Buying property at auction
Property auctions can be an efficient and cost-effective way to buy or sell a property. Because the contract is completed when the bidding ends, it does not involve many of the lengthy and complex procedures that usually come with transactions on the property market.
Buying through an auction
Home auctions can be quicker and easier than going through a “high street” estate agent.
As soon as the bidding ends, the deal’s done – no long back and forth between buyer and sellers’ solicitors. But it’s key to go in with a reasonable expectation for the sale price.
To give an idea of the process:
- We’ll draw up a legal pack for the sellers, which buyers can look through ahead of time (ideally with their own solicitor to spot any red flags or restrictions)
- You will attend the auction online or in person
- You make an offer. If it’s accepted, you will be legally obligated to go through with buying (it’s good to go to a few “practice” auctions to see how they work)
- You will pay a 10% deposit there and then, and the other 90% when the sale completes (usually within 28 days)
- You might choose to get a survey to check for any structural, mould, or damp issues.
Property solicitors who can bring it home.
Meet some of the people who’ll be getting your sale through with speed.
What's the process for buying at auction?
If you are looking to buy a property at auction, it’s best to attend a few auctions first to get an understanding of the process. When you’re ready to go as a bidder, you need to carefully review the legal packs in advance. If you make an offer and that offer is accepted, you are contractually bound to purchase the property.
Legal packs are made available shortly before the auction. The timeframe to review may be quite short, so we recommend having legal support in place to flag any potential problems as soon as possible.
We also recommend that you get a survey done on the property, to assess any issues such as damp, rot, and structural problems. We can advise on any searches that need to be conducted, so you know about any issues in the surrounding area that may affect the value of the property. This could include:
- Plans for roads or buildings nearby
- Public rights of way and common land
- Environmental searches, including flood risk
It may be that we need input from experts in other departments if there is a commercial or agricultural aspect of the sale. Having expert legal advice is essential, especially given the quick turnaround of the auction process. We can identify any necessary issues straightaway and advise you accordingly.
Meet an expert from our Will Writing team
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