Further reading
Buying at auction for the first time...
Auctions have become a prominent avenue for the sale of development sites
A lot with no reserve will always attract attention. And this particular lot in Wales offered by Seel & Co auctioneers had a starting bid for of £1... (Lot 32)
It's not a house or one of the retail units up for sale, it's the parking lot at the front of the stores, plus a smaller one at the rear. The two car parks are going to auction with an opening bid of £1 with no reserve, meaning if you are the only bidder the two spaces are yours. Seel & Co have stated that the freehold parking areas adjacent to a busy shopping precinct 'may be suitable for development, subject to consents'.
It is of course vital that any prospective bidder researches the lot thoroughly, as extra information in the special conditions of sale reveals that there is a buyer's premium of 1.2% with a minimum of £1,200, payable on exchange of contracts. The legal pack should always be inspected for any further disbursements to be paid by the purchaser on completion.
We have covered the topic of what to look out for when reading a legal pack before in a previous blog post here.
Essential Information Group - News and Information
Keep up to date with our latest news, case studies and what's going on in the property auction industry on our blog.
Buying at auction
25/03/2026
The Most Important Document in the Legal Pack? The One That’s Missing.
Legal packs are often treated as the definitive source of truth in a property transaction. But in reality, they are anything but complete. While they provide essential information, they are built to meet minimum requirements - not to offer full transparency. And in many cases, it’s not what’s included that creates risk, but what’s missing.
Buying at auction
24/03/2026
Guide Prices: Why Buyers Should Treat Them as a Guide to the Reserve
Guide prices are one of the most misunderstood elements of the auction process. Too often, buyers treat them as an indication of a property’s value, when in reality they are designed to signal something entirely different, the likely reserve. In an increasingly competitive and dynamic auction market, understanding this distinction is critical to making informed decisions and avoiding costly assumptions.
Buying at auction
23/03/2026
There’s So Much More Than the Aroma of Hot Coffee…
There’s so much more to selling a property than creating the perfect first impression. While details like fresh coffee, open windows, and careful staging can help set the scene, today’s buyers are looking for something far more important - clarity, confidence, and certainty. And that doesn’t come from how a property feels, but from how well it’s prepared behind the scenes.