Frequently Asked Questions

What is a vendor?
The Vendor is the person or organisation selling a property or plot of land. Back to top
What is a reserve price?
A reserve price is the lowest price the Vendor will accept. The existence of a reserve price will be disclosed but the amount of the reserve will not. Back to top
What is a guide price?
Guide Prices are simply an idea of what price the property is expected to sell for on the day. These often change in the run up to an auction so you should contact the auctioneer to check these. Back to top
Should I obtain a catalogue?
Yes. The catalogue contains details of the property and the General Conditions of Sale and you should take the time to read these carefully. Back to top
Can I bid via telephone?
If you cannot attend the auction it may be possible to bid by proxy or telephone, this can be done by writing. You will need to contact Paul Fosh Auctions to discuss submitting a bid by proxy. You must specify your maximum bid that the auctioneer bids for you and you must deposit a cheque large enough to cover the sale deposit amount based upon the largest figure you intend to bid. Back to top
Can I inspect the property before the auction?
Viewings are normally undertaken on set dates at our special open house viewing days. Back to top
What if I need finance?
It is essential that you have all necessary funding in place for the day of the auction. Contact Asset Mortgage Solutions for advice on 01633 870777. Back to top
Do I need a survey?
A survey is only mandatory if you require a mortgage. However, we would recommend that you ask a chartered surveyor to undertake a survey on your behalf before buying any property. Back to top
Should I contact a solicitor?
Yes. Let your solicitor have a copy of the auction catalogue, he may wish to contact the Auctioneer and the Vendor’s solicitor on your behalf. Back to top
Can the catalogue details change?
There are occasionally last minute amendments to auction catalogues. On the day of the auction any changes will be distributed as an addendum sheet. Back to top
Can properties be sold or withdrawn prior to auction?
Properties do sometimes sell prior to auction or occasionally are withdrawn. You should check with Paul Fosh Auctions on the day of the auction to confirm that the lot in which you are interested is still being offered. Back to top
How do I bid at auction?
When your lot comes up our Auctioneer will confirm the address, the lot number and any last minute details or amendments. Make sure you are bidding for the correct property.
You can bid by raising your hand, catalogue or any appropriate means. You should make it clear to the Auctioneer that you are bidding, however don’t worry it is not true that an Auctioneer will mistake any casual movement for a bid. Back to top
What happens at the fall of the Gavel?
If you are the last and highest bidder at the fall of the Auctioneer's hammer, you are the successful purchaser and are legally committed to pay the price you bid and complete the purchase. No one can outbid you after the sale and the Vendor is equally legally bound to complete the sale under the terms and timescale stipulated in the contract. Back to top
If successful at the auction, what do I have to pay?
You must have your finances available on the day. If you successfully purchase a lot at auction you will be required to pay a deposit before you leave the auction room. The deposit required is 10% of the sale price or £3,000 (whichever is the greater). Purchaser will pay a contract documentation charge of 1% with a minimum of £600 including VAT. Personal/business cheques will be accepted subject to Paul Fosh Auctions receiving satisfactory proofs of identity (passport or driving license or recent utility bill) together with details of your Solicitor. Back to top
How do I pay my deposit and buyer's premium?
The deposit and buyer's premium can be paid by cheque, banker's draft or cash (up to a maximum of £7,000).  NO DEBIT OR CREDIT CARDS CAN BE ACCEPTED. Back to top
Who is responsible for insurance of the property?
You are responsible for insuring the property from exchange of contracts. You should make arrangements in advance. Alternatively our auctions are attended by Farmer and Clarke Insurance Brokers who can offer insurance quotations and cover. Back to top
What if the lot does not sell?
If a lot does not reach the reserve price the lot will be withdrawn. Interested parties should contact Paul Fosh Auctions for information on properties available post auction. Back to top

So if you're thinking of buying or selling a property at auction, choose the biggest and best in Wales... Paul Fosh.