Cheffins Residential, Property Auctions

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User Guide

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Cheffins Eastern Counties Land and Property Auctions offer an extensive range of residential, commercial, land and farming properties in a public auction forum. The auctions take place quarterly throughout the year from purpose built sale rooms on Clifton Road in Cambridge. Selling a property through auction offers a transparent, quick and effective method of sale giving both buyers and sellers the confidence of a completion within a short time frame.

Cheffins auctioneers are governed by RICS and all financial matters are handled in accordance with strict guidelines.

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User Guide

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Selling Property at Auction

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Buying or selling properties at auction might seem a daunting prospect, but with the right guidance it can often prove to be one of the most exciting and satisfying methods of achieving results.
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Is Auction right?
Contact the auctioneers to find out whether or not your property is suitable for sale by auction. Most types of property can be sold by auction, but some are better suited than others. Properties that are most suited to sale by auction include:

Amenity Land & Paddocks

Farmland and Buildings

Properties in need of refurbishment

Mortgage repossessions and Conversion opportunities

Residential and Commercial investments

Properties with Structural damage and/or derelict

Development land and building plots

Executor and charity sales

It is important to make sure that your circumstances are right for selling by Auction.

Cheffins will provide an appraisal of your property and discuss recommended guide prices and fees to help you to decide whether or not auction is the best route for you.
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Confirming Instructions

It is important to agree terms at an early stage as the auctioneers cannot commence marketing until they have received signed instructions. The sooner that signed terms are received the longer the marketing period for the property. There is an Entry Fee for entering the property into the catalogue which is non-refundable and is payable before the auction. If the property successfully sells then there is an auctioneers sales commission which is deducted from the deposit paid by the buyer. If you are not known to the auctioneers then you will need to provide copies of documents in accordance with the Money Laundering Regulations to confirm 'Proof of Identity' and 'Evidence of Address' before the auctioneers can accept the instructions.
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The Legal Packs

It is important to involve your solicitor in the auction process at an early stage so that a detailed Legal Pack can be produced. This pack includes details on title, legal searches, property sellers information, fixtures and fittings, planning permissions etc. and any special conditions of sale that need to be included in the contract. A full legal pack will give buyers more confidence to bid at the auction. Home Information Packs (HIPs) and Energy Performance Certificates (EPCs) will be required for certain types of property (including nearly all residential properties). These can either be arranged by the auctioneers or through solicitors as part of the Legal Pack.
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Cataloguing the Property

Once instructions have been confirmed a member of the auction team will prepare details for you to approve, which are included in the glossy auction catalogue. These are either half or full page depending on the property and will include photographs and plans where appropriate.
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Marketing

One of the keys to achieving a successful sale at auction is the marketing strategy. Due to the nature of auctions there is usually only a short period (normally 3-4 weeks) in which to advertise and promote the auction. Our marketing combines local and national advertising through our auction department as well as promotion of the properties through our website and network of 5 residential and commercial offices across the region. All of the properties are included on the Essential Information Group (EIG) website which is the UKs' largest property auction website and ensures that the property is exposed to a national database of potential buyers. We also recommend using specialist publications for certain types of property. This might incur additional costs to the seller but this would be discussed as part of the marketing strategy.
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Viewings

Once the marketing has commenced a viewing schedule will be agreed for properties that require access. This is normally 2 or 3 block viewing sessions which are accompanied by a member of Cheffins staff.
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Reserve Price

Most properties are sold subject to a 'reserve' which is the minimum price at which the auctioneer will sell the property. The amount of the reserve is not normally disclosed to potential buyers. The reserve will be discussed and agreed with you 2 or 3 days before the auction once there has been some feedback from the marketing. It is important to note that the level of the reserve should not be set above the upper end of the guide price.
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Auction Day

On the day of the auction, the auctioneers will produce any Addendums to the catalogue descriptions and announce any amendments before the start of the auction.

