Guide to Auctions

This guide provides a brief overview to prospective buyers and sellers about the auction process.

A wide range of properties and land are available by auction and frequently include agricultural properties and those in need of renovation, modernisation or development.

During an initial meeting to appraise the property, we can advise you on the appropriate method of sale and discuss the suitability of your property for auction.

If you would like more detailed information or to arrange an appointment, please contact your local office.

Prior to the auction

All auction properties are marketed, advertised and available for viewing over a 5-6 week period in the lead up to the auction.

Properties are marketed with a guide price, which provides an indication of the price at which the property may sell.

A legal pack, produced by the vendor’s solicitor, is available for inspection, which includes the contract, title documentation, plans and local searches.

Having seen what interest is shown during the marketing period, the vendor reserves the right to place a reserve price. The reserve price remains confidential and is not disclosed.

In the event that a property fails to reach its reserve price and is not sold, the property is withdrawn and following discussions with the vendor, may be offered on a private treaty basis thereafter.

At the auction

Wright Manley holds auctions at a number of local venues throughout the year.

During the auction, each lot is offered and the bids taken to the highest level possible. If an acceptable bid is received, the gavel falls and the property is deemed sold.

The fall of the gavel represents a legally binding exchange of contracts. The successful bidder is required to immediately sign a contract together with a 10% deposit and provide proof of identity and address in accordance with money laundering regulations, detailed below. The remaining balance of the monies will be due on the stipulated completion date, which is usually 28 days later.

Money laundering

In accordance with the above Regulations, the successful purchaser must, at the conclusion of the Auction, provide one document from each of the following lists:-

PERSONAL IDENTIFICATION

1. Current signed Passport
2. Current full UK/EU Photocard Driving Licence
3. Inland Revenue Tax Notification
4. Firearms Certificate

EVIDENCE OF ADDRESS

1. Current full UK Driving Licence
2. Public Utility Bill issued within the last three months
3. Local Authority Tax Bill
4. Bank, Building Society or other such organisation's statement

For the avoidance of doubt, a Driving Licence may be used to evidence identity or address but not both.  If a prospective purchaser is bidding as an Agent, on behalf of the Buyer, proof of identity will be required from both the Bidder and the Buyer, together with a valid letter of authority from the Purchaser authorising the Agent to bid on their behalf.  If a Bidder is acting on behalf of a Limited Company, similar documents will still be required, together with written authority from the Company itself.  No cash deposits will be accepted.