You have decided to put your lot into auction - what are the next steps?
Our guide below shows the Lambert & Foster auction process. If you have any questions we will be happy to help.
We will provide you with a free, no-obligation appraisal and advise at what level the guide price should be set.
We will confirm our terms and conditions of engagement and prepare your catalogue entry.
You will need to instruct your solicitor to prepare an auction legal pack on your behalf. We also contact them with details of how to make the pack available to prospective bidders.
Lambert & Foster will:
- provide national and local coverage
- conduct viewings (property only)
- circulate the lot to interested parties
- log and analyse all enquiries (we can then best advise you of the level
of interest attracted)
- provide printed and digital catalogues
This is the price below which we cannot sell the lot. Prior to the auction, based upon the amount of interest, feedback and any pre-auction interest, we will discuss and confirm with you the reserve price for your lot.
It may occur that a pre-auction offer is made that is unlikely to be bettered at auction. In this instance, under auction conditions, we can conduct a pre-auction sale.
Anyone wishing to bid on the day is required to register with us. This means we can ensure that anyone who buys your lot is able to fulfil their obligations.
When the hammer falls a legally binding contract is formed. We supervise the signing of the Memorandum of Sale and the deposit payment.
LOTS – When the hammer falls a legally binding contract is formed. We supervise the signing of the Memorandum of Sale and the deposit payment.
PROPERTY ONLY – We issue your solicitor with a notification of sale and under the Common Auction Conditions produced by the Royal Institution of Chartered Surveyors (RICS) completion will be within 20 working days.
In the case that your lot does not sell at the auction, we will make it available post-auction for a period of 30 days.