If the bidding reaches the reserve price or above, the fall of the auctioneers hammer creates a legally binding contract and a successful sale. The auctioneers clerk will sign the Sale Memorandum (on your behalf) and collect the deposit from the buyer. If the property does not reach the reserve we recommend that you speak to the auctioneer after the sale to discuss any post-sale interest as properties often receive offers after the sale.
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Completion of the Sale

Once the deposit funds have been cleared we deduct our sales commission and any outstanding expenses, and the balance is sent to your solicitors together with a copy of the signed Sale Memorandum. Your solicitors will then deal with completion and handling of the balance of the purchase price. Completion normally takes place 20 working days after the auction.
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Post Sale Advice

If your property sells at the auction you should notify your solicitor immediately so that they are aware of the situation. If the property fails to sell then we will continue to market the property until instructions are withdrawn and we will contact interested parties to see if a sale can be agreed post-auction. In the event that a sale is not agreed we would be pleased to discuss alternative ways of achieving a successful sale of the property for you.

Check out our available properties

You can see the properties we're currently marketing for sale by clicking the button below:

View properties

User Guide

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Buying Property at Auction

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Auctions can be a quick and cost effective method of buying property often at a competitive price. However it is important to make sure that you understand the auction process, do your research and arrange your finance.
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Before the Auction
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Obtain an Auction Catalogue

The first step to buying at auction is to obtain a copy of the catalogue from the Auctioneers. This contains details of all of the properties to be auctioned as well as Important Buyers Information and the Common Auction Conditions. Catalogues will contain descriptions of the properties, guide prices and viewing arrangements. The catalogue is available in hard copy or on-line and should be obtained directly from the Auctioneers. Beware of many of the property listing websites that have no connection with the Auctioneers. There are often late entries to the auction which are not contained in the main catalogue and you should check with the Auctioneers for any additional properties that are to be offered at the auction.
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Make sure you can buy

If you are thinking of buying at auction make sure that you are in a position to proceed with the sale within the specified timescales. If you are the successful bidder at the auction you will be bound under contract on the fall of the auctioneers hammer. You will need to pay a deposit on the auction day (usually 10% of the sale price), sign the Sale Memorandum and be in a position to complete the sale (i.e. pay the balance of the sale price) - normally 20 working days after the auction.
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Viewing the Properties

Most properties are available to view before the auction and viewing arrangements are shown under each lot description in the catalogue. Viewings are often dealt with by 'block' viewings at specified times so you may need to be flexible in your arrangements.
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Legal Packs and Surveys

The sellers solicitors will prepare a Legal Pack and/or Home Information Pack (HIP) for the property which will contain any relevant legal information such as title documents, searches, lease details, and any Special Conditions of Sale etc. Once you have obtained a copy of the Legal Pack this can be passed to your solicitor so that they can advise you on any legal issues relating to the property before you bid. If you would like to undertake a survey of the property this will need to arranged at your own cost. You may also want to seek independent professional advice or a valuation of the property.
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Keep yourself informed

It is important to register your interest and keep in regular contact with the Auctioneers about the property. There are often guide price changes, alterations to descriptions and properties can be sold prior to the auction or withdrawn. The Auctioneers produce a Catalogue Addendum just before the auction date which lists all amendments.
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Pre-Auction Offers

Some sellers may be prepared to accept offers for the property before the auction. If you are interested in submitting a pre-auction offer you should contact the Auctioneers to discuss the process. Offers should be made in writing and you will be required to sign the auction contract and pay the deposit at least 5 days before the auction. The property will normally continue to be marketed until a contract has been signed.
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Telephone Proxy Bidding

If you are unable to attend the auction you can bid by telephone or proxy form. Contact the Auctioneers in plenty of time before the auction to make the relevant arrangements.

Bidding Online

After completing a registration form, you'll be able to bid online.
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Bidding at the Auction

Once you have decided to bid you can either attend the auction personally or instruct a friend, agent or solicitor to attend on your behalf. If you are not attending personally the person representing you should be given written authority and bring Identification Documents for themselves and the buyer.
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Buyers Registration

Make sure that you arrive at the auction in plenty of time to register. You will need to complete a simple form which includes details of the buyer and their solicitor. You will also need to provide some form of Identification to register. You will be given a Buyers Number for use at the auction. There is no charge for registering or attending the auction.
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Catalogue Addendum

At the auction you should obtain a copy of the Addendum which will include up to date information on any changes to the catalogue.
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Reserve Prices

