Buying at Auction
Under the Money Laundering Regulations 2017 we are now required to take identification for all persons intending to bid on a lot and each additional person to be named on the sale contract. If the buyer’s details are different from the successful bidder’s then proof of identity for both the buyer and the bidder will be required. Please try to arrive thirty minutes prior to the start of the auction and go to the reception area where a member of TW Gaze will take a copy of your identification. Identification should be in the form of the photo page of your passport or photo driving licence. In addition, a recent utility bill or bank statement (within the last three months) with your name and address on it is required. For those bidding remotely, please email your identification when submitting your completed proxy bidding form or download this through EIG.
For our sales we offer online bidding. Please use the link to self register for this facility (link available only when our catalogue is published)
On the day of the sale you will be able to watch the sale using this live streaming link (link available only on day of sale)
An indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is unusual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at anytime up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
The seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.
Liability of the bidder
The successful bidder will have entered a legally binding contract upon the fall of the auctioneer’s hammer. Before bidding at auction it is advisable to obtain the legal documents and consult a solicitor. The legal pack will set out any clauses, covenants and any liability for additional costs.
Each purchaser will be required to pay a deposit of 10% of the hammer price, subject to a minimum deposit of £5,000. This deposit will only be accepted by Banker’s Draft, Building Society cheque, personal cheque or BACS payment. For payment by BACS please use:
TW Gaze Clients Account
Sort Code: 20-26-34
Account Number: 60460249
Cash or card payments will not be accepted.
An administration charge of £750 + VAT (£900) per lot will be payable by the purchasers to the agents upon exchange of contracts. A VAT receipt will be issued the day following the auction. These arrangements will include pre-auction and post-auction purchases.
The successful purchaser of each lot will be responsible for insuring the property from the fall of the hammer.
Each property will be offered individually by the auctioneer. It is the responsibility of the prospective purchaser to ensure that their bid is clearly seen. The auctioneer will end each sale by offering the property three times at the highest bid and upon the fall of the hammer no further bids will be accepted. The vendor reserves the right for TW Gaze to bid on their behalf up to the reserve.
Sales prior to auction
The vendor reserves the right to accept an offer on a property made prior to auction. If you are intending to bid at auction for a specific lot we recommend that you speak to the agents’ office to ensure that the property is still available. Neither TW Gaze nor its client will be responsible for any losses or abortive costs incurred by prospective purchasers in respect of lots which are either withdrawn or sold prior to auction.
All legal documents are available for inspection at the appropriate solicitors’ offices and the agents’ offices. Legal packs can also be downloaded from EIG on the link below:
Or you can request a copy from TW Gaze by email to: email@example.com
Should any sale of the property, or any rights attached to it, become a chargeable supply for the purposes of VAT, such tax will be payable by the purchaser(s) in addition to the contract price.
Attending the auction
We hold physical auctions at our auction rooms in Diss. To bid you can attend in person and we have ample free parking on site as well as a café serving drinks, cakes and hot meals.
If you cannot attend in person you can send a proxy bid or arrange a telephone bid using this form here.
Alternatively you can follow the Auction on the internet and Bid Live. To do this you need to register in advance with EIG here
For blocks of land, viewing is during daylight hours with details in hand unless stated otherwise under the lot. For all other property, viewing is strictly by appointment with TW Gaze - telephone Diss 01379 641 341 or Wymondham 01953 423 188. All viewings are undertaken at the viewer’s own risk. Special care should be taken when viewing properties such as barns for conversion and those in need of renovation.
The services/appliances/central heating and heating system/plumbing and electrical installations have not been tested by the selling agents and the purchaser(s) must satisfy themselves as to the condition and warranty of these items.