Guide to Buying at Auction

Despite common misconception, buying at auction couldn’t be easier. We offer a wide variety of properties all over the country including residential, commercial, plots of land, investment and redevelopment opportunities, to suit any type of buyer and pocket.

As auction properties benefit from a fixed timescale, the process is traditionally faster and more secure than buying from an estate agent.

First Steps

Our first piece of advice given to anyone considering buying at auction is always do your research! Proper due diligence is essential as once the hammer falls, there is no going back.
Research all properties you may be interested in and take your time when deciding whether to bid, after all, it is a big investment.

Find What You Are Looking For

Register for our email updates to be informed of our latest property listings and auction entries. You can register here.
Alternatively, you can speak with a member of our sales team who will be more than happy to advise you of any current listings we have and can assist in matching your requirements.

Attention To Detail Is Key

After you’ve found your ideal property and researched the auction process, the next step is to carry out research on the property itself.
Pay attention to all property details shown within our listing, which will usually include an external image, internal images (where available), property description, room sizes and floorplan (where available).

Property Viewings

We hold viewings wherever possible on our auction properties, which you should plan to attend to inspect the property for yourself. A member of our team will also able to assist in answering any questions you might have.

Survey (Home Report in Scotland)

As auction properties come in all shapes and sizes, it is important to be fully aware of the condition of any property you are considering purchasing and instruct a survey if necessary.
You should ensure you know everything you need to know before auction day, so you can make an informed decision on your purchase.

Legal

Advise your solicitor of your intention to purchase at auction as early in the process as you can.
They will inspect the Legal Pack for any possible issues included within the Title Plan or other relevant documents and conduct online searches relevant to the property you are interested in.
We would strongly recommend taking your solicitors’ advice, as on the fall of the (virtual) gavel, the sale if legally binding.

Get Your Finances In Place

In the case of an Unconditional Sale – you will need 10% of the purchase price (subject to a minimum of £3,000), any buyer’s premium and/or an administration charge, where applicable.
You will have 28 days as standard to pay the remaining balance, subject to any Special Condition contained within the Legal Pack.
In the case of a Conditional Sale – you will need 5% of the purchase price as your Reservation Fee, any buyer’s premium and or/administration charge, where applicable.
You will have 28 days to ensure you have finance in place and a further 28 days thereafter to complete the sale, subject to any Special Condition contained within the Legal Pack.
You can arrange finance with your financial advisor, bank, or by using short term finance. You can find further information on the website of our recommended auction finance provider, Together.
Remember, you must also speak with your insurers, as after exchange, it becomes your responsibility to ensure adequate insurance is in place for the property.

Be Prepared

Before registering, determine your bid and set yourself a ‘maximum’, taking into consideration all costs incurred with a successful bid, such as additional fees and stamp duty.
Auction is exciting, but our advice is to set a financial limit and stick to it.

Auction Time

Make sure you check for any last-minute changes to the lot you are bidding on.
If you have any questions, make sure to ask one of the team before the start of the auction.
Check the end time of your lot and make sure you are ready to bid.

Congratulations!

When the (virtual) hammer falls, you have exchanged contracts and have entered a legally binding sale.
If you are the winning bidder, you will need to complete the Memorandum of Sale and pay your deposit and fees.
You will need to have two forms of ID available; one photographic (e.g. driving licence or passport), and one proof of address (e.g. utility bill dated in the last three months).
If multiple people are to be named on the Memorandum, you will need ID for all parties.

If a property fails to reach its reserve and it is not sold at the time of the live auction, it may be possible to negotiate a sale after this time. Simply contact us to discuss with a member of our team.

Guides are provided as an indication of each seller’s minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Each property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Additional Fees Information

Please be aware there may be additional fees payable on top of the final sale price. This includes, and are not limited to, administration charges and buyer’s premium fees payable on exchange, and disbursements payable on completion. Please ensure you check the property information page for a list of any relevant additional fees as well as reading the legal pack for any disbursements.

To browse our properties for sale, click here.

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