Buying at an Allsop Auction

Allsop is the market leader in residential and commercial property auctions in the UK, selling over 2,000 properties (£1 billion in value) each year. We hold six commercial and seven residential sales a year, all of which are held in Central London. We sell properties throughout the UK giving the greatest opportunity of finding the right property for you.

Can I speak to someone in the team?

If you would like to discuss the buying process with someone in the team, or if you would like to enquire about a property you have seen in our catalogue, we would be happy to hear from you.

For full contact details visit our Contact Us page or:

For residential properties please call: 020 7494 3686

For commercial properties please call: 020 7543 6780

Where can I find Allsop's latest catalogue?

Download our App or browse our latest residential and commercial catalogues here

What information do I need before the auction?

  • View the property - You should always go and see the property before you bid. See the lot page for details of any viewing arrangements. Please note, at least 48 hours’ prior notice is normally required.

  • Guide Prices - Guide prices are not necessarily figures at which a property will sell. They are only intended to be an indication of the seller’s minimum expectation. They are subject to change throughout the marketing period. So please check the very latest price on our website under ‘guide prices’.

  • The small print you should read - All lots (unless otherwise stated) are sold subject to the RICS Common Auction Conditions of Sale, Auction Conduct Conditions and any Special Conditions of Sale or Articles of Roup (Scottish Properties). We strongly advise prospective bidders to read all our Conditions and Notices. Please note that some Special Conditions of Sale detail extra costs payable in addition to the purchase price and the buyers' fees.

  • Legal Documents - Legal documents are usually available to view or download from our website. Please see the relevant lot page for details. Please remember that you buy subject to all documentation and terms of the sale contract whether or not you have read them.

  • Changes to published information - Occasionally changes need to be made to the lot information or the Special Conditions of Sale. If you have added a lot to your ‘Watchlist’, you will automatically be notified of any addenda. 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 at the auction and will form part of the contract. Any last minute amendments made on the day will be announced from the rostrum.

  • Survey - If you decide to have a survey done, we will do our best to make access available but cannot guarantee this.

  • Arrange finance - If you successfully bid for a property you will be required to provide a 10% deposit on the day of the auction. 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 surveyor to prepare a valuation report before making a mortgage offer. So you will need to make your mortgage application as early as possible. You will usually need to complete your purchase 20 working days after the day of the auction. You should discuss this with your lenders to make sure that this will not be a problem. Some completion periods are earlier than 20 working days, Please check the Special Conditions of Sale for confirmation.

  • Sales prior to the auction - In some instances a vendor may consider selling their property prior to auction. It is worth registering your interest online so that the auction team is aware of your interest. You can make an offer in writing, by email, at any time up to the date of the auction, but if your offer is accepted you will have to be in a position to exchange contracts and pay your deposit immediately.

  • Pre-register to bid - Pre-registering to bid for an auction lot is optional but means, if you are successful, your Contract is processed more quickly. Simply click the 'Register to Bid' button on the relevant lot page.

  • Check availability - We strongly advise you to check the website or call us the day before the auction to make sure that the lot in which you are interested is still available.

What happens if I cannot attend the auction?

We would encourage you to attend the auction in person where possible but if you are unable to attend, we offer remote bidding services as follows:

  • By telephone - we will call you from the auction room
  • By proxy – the auctioneer bids on your behalf
  • Online - follow the auction via our website and place bids online

These services can only be offered once we have received deposit funds; a completed and signed Remote Bidding Form and proof of identification. Full details of our remote bidding service can be found on our Remote Bidding page.

What happens on the day of the auction?

Things to bring with you

  • Deposit payment - We will accept a personal or company cheque, debit card, banker’s draft payable to ‘Allsop LLP Client A/C’ or buyer’s solicitor’s client account cheque. If you are paying by cheque, we will require one cheque for each lot. Please note that neither cash deposits nor credit card payments are accepted.

  • Identification - Under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (“the ML Regulations”), we are obliged to carry out extensive verification checks. We will need to see evidence of identity for:

    • the successful buyer;

    • and, if different from the buyer, the successful bidder;
    • and, if different from either of those, the provider of funds for the deposit and/or the buyer’s fee if appropriate. If you bid as agent or representative for the buyer, you will also need to provide us with written evidence of your authority to act in such capacity. Please note that in order to ensure we fulfil our statutory duties under the Money Laundering Regulations, the Auction Conduct Conditions enable the contract to be ended if the required documentation is not supplied. Please see Anti-Money Laundering page for more details.

