Bond Wolfe Presents: Your Essential Property Auction Glossary
Dipping your toes into the property auction waters with Bond Wolfe? It’s normal to find the terminology daunting at the outset. But fear not! We’ve crafted this guide to demystify the key terms you’ll encounter in the property auction sphere.
ADDENDUM
Occasionally, after releasing our online auction catalogue, there might be tweaks or modifications to the conditions of a lot. This is what we term an ‘addendum’. The addendum ensures you’re in the loop before you place your bid. Our online catalogue is also always kept fresh with the latest property insights.
ASSURED SHORTHOLD TENANCY
Properties under this bracket come with a tenant for an agreed duration. They can sometimes be more budget-friendly and offer a steady income stream for the duration of the tenancy.
COMPLETION
Completion is usually 28 days however it can be shorter or longer depending on your circumstances, as long as it has been agreed in advance of the auction and the correct date is detailed in the contract of sale/special conditions of sale. Please discuss this with your Solicitor in advance of the legal pack being prepared.
DEPOSIT
Are you the property winner at the Bond Wolfe property auction? Brilliant! You will be taken to our contract suite to draft a purchase document and deposit a non-refundable 10% of the final price subject to a minimum of £5,000 plus the administration fee of £1,920 inc Vat (£1,600 plus Vat). We welcome payments via debit cards or bank transfer.
GUIDE PRICE
The guide price indicates the vendor’s reserve price, the minimum price the property can sell for on the day/at the end of the online auction. It doesn’t necessarily mean the property will be sold for this price, as it depends on the level of interest, which can increase the final selling price. The guide price is in 10% range of the set reserve.
LOT
Simply put, a ‘lot’ is every piece of land or property up for purchase during an auction. At Bond Wolfe’s property auctions, each ‘lot’ denotes the complete offering on the table.
FREEHOLD AND GROUND RENT INVESTMENTS
These have been catching the eye in recent property auctions, promising enticing returns with a relatively low threshold for entry. Buying a ground rent means you obtain the freehold, letting you enjoy payments from leaseholders. This is becoming a favoured option for those keen to tap into the UK property market without buying a whole property.
INTERNET BID
Every Bond Wolfe property auction is streamed live for your convenience. Do ensure you’ve filled out the remote bidding form in advance. More details are available on our register to bid at Auctions page.
PROXY BID
This is akin to telephone and internet bidding. Determine your maximum bid, and our trusty auctioneer will champion your bidding interests up to that ceiling.
RESERVE
The ‘reserve’ is the property’s baseline price that the seller is willing to accept. Ahead of any property auction, Bond Wolfe works closely with sellers to determine this. While many properties do have a reserve, the specifics remain under wraps.
TELEPHONE BID
You can choose telephone bidding at our auctions. We’ll connect you with our on-site auction team member, who’ll represent your bidding interests.
Further reading:
At the heart of Bond Wolfe is our unparalleled, award-winning property team. Boasting over 500 years of collective experience, we excel in selling a diverse range of residential, commercial, and mixed-use properties or investments.
