Buying Guide
Do your homework
Determine your interest
- Review all sales information (including floor plans and the legal pack)
- Contact the sales department or our appointed auctioneer with any questions
Check information
- Information on all lots will be available via the sales department or our appointed auctioneers from four weeks before the auction.
- Any changes made to the lot information following the first publication will be clearly identified on the website and displayed within the lot page under “Addendum”.
- Before you bid it is essential that you check for any changes that may have been made, even up to the day of the auction.
- A final addendum will be made available online.
Reserve Prices & Reserve Price Ranges
- The Reserve Price is the minimum price at which the auctioneer is authorised to sell the lot at auction. The lot may be sold to the highest bidder at or above the Reserve Price but the auctioneer is not authorised to accept a bid below the Reserve Price.
- The Reserve Price will only be disclosed once it has been met during bidding and not before.
- The Reserve Price Range is the range of figures within which Clearview Homes will set the Reserve Price. This range of prices will be disclosed on the auctioneer website.
- Reserve prices are subject to change up to the date of the auction and the Reserve Price Range is therefore only an estimate as to what the actual reserve price might be on the auction date.
- For the avoidance of doubt, the reserve price may be set at or towards the upper end of the Reserve Price Range and therefore the lot will not be available at a price at the lower end of the range.
- A Starting Price will be published for each lot when bidding opens. The Starting Price may be at or below the Reserve Price but will not be less than the lower end of the Reserve Price Range.
- Lots may be withdrawn prior to auction.
Obtain legal advice
- It is important that you obtain independent legal advice before bidding.
- Clearview Homes’ solicitors will prepare legal packs containing (where applicable) Predicted Energy Assessments (PEAs) or Energy Performance Certificates (EPCs), Special Conditions of Sale, copy title deeds, searches and replies to pre-contract enquiries and any other relevant documents relating to the lot.
- The legal packs will be available on the website to everyone who has registered online. These documents should be passed to your legal adviser. They will help you make an informed decision about the lot.
- Remember that you buy subject to all documentation and terms of contract whether or not you have read them.
Arrange finance
- If you need to arrange a mortgage, it is important that you obtain an offer from your lender in principle before the auction day. Most building societies and banks will wish to instruct a valuer to prepare a report before making a mortgage offer. So you will need to make your mortgage application as early as possible.
- Your bid will be subject to the Clearview Homes’ terms for completion. You should discuss this with your lender to make sure that this will not be a problem.
- You should be aware that the contract is unconditional at the point of sale.
Registration
All bidders are required to register online with approval to bid subject to the following:
Sign-up
- Initial sign-up requires your email address, which will be verified, and your chosen password
Agree terms and conditions
- Terms and conditions will be presented to you during the registration process and you will have to agree to them.
- Buying a property at auction is different to buying a property via an estate agent. We strongly advise potential purchasers to check that they have read and understood all of the various legal documents as well as the terms and conditions of the contract.
Buyer verification
- In order to bid in the online auction you will be required to:
- Upload a copy of photo identification such as your passport or driving licence.
- Upload proof of your address such as a utility bill or bank statement (dated within the last 3 months).
- Instruct your solicitor to sign a Verification Letter. This is detailed in the Auctioneer Terms, confirming that your identity has been verified to their satisfaction. please note that your solicitor must be UK based.
- If you are bidding on behalf of the buyer, you will also be asked to verify the buyer’s details, whether an individual (or individuals) or a company.
- Please note that you will be bound by the Terms & Conditions of purchase whether or not you are the buyer.
- It is your responsibility to ensure that all information and documentation for identity and Anti-money Laundering (AML) checks are provided to satisfy our and our appointed auctioneers legal requirements.
Bidder security
- A Bidder Security of £5,000 is required from all bidders.
- This amount will be returned in full to unsuccessful bidders.
- For all successful bidders, this amount will be held and go towards the deposit.
- If you intend to bid on more than one lot only one Bidder Security is required. However, if you plan to bid on more than 3 lots, please contact the auctioneers.
Our auctioneers accept payment by bank transfer and debit card. Cash deposits and credit card payments are not acceptable.
Approval to bid
- Once you have completed these steps you will receive an email with confirmation of your approval to bid.
- Our auctioneers do however reserve the right to refuse bids at its discretion.
- The approval process involves manual checks of identity, etc., therefore we recommend registering to bid at least 24 before bidding starts.
Bidding
Lots will start to close on the day of the auction. However, bidding will open the day before. Times are specified on the auctioneers website,
- Lots are displayed on the website; please refer to the Addenda to see any last minute changes.
- All lots will be offered for sale subject to an undisclosed reserve price (unless stated otherwise).
- You must be logged in the website, having been approved to bid, and on the lot page for the lot you wish to bid on.
You can submit bids by clicking the ‘Place Bid’ button on the lot page. The bid will be at the next pre-determined increment of at your chosen maximum bid set using the + and – buttons.
- If you cannot be online at the time the lot is due to close, you are able to place an Auto-Bid from the lot page. Setting an auto-bid enables the system to bid on your behalf up to a maximum.
- See auctioneers Bidding Guide for more details.
- Once you have placed your bid, you will not be able to retract it. Our advice is simple – if you have any doubts, DO NOT BID.
- When the virtual hammer falls, if you are the highest bidder, assuming that the reserve is met or exceeded, you will have bought the lot.
On the fall of the hammer
The virtual hammer will fall when the highest bid at or above the reserve price has been unchallenged for 60 seconds. If you are the highest bidder at or above the reserve price, you will have bought the lot and a legally binding contract will have been entered into.
Successful bidders:
You will receive notification by email including the following:
- Binding Contract
- A Purchase Agreement for each lot will be signed by our auctioneers on your behalf. Our auctioneers will also sign the contract on behalf of Clearview Homes.
- Bidder Security
- Your Bidder Security will be held and go towards the balance of the deposit.
- Deposit
- You will be asked to provide a deposit, 10% of the purchase price, to the Clearview Homes’ solicitor within 48 hours of the auction.
- Buyer’s Fee
- In addition to the deposit, you will be asked to pay a buyer’s fee of £1,000 (plus VAT) for each lot purchased.
Unsuccessful bidders:
Bidders who do not win any lots will be refunded their Bidder Security, by reverse transfer, within 5 working days of the auction.
After exchange of contracts
The completion of the home will take place with 10 working days via the solicitors notice once the unit has received the new homes warranty.
- A pre handover familiarisation meeting at the property will then take place with the site manager / sales adviser, within this 10 day period before completion.
- At this meeting the sales representative will demonstrate each of the appliances and run through all details of the property and make you aware of location of all service meters.
- A property checklist will also be completed on the property.
Completion day
- Handover takes place on the day of completion, immediately after legal completion has taken place, Clearview Homes will contact you regarding a convenient appointment to handover the keys to the property.
- At this point the meter readings will be taken and Clearview Homes will notify all the relevant companies.
- As well as presenting you with the keys to the property a handover pack containing all the relevant warranties and information for the property will be issued.