Frequently Asked Questions?

Whether you have queries relating to selling, or buying at online property auctions, our Frequently Asked Questions section has been created to help you find the answer.

Selling Property

How do I receive a property valuation?
You can receive a free property valuation and appraisal anytime. Please call us on 01292 437045 or send an email with your contact information. Our expert team will discuss the likely value of your property and then provide you with a free valuation of your property in the subsequent days.
Will I need to have an EPC conducted?
If the property does not already have an EPC rating done, then the answer is more likely yes, as most properties will need to have an EPC conducted before being listed for sale. However, depending on what category your property comes under there are some exemption, so we recommend consulting your solicitor.
How do you market my property?
The Property will be added to most major property portal websites such as Rightmove, Zoopla, OnTheMarket etc and actively posted across various social media platforms. Your property listing will be included in our email marketing newsletters, which is sent to active buyers as part of our marketing strategy.

Buying Property

Can I make a private offer?
Yes, to do this, you must submit the offer for consideration verbally or written. Please note, if the offer is accepted, then this will be subject to an unconditional contract and the reservation fee paid in full to secure the property and take it off the market.
Can I arrange for a Property Viewing?
We aim to provide a virtual video tour of the property on each listing page. However, if you would like to arrange a viewing for a particular property, contact us to request this. Viewing availability if any will vary for each property.
Can I have the property surveyed?
Yes, if you’re interested in a property, you can have independently surveyed. However, you must request your surveyor to contact us to arrange this.
What should I know about due diligence?
Yes, we urge all potential buyers to examine all legal documentation carefully and to seek legal advice. Thus, it is important that you have done all your legal due diligence.

Online Auctions

What is an Online Property Auction?
Online property auctions mean that the property lot is exclusively auctioned on our virtual platform. When the auction is open, you can place bids 24/7 until the end of the auction period. Essentially, you can get involved in property auctions wherever you have internet access.
What is an Unconditional Auction Sale?
Unconditional online auctions (known as a traditional auction) is where the exchange of contracts happens immediately to the highest bidder when the online auction time period ends (subject to the reserve price having been me). The successful bidder will be legally bound to purchase the property, and completion is normally set to 28 days from the fall of the gavel.
What is a Reserve Price?
All properties are valued prior to listing. The Reserve Price is the minimum lowest price the owner of the owner of the property is willing to accept. However, please be aware that his figure may not always be disclosed prior to or during an auction.
What is a Guide Price?
Each property listed has a Guide Price which is used to represent the market value of the property or give all potential buyers an idea how much the owner hopes to achieve. However, how much the property will sell for, is solely dependent on how the bidding goes in the auction.
What is a Legal Pack?
We will have available on request the legal pack on the property. This pack is legal information compiled by the seller’s solicitor and contains copies of the Title Deeds, Special Conditions of Sale, Land Registry, and other important documents.
What is the Starting Bid?
The starting bid (or known as the opening bid) is the recommended price to start the bidding.
What are Maximum Bids?
Instead of placing each bid individually and manually, you can alternatively choose to set a Maximum Bid. This Max Bid represents the highest amount that you’re willing to pay. As a result, our system will automatically place incremented bids on your behalf up to the maximum amount you have set. Be assured maximum bid’s cannot be seen by any other user, so this feature is useful to maintain your position as the highest bidder, as the system will always place the lowest bid necessary and never go higher than your max bid.
What is the minimum default bid amount?
The default amount for the minimum bid is either £500 or £1,000 depending on the property valuation. This means that you will only be able to bid a minimum increment above the current bid amount.
What happens when I have been out-bid?
Email notifications are sent to you when you are the highest bidder and when you have been out-bid during an auction.
Will my personal details be visible when I bid?
No, your name and any details will remain anonymous to other bidders throughout the auction, and after the auction has finished.
What is Overtime Extension Periods?
In a timed online auction, if a user attempts to place a bid late in closing moments in order to exceed the current highest bid, then our system will extend the auction end time for a short period for the purpose of giving other bidders time to counteract this practice of auction sniping.
What Is a Buyer’s Fee?
The Buyer’s Fee premium refers to a percentage additional charge on the winning bid at auction, which must be paid by the successful winning bidder (buyer). This premium goes directly to the auctioneer and is charged to cover administrative expenses.
Do I need to pre-register to bid?
Yes, you must register and be approved to bid before you can place offers in any of our online auctions. First, you will need to create an account with us at Belmont Property. Once your account is created, we will send you a secure link to upload identification and confirm all of your security details in order to verify your account. Please wait during the process until your account approved to bid.
What ID do I need?
In order to meet the Anti-Money Laundering Regulations, Belmont Property require all potential bidders to provide proof of identity and residency before bidding, just like with any property sale. To have your account verified and be ‘Approved to Bid’, we will require Photographic ID such as a current signed passport or photo card driving licence and Proof of Residency such as a recent utility bill or mortgage statement etc.


Estate Agent based in Ayr, Ayrshire

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