the auction day
The auction day is what the whole process leads up to. Our London based auctions attract many hundreds of attendees People may be bidding in person, by telephone or we may have received proxy bids from these unable to attend. We typically have over 200 lots in each auction so it can be a long day. Lots are sold at the rate of around 30 per hour and selling typically lasts from around 10am to 5pm. Auctions are streamed live by our partner organisation The Essential Information Group, so whilst you are welcome to come along and see your property being sold, you can also watch online if more convenient.
Once the winning bid has been made, contracts are exchanged at that point and we collect the buyer and take them through to the private contract signing area, where we complete the paperwork and take payment from the buyer for the deposit. We will normally remit the deposit together with the paperwork to your solicitors the following day so that they can deal with the final legal aspects of the transaction up to completion.