Buying Property at Auction

Why Buy at Auction?

Purchasing property at auction offers several advantages compared to traditional methods. All properties are listed on OnTheMarket and Rightmove for maximum exposure.

Wide Selection

Access a diverse range of properties that may not be available on the open market.

Speed

Complete your purchase in weeks rather than months, with exchange happening on auction day.

Transparency

See what others are willing to pay in real-time, with no risk of gazumping or last-minute changes.

Value Opportunities

Find properties with potential for renovation, development or immediate rental yield.

Due Diligence

Access comprehensive legal packs before bidding, allowing you to make informed decisions.

Fixed Timescales

Enjoy certainty with fixed completion dates, typically 28 days after the auction.

The Buying Process

Follow these steps to successfully purchase a property at auction.

Find a Property

Browse our current auction listings and identify properties of interest. Register for alerts to be notified when similar properties come to market.

View the Property

Arrange a viewing through our team. We recommend viewing any property you're serious about bidding on.

Review the Legal Pack

Download and review the legal documentation with your solicitor before auction day. This contains important information about the property.

Arrange Finance

Ensure your financing is in place before bidding. You'll need to pay a 10% deposit on auction day and complete within 28 days.

Register to Bid

Complete our registration process to receive your bidding number or online access details.

Participate in the Auction

Bid confidently up to your predetermined maximum budget. When the hammer falls, contracts are exchanged immediately if you're the successful bidder.

Complete the Purchase

After paying your deposit, work with your solicitor to complete the purchase within the timeframe (typically 28 days).

Types of Auctions

We offer different auction formats to suit various preferences and circumstances.

Traditional Auctions

Our in-room auctions provide the classic auction experience. When the gavel falls, contracts are legally exchanged with a 10% deposit due immediately and completion within 28 days.

Online Auctions

Bid from anywhere in the world through our secure online platform. These auctions typically run for a set period, allowing time for considered decision-making.

Conditional Auctions

Also known as the "modern method," these give buyers additional time (typically 28 days) to arrange finance before exchange of contracts, with completion 28 days thereafter.

Hybrid Auctions

Combining the features of both live and online auctions, these events allow bidding both in person and remotely, maximizing accessibility and competition.

Auction Buying Tips

Expert advice to help you succeed when buying property at auction.

Do Your Research

Always research the local property market thoroughly to understand the true value of properties in the area. This helps you set a realistic maximum bid and avoid overpaying.

View Before Bidding

Never bid on a property you haven't personally viewed. Photographs can be misleading, and you need to see the condition firsthand to make an informed decision.

Review Legal Documents

Have your solicitor review the legal pack thoroughly before auction day. This can reveal any potential issues with the property, such as restrictive covenants or planning problems.

Secure Financing First

Ensure your financing is fully arranged before bidding. Remember that auction purchases require quick completion, and you can't back out if your financing falls through.

Budget for Renovations

Many auction properties require renovations. Get quotes from contractors before bidding so you can factor these costs into your maximum bid amount.

Stick to Your Budget

Decide your maximum bid before the auction and stick to it. The competitive atmosphere can trigger emotional bidding that leads to paying more than you intended.

Frequently Asked Questions

Common questions about purchasing properties at auction.

What should I do before bidding at an auction?

Before bidding at an auction, we recommend:

View the property in person at least once
Have your solicitor review the legal pack thoroughly
Arrange your finances and ensure you have funds for the deposit
Set a maximum bid amount and stick to it
Understand all fees involved (including buyer's premium if applicable)
Register for the auction in advance

How much deposit will I need to pay?

For most auctions, you'll need to pay a 10% deposit immediately when the hammer falls, with a minimum amount usually set at £5,000. The deposit is payable by debit card, banker's draft, or electronic transfer. Cash is typically not accepted for large transactions due to money laundering regulations.

Can I get a mortgage on an auction property?

Yes, you can get a mortgage on an auction property, but you must have the finance arranged before bidding. Traditional auctions require completion within 28 days, which is often too short for a standard mortgage application. Options include:

Having a mortgage agreement in principle before the auction
Using a bridging loan to complete the purchase, then refinancing with a traditional mortgage
Bidding at a conditional auction which provides more time to arrange financing

We recommend speaking with a financial advisor who specializes in auction purchases before bidding.

What happens if I'm the successful bidder?

If you're the successful bidder:

You'll immediately sign the sale contract
Pay the 10% deposit (or minimum amount required)
Provide identification documents
Arrange buildings insurance for the property immediately
Work with your solicitor to complete the purchase within the specified timeframe (typically 28 days)

Our auction team will guide you through this process on the day.

What are the additional costs of buying at auction?

When buying at auction, you should budget for these additional costs:

Buyer's premium (if applicable) - typically 2-3% of the purchase price
Legal fees for your solicitor
Search fees and disbursements
Stamp Duty Land Tax
Land Registry fees
Survey costs (if you commissioned a survey)
Buildings insurance
Potential renovation or repair costs

Always factor these costs into your budget when deciding your maximum bid.