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ONLINE AUCTION DAY GUIDE

The Auction Day TPPUK 21st January 2021

WGTPP Tips for Bidders with our online auction - these are tips on the process, if successful you will be entering a legally bidding contract and you should therefore always take your own professional advice prior to bidding.

 

Auction Method:

The auction for this property will be conducted online through our online-bidding platform powered by Bamboo auctions. This is a “Timed Auction”. It differs to in room auctions by allowing you to bid from the comfort of your own home.

 

The proposed time slot and “end time” for the auction is displayed on Williams & Goodwin The Property People Ltd website - this may be subject to change, the property being withdrawn or sold prior. Bidding may open any time in the period up to 24 hours before the end time.

 

To view this, search for the property on the Williams & Goodwin website: www.tppuk.com/live-auction

 

Once bidding opens the status will change from “Starting Soon” to the time remaining to bid and the end time/date of the auction is displayed on the page/lot. Please note each lot usually has a different end time.

 

Before you can bid you must go to your dashboard to:

1)     Pass an online ID check

2)     Enter your payment details

3)     Enter your solicitor details. Please allow sufficient time to do this.

 

When you place your bid, you are deemed to have agreed to Williams & Goodwin / All Wales Auction and Bamboo Auctions Buyers Terms (England & Wales) which are available on the live auction section of the website. YOU MUST read the specific legal pack and any notes in the lot listing you are interested in BEFORE you bid. AGAIN please REMEMBER to do final checks as documents can be added, removed or changed at any time.

 

Auction type - Unconditional plus Fees:

Exchange will occur immediately at the end of the auction time period, provided you are the highest bidder and your bid has met or exceeded the reserve price. At that point, you will be charged £5000 online, which is split between the buyer fee and a holding deposit. Only the holding deposit amount will go towards the purchase price.

 

You must then transfer any outstanding amounts of the 10% deposit before 12pm the next business day and you must complete the sale within 20 business days unless the Special Conditions of Sale contained within the Legal Pack of that lot state otherwise.

 

Legal Pack:

Before bidding, you must view the legal pack for the property. This is the collection of legal documents that apply to the sale. The documents will include but are not limited to: Special Conditions of Sale, title documents from the Land Registry and Energy Performance Certificate.

 

To view the legal pack, first search for the property on www.tppuk.com/live-auction website and click onto the property to view the property details.

 

There will be a sub-heading “Legal Documents”. Underneath this, you will be prompted to “Log in or register to view the legal documents”. Follow this link, you will then be directed to create an account to view the documents. You will need to verify your email address to view the legal pack.

 

Always check OTHER KEY INFO under the live auction listing for any addendum notices (these are possible amendments the auctioneers may consider necessary to post)

 

The legal pack can change at any time up until the auction starts so you must check for the most recent version of the legal pack. At the point of placing your bid, you are deemed to have read the legal pack and checked the addendum/Other Key info area in its entirety, including any changes. Failure to check for changes to the legal pack will not be a valid reason for withdrawing from the sale.

 

It is strongly recommended that you instruct a qualified professional to review the legal pack and raise any necessary enquiries before bidding.

 

Special Conditions of Sale:

The property is sold subject to any Special Conditions of Sale. These are contractual conditions that are included by the seller of the property - they are not part of the auctioneers (Williams & Goodwin The Property People also trading as All Wales Auction or any joint agents’ terms and conditions. The Special Conditions of Sale are legally binding. You are taken to have read and accepted these at the point of bidding, even if you have not done so. The Special Conditions of Sale are available to read in the legal pack.

 

Auction Fees:

From the £5000 charged online, the following non-refundable fees apply:

          Buyer’s Fee - payable on exchange of contracts. This is £1200 including VAT on properties up to £40,000 and £2400 including VAT on properties guided at £40,000 and over. The Buyer’s Fee is payable in addition to the purchase price.

          You must check the legal pack, live auction section listing and special conditions (if any) of the lot you are interested in to see if any other fees apply to that lot. e.g. some lots seek buyers to pay for search fees and/or auctioneer fees etc.

 

Holding Deposit:

The remainder of the £5,000 charge less the buyer fee (specified above), is a non-refundable contribution towards the deposit (10% of the sale value)                        i.e. either £3,800 for properties under

£40,000 or £2,600 for properties over £40,000.

 

By 12pm the next business day the winning buyer must pay the remainder of the 10% less the contribution already. This will be collected by Williams & Goodwin The Property People Ltd. Cash and cheques are not accepted.

 

Payment Method:

When you register to bid, you will be prompted to provide your payment details to Bamboo Auctions. In the event that you are the winning bidder, your card will automatically be charged

£5000 as a proportion of the Buyer’s Fee & Deposit. The balance of the deposit due should then  be paid to the auctioneers, Williams & Goodwin The Property People Ltd. Payment by cash or cheque will not be accepted.

 

Example: You win the bid on a property at a price of £100,000. At this point your bid is successful you will be charged £5000 instantly. Made up of:

  Buyer’s Fee of £2,400 (incl. VAT)

  Part Deposit payment of £2,600

As the actual purchase price amounted to £100,000, after the auction, you will be required to pay the following additional amount on top of the initial payment:

  £7,400 (£10,000 for Deposit as 10% of actual purchase price; Less amount paid at auction end time £2,600.)

 

Registration Process:

 

To register to bid on the property, search for the lot on https://www.tppuk.com/live-auction website. Click onto the property, follow the link to “Log in/register to bid” , and you will then be directed to create an account and set up your profile to bid.

 

Typically, if a bid is made in the last minute, the clock will extend by 5 minutes - due to this on some of our lots, the end time may extend beyond the proposed end time.

 

Final tip - always remember to refresh the browser.

Pwy ydym ni?

Mae Williams & Goodwin The Property People yn aelodau o’r Gymdeithas Gweithwyr Eiddo Proffesiynol, Cymdeithas Genedlaethol y Gwerthwyr Tai, y Gymdeithas Asiantwyr Gosod Preswyl a Chymdeithas Genedlaethol y Priswyr a’r Arwerthwyr. Rydym hefyd yn Syrfewyr Prisio Siartredig ac yn aelod o Rwydwaith Cenedlaethol o tua 800 o Asiantau Tai annibynnol.

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