Preparing for auction
The main attraction of buying at auction is that you avoid the conventional drawn out process of house buying. At auction it's condensed into a matter of minutes rather than months and when the hammer falls, you own the property.
Consult our handy guide before you attend your first auction:
- Contact the relevant auction house and request their catalogue. Most auction houses hold regular auction sales with a catalogue printed some weeks in advance. You can also subscribe to catalogue mailing lists.
- Go through the catalogue carefully, read the details thoroughly and identify the properties you are interested in.
- Do arrange a viewing of the lot(s) - viewing arrangements will be listed in the catalogue.
- View any properties you are interested in.
- Research the property thoroughly and ask local estate agents and neighbours for their opinions.
- Check the description of the lot in the catalogue is accurate.
- Carry out the usual property / land searches.
- Carefully read the conditions printed in the catalogue. Always get legal or professional advice from a solicitor and, in appropriate cases, a chartered surveyor.
- Make financial arrangements to ensure you have a 10% deposit ready for payment on auction day, when the contracts are signed and access to the remaining 90% within 28 days.
- Plan ahead if you need mortgage assistance. It's wise to arrange a mortgage in principal with a bank or building society before buying at auction. You could lose your 10% deposit if you fail to complete within the time given (normally within 20 working days).
- Be aware that buying at auction is a binding commitment and carries the same legal implications as a signed contract by private treaty. In most cases, auction offices have copies of legal documentation provided by the seller's solicitors which can be sent to you.
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