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Click on any of the following questions to view its answer.

1. What types of property are offered at auction?
2. What areas do you cover?
3. Do I need an auction catalogue?
4. Do I have to pay for the catalogue?
5. Are reserve prices disclosed?
6. Can I view the properties?
7. Do I need to have a mortgage arranged prior to bidding?
8. When do I need to instruct my solicitor?
9. What is a legal pack?
10. Can I have a structural survey done on any property prior to the auction?
11. When do I need my deposit?
12. What is an amendment sheet/addendum?
13. How do I bid?
14. Do I need to register to bid?
15. What if I cannot be there in person?
16. What happens if my bid is successful?
17. Are there any other costs on the day?
18. Who is responsible for insuring the property?
19. Can the lot be sold prior to auction?
20. What if the property is unsold?

Q: What types of property are offered at auction?
A: A large variety of properties are sold including residential and commercial property including properties with existing tenancies, development sites, green belt sites, ground rent investments, lock up garages.
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Q: What areas do you cover?
A: Being based in Surrey the vast majority of properties we offer are in the Surrey and South London areas extending into all the London areas and the Home Counties.  Also via the Auction House network we can offer properties throughout the UK.
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Q: Do I need an auction catalogue?
A: It is recommended that you obtain an auction catalogue as it gives details with regards to the individual properties, guide prices, guidance notes for purchasers and more importantly the common auction conditions and extra conditions.
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Q: Do I have to pay for the catalogue?
A: Your first copy of the catalogue is complimentary and with it you will be sent a form to complete to subscribe if you so wish. This will guarantee you the next 3 catalogues at £10 or an annual subscription of £15.00, which will guarantee at least 6 catalogues without the need to make a specific request on each auction.
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Q: Are reserve prices disclosed?
A: No the reserve figures are confidential and are not disclosed under any circumstances prior to sale. We issue guide figures however these may change during the pre-auction marketing period and are available by either contacting the office by telephone or by checking on the website.
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Q: Can I view the properties?
A: In general all properties are made available for inspection prior to auction. We do not release keys and for vacant properties generally organise block viewings on set days and times. If the vendor is in residence then appointments will be made at mutually convenient times. With regards to tenanted properties all access is granted by courtesy of the tenants and generally we will need to give them 24 hours notice.
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Q: Do I need to have a mortgage arranged prior to bidding?
A: If you require a mortgage or other form of loan to finance your purchase it is recommended this is arranged in advance. If you require any assistance in this matter we have our own in house financial services that deal with banks and building societies familiar with auction procedures.
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Q: When do I need to instruct my solicitor?
A: Once you have found a property that you are interested in contact the auctioneers to see if the legal pack is available, if the pack is available you will be able to download this from our website to pass onto your solicitor for inspection or if you provide us with your solicitors email details we can email directly to them this cuts out any postal delays.
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Q: What is a legal pack?
A: The legal pack is provided by the seller’s solicitors and will consist of the necessary documents allowing us to offer the property. The seller’s solicitor can amend the common auction conditions and relate to the individual property. Other documents would possibly include proof of title, local authority search, planning documents, tenancy agreements (if let) etc.
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Q: Can I have a structural survey done on any property prior to the auction?
A: If you require a survey a surveyor should contact us to arrange access, your bank or building society may also send a surveyor to the property.
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Q: When do I need my deposit?
A: If you make a successful bid you will need to provide the auctioneers with a deposit of 10% of the purchase price or £2000 whichever is the greater. This deposit can be paid in cheque form only with all cheques made payable to Auction House Goodfellows. You will also need to add £250.00 inclusive of VAT to your deposit cheque for the buyer’s fee. Please ensure that funds are available in the account the cheque is drawn on, as they will be banked the following day. We do not accept cash or credit cards.
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Q: What is an amendment sheet/addendum?
A: Occasionally there are errors in the auction catalogue or matters have come to light since the catalogue has been printed. The auctioneer will normally make a verbal announcement from the rostrum however the amendment sheet /addendum will be printed and circulated in the auction room. If you are a successful bidder you will be asked to sign the amendment sheet when signing the sales memorandum.
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Q: How do I bid?
A: When your lot is announced and the auctioneer invites bids you will need to make your interest known. You can do this by either calling out, raising your catalogue or hand in the air. The auctioneer will give you notice of the intending fall of the gavel usually by saying ‘going for the first time’, ‘second time’, ‘third time’, ‘sold’, do not leave it till the last second, if the gavel falls, the property will be sold and you will miss out.
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Q: Do I need to register to bid?
A: You will need to register with the auctioneers if you wish to bid. You will be given an exclusive number, which you will need to display if your bid is successful. You can register in the auction room or in the week preceding the sale by contacting the auction department. Before you make a journey to the auction it is recommended that you call the auctioneers to confirm that the property you are interested in is still being offered.
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Q: What if I cannot be there in person?
A: There are two alternative methods of bidding, firstly by telephone where you have a member of the auction team on the other end of the telephone relaying what is going on in the auction room and you will authorise them to bid on your behalf. Secondly by proxy bidding, this is a written bid that is placed with the auctioneer. Before we accept either form of alternative bidding we will require a proxy/telephone bidding form to be completed, signed and returned to us along with 10% deposit of your MAXIMUM bid plus buyers fee before 11.00 am on the day of the sale. These forms can be found in the auction catalogue or can be downloaded from our website.
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Q: What happens if my bid is successful?
A: Once the gavel falls you will be asked by the auctioneer for your exclusive bidding number. This will allow the clerk to prepare the sales memorandum, which you will need to sign and pay your 10% deposit. Also you will be expected to provide two forms of identification to comply with The Money Laundering Regulations 2003, details of these are in the auction catalogue.
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Q: Are there any other costs on the day?
A: There is a buyer’s fee of £250.00 inclusive of vat per lot purchased, this amount will be added to your 10% deposit.
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Q: Who is responsible for insuring the property?
A: On the fall of the gavel you will usually become responsible for insuring the property and you must arrange for cover to commence immediately. If you require assistance in this matter speak to one of the auction team who will refer you to our in house insurance representative.
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Q: Can the lot be sold prior to auction?
A: All offers of reserve and above are reported to the seller in writing but the seller does not have to accept any offers just because they are over reserve they may still wish to take the property to the room. If your offer is accepted prior to auction you will have to sign an auction contract with payment of 10% deposit before the property is withdrawn from sale.
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Q: What if the property is unsold?
A: Should the property not reach its reserve price and you are interested we have a contract with the seller for up to 28 days after the auction where the property can still be purchased under auction conditions.
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