  • Solicitors' details - It is strongly recommended that you instruct solicitors prior to bidding . Please bring details of the solicitors acting for you.

Registration

You do not need to register to attend our sales. From time to time we offer properties with ‘special bidding arrangements’, where registering to bid is compulsory for a particular lot. We make this clear on the lot page where relevant. You can, however, voluntarily register your proposed buyer details prior to the sale using the Pre-Register to Bid feature on the lot page. This helps streamline the preparation of your contract paperwork. When you arrive, simply pick up the latest Addendum and take a seat.

Addendum

Before you bid it is essential that you check the printed Addendum. Listen for any announcements detailing any last minute changes that may have been made. These will form part of the Contract.

Start of the Auction

The auction will start promptly at the time stated on our website. The auctioneer will make a number of announcements about the auction procedure. You can read a summary of the auctioneer’s pre-sale announcements here.

Bidding

  • The auctioneer will announce each lot and refer to any last minute changes.
  • The current lot number is usually displayed on a screen next to the auctioneer. This will also display the last bid taken for the lot being offered.
  • The auctioneer will invite bids at a particular level and you can make this bid by raising your hand or catalogue.
  • The auction room is likely to be full, so please make your bids clear and ensure that you have the auctioneer’s attention.
  • All lots will be offered for sale subject to an undisclosed reserve price (unless stated otherwise).
  • Please note that questions will not be taken by the auctioneer from the floor once the auction is in progress. If you do have any last minute queries, you should speak to a member of the Allsop team. Our advice, if you have any doubts, is not to bid.
  • The auctioneer will regulate the bidding increments and the property will be ‘knocked down’ to the highest bidder, assuming that the reserve is met or exceeded.

On the fall of the hammer

When the hammer falls, if you are the highest bidder at or above the reserve price, you will have bought the lot. A legal and binding contract will have been formed. The property is usually at your insurable risk from this point. Please ensure that you arrange your building insurance immediately after the sale.

What happens if I am the successful bidder?

Buyer’s Form

You will be asked to give your details as the successful bidder. If you are the bidder but not the buyer, please also provide the name of the buyer to appear on the memorandum of sale together with details of your solicitor. If you are bidding on behalf of somebody else, either a person or a company, we will need details of their name, address and telephone number or a certificate of incorporation where relevant. Please note that all details at this stage cannot be changed later unless the seller agrees.

Deposit

You will be asked to provide a deposit, normally 10% of the purchase price. Please note that cash and credit card deposits are not accepted. Personal cheques, company cheques, debit cards and banker’s drafts are acceptable subject to the Conditions of Sale and to the provisions of clause 4 of the Auctioneer’s Notices Part One – Guidance for Prospective Buyers.

Buyer’s Fee

In addition to the deposit, you will be asked to pay a buyer’s fee for each lot purchased as follows:

  • Residential:

    • Properties sold for less than £10,000 (£200 inc VAT)
    • Properties sold for £10,000 or more (£1,000 inc VAT)

  • Commercial

    • All Lots £500 plus VAT (£600 inclusive of VAT)

Identification

We will ask you for two forms of identification relating to you as bidder. Please bring official photographic ID, such as driving licence or passport, and proof of your address such as a recent bank statement or utility bill. We will take copies on the day. Please see the Anti-Money Laundering page for further details.

Your Memorandum of Sale

After the hammer falls, you will be accompanied to the Buyers' Lounge where the clerk will take your details, deposit funds and ask for your identity documents. You will be given a Bidder Identification Card by way of receipt. After 15 minutes, you should approach the Contracts Desk and hand this card to the staff there who will ask you to sign the Memorandum of Sale. This is your proof of purchase. You will take away the seller’s part memorandum and give this to your solicitor. We will send your signed memorandum to the seller’s solicitor. Completion will take place within 20 working days, unless otherwise specified in the Special Conditions of Sale.

Please note: Please do not leave the auction room without taking your signed contract. Properties are not sold ‘subject to contract”, ‘subject to finance’ or ‘subject to survey’ when you buy at auction. They are sold unconditionally on the fall of the hammer. If you are the successful bidder, you or the named buyer are legally obliged to complete the sale.

Can I put in an offer on an unsold lot after the auction?

In the unlikely event that the property that you wish to buy does not sell, you should register your highest bid with us before you leave the auction room.

Watch our buying at auction video guides