Find out quickly all the answers you might have about the auction process here.

Q. What is a vendor.

The vendor is the person or organization selling a property or plot of land.

Q. 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.

Q. What is a market place?

The market place is simply an idea of what price the property is expected to sell for on the auction. These often change in the run up to an auction, so you should contact the auctioneer to check these.

NB. Whichever route you choose, Beechnut Auctions Limited will require you to complete a proxy bidding form and to deposit a cheque large enough to cover the sale deposit amount based upon the largest figure you intend to bid.

Q. Can I inspect the property before the auction?

It is usually possible to view the property before the auction. Viewings are arranged on a block basis and you should contact Beechnutauctions.co.uk to book a viewing.

Q. What if I need finance?

It is essential that you have all necessary funding in place prior to making a final bid.

Q. Do I need a survey?

A survey is only mandatory if you require a mortgage. However we would recommend that you ask a chartered surveyor to undertake a survey on your behalf before buying any property.

Q. Should I contact a solicitor?

Yes you will require a solicitor to act on your behalf when you either buy or sell at auction.

Q. Can properties be sold or withdrawn prior to the auction?

Properties do sometimes sell prior to auction and are occasionally withdrawn.

Q. What happens at the end of the auction?

If you are the last successful bidder, you have successfully purchased the property and no one can try and outbid you.  You are now legally committed to pay the price that was bid and complete the purchase.  The vendor is equally legally committed to pay that was bid and complete the sale under the terms and timescales stipulated in the contract.

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

You must have finance available on the day. If you successfully purchased a lot at auction you will be required to be a deposit of 10% of the sale price or £1,500(whichever is the greater). Personal/business cheques will be accepted subject to Beechnut Auctions receiving satisfactory proofs of identity (passport/driving license /recent utility bill) together with details of your solicitor.

Q. who is responsible for insurance of the property?

You are responsible for insuring the property from the exchanged of contracts. You should make arrangements in advance.

Q. what if the property does not sell?

If the property does not reach the reserve price the property will be withdrawn and placed in our sale listings.