Guide to buying at the auction

Buying a property at an auction can be a simple process, if you understand and prepare for each stage involved. Whether you’re interested in commercial or residential properties, auctions offer an efficient way to purchase real estate and create the potential to secure a fair price. To assist you in navigating the auctioning process, we have gathered vital tips on how to buy a property at an auction and what you need to organize ahead of the event.

1: Register to bid

To bid on a property at our auction you will need to register. This can be done in our how to register to bid section which provides a guide on the registration process.

2: View the property and consider arranging a survey

We recommend that you attend a viewing of any properties, that you are interested in, before placing a bid. Viewing arrangements can be found on our lots page. We also advise you to arrange a survey to check the condition and structure of the property.

3: Conduct due diligence

All legal documents relating to the lot are available to download on the lot page. Please remember that you purchase subject to all legal documentation and the terms of the sale whether read or not. We recommend that you have a solicitor check through legal documentation, before placing a bid at the auction, because Century 21 cannot advise on the contents of legal documentation.

4: Check the addendum and notices

Online details are regularly updated with changes to the lot information. A full list of amendments will be released on our website the day before the auction. Before bidding it is vital that you check these as they form part of the auction contract.

5: Read the conditions of Sale & Notices

All lots, unless otherwise specified, are sold subject to the terms of the Online Auctioneer, the RICS Common Auction Conditions of Sale, the Form of Purchase Agreement, and any Special Conditions of Sale or Articles of Roup (Scottish properties.) Prospective bidders are strongly encouraged to review all of our Conditions & Notices. It is crucial that you choose your own solicitors and heed their independent legal counsel.

Please be aware that certain Special Conditions of Sale specify additional expenses that the seller must pay on top of the purchase price.

6: Get your funds in order

When you register to bid you are required to arrange a bidder security. If you subsequently purchase a property you are required to “top up” this payment and transfer the balance of the 10% deposit to the Century 21 Client Account. The Century 21 buyer's fee is deducted from the bidder security payment if you are the purchaser.

What is the bidder security and how do I pay it?

A bidder security payment authorisation is required for each lot you wish to bid for. This is detailed on the payments page when you register and an amount will be held on your debit card via our secure online payment method.

The amount required is as follows:

• Commercial Auctions - £10,000 per lot and inclusive of the Century 21 buyer’s fee*
• Residential Auctions - per lot and inclusive of the Century 21 buyer’s fee*:
• Guide price: £1 - £49,999 - bidder security payable = £2,000 per lot
• Guide price: £50,000 - £149,999 - bidder security payable = £5,000 per lot
• Guide price: £150,000 and above - bidder security payable = £10,000 per lot

What is the Century 21 buyer's fee?

There is no fee payable to bid. However, if you are successful in bidding, the Century 21 buyer’s fee will apply. This fee applies to each lot purchased in the auction. The buyers’ fees are as follows:

• Commercial Auctions:
• All lots: £1850, excluding VAT
• Residential Auctions:
• Lots sold for £10,000 or more: £1,850 excluding VAT
• Lots sold for less than £10,000: £1000 excluding VAT

7: Arrange finance/ Mortgage

If you need to raise finance or set up a mortgage it is crucial that you get an offer in principle from your lender, before the auction day. Surveyors are typically instructed by banks and building societies before making a mortgage offer. Offers typically require completion within 20 working days of the auction. To ensure that there won't be a problem, you should talk about this with your lender. Please Note that completion times can differ, therefore it's advised that you check the Special Conditions of Sale for confirmation.

8: Purchasing lots prior to auction

In some cases, sellers can consider properties prior to the auction. If applicable, offers must be sent by email to the Century 21 contact- which can be found on the lot page. In the event that your offer is accepted, you will need to pay the 10% deposit plus the Century 21 buyers fee and be prepared to promptly exchange contracts. The simplest approach to register interest in any lot is by downloading the legal documentation.

9: Check Availability

To ensure that the lot you are interested in is still available, we strongly suggest that you visit our website the day before the auction.