sometimes sell prior to auction or occasionally are withdrawn.

+ How do I bid at auction?

When the auction opens, you will be able to place bids online via our website in line with the pre-determined bid increment levels, using the bid increase (+) and decrease (–) buttons provided. Every time you submit a bid you will be clearly shown whether your bid was successful, and a full list of all bids is displayed on-screen at all times. Proxy bids can be lodged in excess of the current bid. If these are above the reserve price then your proxy will automatically supersede anyone who tries to outbid you, up to your maximum proxy. – see full details of proxy bids in the drop-down menu on the online auctions page

+ Can I bid via telephone?

No, our auctions are completely online and you can bid via our website either by standard bid or proxy bid

+ What happens at the fall of the Gavel?

For Unconditional sales, if you are the last and highest bidder at the fall of the Auctioneer's 'digital' hammer and the reserve price has been reached, you are the successful purchaser and are legally committed to pay the price you bid and complete the purchase. No one can outbid you after the sale and the Vendor is equally legally bound to complete the sale under the terms and timescale stipulated in the contract.

+ If successful at the auction, what do I have to pay?

You must have your finances available on the day. If you successfully purchase a lot at auction you will be required to pay a deposit immediately after the auction. The deposit required is 10% of the sale price or £3,000 (whichever is the greater). Purchasers will also pay a contract buyer's premium of 1.2% of the purchase price with a minimum of £975 including VAT. The minimum deposit and buyer’s premium will be taken from the pre-authorised debit or credit card and any remaining balance will then be requested immediately after

+ Who is responsible for insurance of the property?

Responsibility for insuring will vary from property to property but we always advise buyers to arrange cover from exchange of contracts just to be on the safe side. Our auctions are attended by White Knight Group who can offer insurance quotations and cover.

+ What if the lot does not sell?

If a lot does not reach the reserve price the lot will be marked “unsold”. If there is an unsold lot that you are interested in, call the auctioneers on 01633 254044 as soon as possible. Lots are often sold while the remainder of the sale continues or immediately after it has finished. Alternatively, give the auctioneers a call the next day and they will gladly provide a list of results showing any properties still available.

+ What happens after the sale?

If you are the successful bidder, congratulations! As well as paying the deposit and buyer's premium you will be asked to provide names, addresses and solicitors details for the contracts. Contracts will be signed on your behalf which will then be forwarded to your solicitor. In most cases you will have up to 28 days to complete the purchase but in some cases it will be as little as 14 days. These details will have been in the legal pack. Make sure that you liaise with your solicitor as soon as possible giving your instructions for him/her to proceed. Ensure that you insure the property and put your solicitor in funds in time to be able to pay across the balance of money to the sellers’ solicitors. Once completion has taken place you can come into our office to collect keys (if applicable) or we can post them to you by recorded delivery.

Next Auctions

Online

Tue 19 Oct 2021, 12.00pm Paul Fosh Auctions, Newport, NP20 2AG

Online

Tue 7 Dec 2021, 12.00pm Paul Fosh Auctions, Newport, NP20 2AG

View property listings for our upcoming auctions

Did you know..?

Insure

Buyers should be aware that it is your responsibility to insure any property that you purchase from exchange of contracts.

Did you know..?

Guide

The guide prices quoted in this catalogue are neither our opinion of the value of the property nor are they the precise figure in which the reserve price will be set. Reserve prices may be set at, below or above the guide price but normally within a range of 10%.

Did you know..?

Buyers Premium

Buyers, in addition to the purchase price, buyers will be required to pay a buyer’s premium of 1.2% or Minimum £975.00 inc VAT per lot.

Did you know..?

Deposits

Buyers, the minimum deposit is £3,000 or 10% of the maximum bid price, whichever is the greater.

Did you know..?

Paying

For deposits, we accept debit cards, cheques and bankers drafts and sterling up to £7,000 but CANNOT ACCEPT CREDIT CARDS.