Buying at Auction

Whether you’re looking for residential or commercial property, auctions are a fantastic way to buy property quickly. It’s simple to purchase at auction, but it’s important to understand the process, let Benjamin Stevens help you through your journey.

Before the auction browse our auction catalogue. All lots are available to view on our website and each property will be sold via our live-stream auction.

Sign up to our mailing list to receive the latest catalogue, upcoming auction information and helpful reminders.

We recommend viewing properties of interest. A schedule of viewing times, photographs, particulars and legal documents can be found on our website. All legal documents can be downloaded before the auction through the EIG Passport.

When buying at auction, we recommend a solicitor who can act swiftly. If you require a solicitor please email the team and we will happily recommend a solicitor from our trusted panel.

Amendments are posted as an addendum prior to auction. If you have registered to download the legal pack you will be notified by email of any changes. Changes can be made up until auction day and will form part of the contract.

Online registration is quick to complete. Bidders must register in advance using our registration passport link. You will need to upload a recent utility bill that shows your current address, ID (passport or driving licence). We encourage you not to bid if you are unsure of what you are purchasing or have concerns about the procedure.

To bid you will need to provide a £5,000 holding deposit using a debit or credit card. No money is taken at this time. This holding deposit will allow you to bid on one lot. If you would like to bid on multiple properties, you will be required to place another hold of £5,000 and so on. If you are unsuccessful on one lot, your current hold will allow you to bid on another lot.

In the event that you the winning bidder and wish to bid on a second lot, you will be asked to place a further hold of £5,000 before having authorisation to bid. If you are the winning bidder the funds will be deducted from your registered card.

Holding deposits made by unsuccessful bidders will have cleared funds back on their card within 3 – 7 working days depending on your bank. 

There are three ways to bid: 

Internet bidding
Once you are registered, you are then able to bid and take part in our live stream auction! You can watch the auction live and place bids in real time. 

Telephone bidding
The bidder will be able to place bids through a member of our auction team. If we connection is lost, the Auctioneer has the right to bid on your behalf up to your maximum bid. 

Proxy bidding
We recommend that interested parties register to bid online. If this is not possible then by prior arrangement, you can authorise Benjamin Stevens to bid for you (by Proxy) up to a specified limit. 

Once you are ready to bid, log on to our website to find our live stream. The Auctioneer will announce each lot and draw attention to any addendums. Bidding will commence and the Auctioneer will start to invite bids. There will be a reserve price for each lot and the Auctioneer will give fair warning allowing all bidders enough time to place their final bids. If, after the reserve price has been met there are no forthcoming bids the Auctioneer will put the hammer down and the property is sold. (Sold unconditionally, you are required by law to honour your purchase) 

If you are the successful bidder you will be required to pay a 10% deposit on the property plus our buyers fee (£500 inc VAT for properties below £25,000 and £1,500 inc VAT for properties above £25,000). This deposit is typically made via same-day transfer or personal debit card. When funds have been received you will receive a Memorandum of Sale with the special conditions of sale. The Auction Memorandum, signed by us on behalf of the seller, will then be submitted to your solicitor. A copy of the legal pack will also be forwarded to your solicitor, at this time please make sure to arrange buildings insurance. Additional fees payable upon completion may be imposed by the seller. These costs, if any, are detailed in the special conditions.

You will have 28 days to complete the sale (unless stated otherwise). This gives you time to arrange a survey or any finance required. Benjamin Stevens have partnered with trusted finance companies who have always provided a quick turnaround on auction purchases. Auction Finance

If you would like to bid on an auction lot(s) please click the registration button below.

[blade_dynamic_shortcode view_name="partials/search-modal"]