The majority of properties are offered with a 'reserve price' which is the minimum figure at which the Auctioneer is authorised to sell the property. The amount of the reserve is not usually disclosed to the potential buyers.
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Conduct of the Auction

The Auctioneer will decide the level of each of the bids depending on the value of the property and the amount of interest. Before the hammer is brought down the Auctioneer will point to the highest bidder and state the amount of the final bid. Once the hammer falls it is a binding contract and the Auctioneer will record the Buyers Number and sale price.
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After the Auction
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Sale Memorandum and Deposit

The Auctioneers will prepare Sale Memorandums recording the details of the sale. The successful buyer will be required to sign the Sale Memorandum and pay the deposit (usually 10% subject to a minimum figure) to the Auctioneers before leaving the auction.
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Buyers Contract Fee

The Auctioneers will charge a Buyers Contract Fee which is payable to the Auctioneers in addition to the price of the property. This needs to be paid at the time of signing the Sale Memorandum.
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Buyers Identification

In accordance with Money Laundering Regulations all successful buyers must supply Identification to confirm their Identity and Evidence of Address. Copies of these documents will be taken by the Auctioneers at the time of signing the Sale Memorandum.

Insurance

The successful purchaser will usually be responsible for insuring the property as soon as the hammer falls.
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Completion

Once completed the Sale Memorandums are sent to the solicitors to deal with the transfer and completion of the sale. The purchaser will need to pay the balance of the sale price together with any additional costs (usually specified in the Special Conditions of Sale) through the solicitors on the completion date, which is usually 20 working days after the auction.

Unsold Lots

If the bidding doesn't reach the reserve price at the auction the Auctioneer will announce that it is unsold and withdraw the property. If you are interested in the property you can leave your details with the auctioneers or make a post-auction offer.

Check out our available properties

You can see the properties we're currently marketing for sale by clicking the button below:

View properties

User Guide

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Cheffins' professional services

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Established in 1825 Cheffins has grown organically and through acquisition over its 193 year history to become a multi-disciplinary professional property and auctioneering business.

The firm operates across the property spectrum offering consultancy services in estate agency and residential lettings as well as the commercial property sector and land and farm sales. We also offer specialist advice in planning and strategic land development.

With a rich heritage in auctioneering we host one of the world's largest monthly machinery auctions from our sale ground at Sutton near Ely as well as our esteemed vintage and classic auctions. We also host regular fine art and interiors auctions, as well as our quarterly property auctions, from our headquarters at Clifton House in the heart of Cambridge.

User Guide

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Meet the Team...

Introduction

Cheffins Eastern Counties Land and Property Auctions offer an extensive range of residential, commercial, land and farming properties in a public auction forum. The auctions take place quarterly throughout the year from purpose built sale rooms on Clifton Road in Cambridge. Selling a property through auction offers a transparent, quick and effective method of sale giving both buyers and sellers the confidence of a completion within a short timeframe.

Cheffins auctioneers are governed by RICS and all financial matters are handled in accordance with strict guidelines.

Team Member

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Simon Gooderham, MRICS, FAAV, Director
Team Member

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Ian Kitson, MRICS, Director

Disclaimer

The content on this Microsite has been uploaded by Cheffins Residential, Property Auctions. Rightmove Group Limited makes no warranty as to the accuracy or completeness of the content, any queries should be sent directly to Cheffins Residential, Property Auctions. Where properties are displayed on a page, this comprises a property advertisement. Rightmove Group Limited who operate the website Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. These property advertisements do not constitute property particulars. The information is provided and maintained by Cheffins Residential, Property Auctions. Please contact the agent directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland and if you have any query over the content.

*Guide Price: An indication of a seller's minimum expectation at auction and given as a “Guide Price” or a range of “Guide Prices”. This is not necessarily the figure a property will sell for and is subject to change prior to the auction.

Reserve Price: Each auction property will be subject to a “Reserve Price” below which the property cannot be sold at auction. Normally the “Reserve Price” will be set within the range of “Guide Prices” or no more than 10% above a single “Guide Price.”

Auction Fees: The purchase of this property may include associated fees not listed here, as it is to be sold via auction. To find out more about the fees associated with this property please call Cheffins Residential, Property Auctions on +441223213777.

Cheffins Residential, Property Auctions

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