Placing your property within our auction we aim to make the buying process simple and easy to follow. Before you start on your auction journey we advise that you read through this guide so you know exactly how to bid and buy at auction with confidence.
Unlike other online auctions, our listings are controlled by ourselves to ensure the process from start to finish is transparent, accurate and professional.
This process allows for an immediate exchange of contracts on the fall of the hammer, meaning that you secure the property without the worry of being gazumped or the chain falling through.
Our properties can be found on Rightmove, Zoopla, On the Market and our Website, it is within our website where you will find the exact auction information including Starting bid, Time Clock and Property information including the Legal Pack. You must be registered with our Auction Department before placing a bid on the property.
The guide price is only an indication and not the asking price. There will be a reserve price that will never be higher than the top end of a bracket guide price or more than 10% higher than a single figure guide price. It does not necessarily mean that the property will be sold for this price, as it depends on the level of interest, which can increase the final selling price. Both the reserve price and starting bid can be subject to change.
It is highly recommended to visit the property before bidding, We will aim to schedule open house viewings and our attending staff will be at the property for a maximum 30mins before they move onto their next appointment so please attend during the advertised time and day which will be on the property advert. You can also contact us on 0116 352 7012 to make an appointment. Not all properties are available to view, particularly investment properties or properties in serious/dangerous states of disrepair, which you purchase at your own risk.
Prior to any property going through auction, We upload all the legal packs to our website prior to offering the lot for sale. It is essential that you read all the legal documentation, as it is an immediate legal exchange of contracts at the end of the auction. These are available to download for free once you have completed your registration.
It is important that you check this documentation on a regular basis as additional information can be added at any time. It is your responsibility to check that you have all the necessary Important Information prior to bidding within the auction.
We strongly recommend that you ask a solicitor to read them on your behalf in advance of the auction.
If you are arranging finance on the property, we strongly advise that you get this agreed in advance. You are welcome to use any finance or mortgage provider you choose as long as they can get your finances in place in time for completion. If you don’t have someone in mind or you need to arrange your finances in a hurry, we are happy to recommend our select panel of Financial Advisors.
Whether you are having a mortgage or not, it is always recommended that you have a survey in advance of the auction so that you are aware of any defects that may exist.
Some vendors may consider Pre-auction offers. Please contact our team to check for each property you are interested in. All offers must be made in writing by emailing info@kingsestateuk.com. However, any offers must be in excess of the guide price in order to be considered. If your offer is accepted, it will be subject to the usual auction terms and conditions. You will need to visit our Leicester Branch to pay your 10% deposit, administration fee and sign the contract. If you can’t attend our offices, please speak to a member of staff who will work with you to arrange alternative options.
We prepare an addendum in advance of the auction, detailing any changes since the catalogue has been produced. It also includes details of any properties that have been sold prior or withdrawn and won’t be offered. The latest version is always available on our website, and we strongly advise that you check it in advance of traveling to the auction or bidding on any property. Any updates to the online auction lots will be made direct to the property details on our website and Rightmove.
Once you have inspected the property, arranged your finances and completed all of your pre-auction checks, you are ready to bid. If you are bidding in our online auction, you must create an account in advance so you don’t miss out on the property you’re after. We will need to do Anti Money Laundering checks to approve your bid. Please allow enough time to meet these requirements.
If attending one of our in-room auctions, you will need to register and collect a bidding number when you arrive at the auction. Please ensure that you bring with you your Original Photo I.D and Proof of Address to paying your deposit and administration fee.
If you are the successful bidder, you will need to pay your 10% deposit (subject to a minimum of £5,000) and an administration fee of £1,200 (£1000.00 plus VAT). These can be paid by banker’s draft (made payable to KRE Properties Ltd t/a Kings Real Estate) or debit card with the exception of lots being sold on behalf of the Council, which must be paid by banker’s draft.
Please note we do not accept personal or business cheques or cash. If buying in the auction room, a member of staff will direct you to the finance desk. If buying in an online auction, a minimum of £5,000 will be automatically taken from the card you have registered, and a member of staff will contact you for the outstanding balance if applicable.
Completion is normally 28 days from the day of the sale unless specified otherwise within the contract, when the balance will be required
Please double check the contract/special conditions of sale for each property you are interested in purchasing. Please instruct your solicitor prior to the auction so they can ensure everything is ready for completion.
You will also need to put your solicitor in funds and they will arrange to transfer the money to the vendor’s solicitor on the day of completion.
Please note that once the hammer has fallen on a property you are legally bound to complete the sale. With conditional lots you would forfeit your deposit but would not be bound to continue with the purchase.
Once we’ve received confirmation from the seller’s solicitor that they have received the funds and completed the sale
All keys must be collected from our office, for which we require advance notice of when you wish to collect these.
This will ensure that we have received authorisation to release them. If we don’t hold the keys, we will advise you of the arrangements for gaining access.
Our success stems directly from our professional approach and our insistence on maintaining the highest standards of client care, offered by our high calibre committed trained staff.