How To Buy Property At Auction

All of our auctions take place online monthly. These are the steps to follow if you’re looking to place a bid on one of our lots. 

1. Register for an account – find the lot you are interested in and click on “Log in / register to bid”.  Follow the step-by-step process to complete your account.

2. View the property - you should always view the lot you wish to bid on. Viewings will be held on a block basis on the dates and times listed in the property details. These can be arranged through our website by clicking on the lot you are interested in. We do not investigate the structural integrity of the lots we are selling, if you need to arrange a survey please ask your survey company to contact us and we will arrange access for them.

3. Read the legal documents - we recommend you thoroughly read the legal documents and consult with a solicitor or licensed conveyancer. You can download these by clicking on the lot you are interested in, then click the link labelled “Log in to view legal documents”. Remember that when you bid, it is on the basis that you have accepted all the terms and conditions in the legal documents, whether you have read them or not.

4. Need a mortgage? - if you need to arrange a mortgage, it is important you obtain an offer in principle before the auction. Most building societies and banks will instruct a surveyor to prepare a valuation report before making a mortgage offer. For further advice please call our partners at Mortgage Scout on 0800 1444 744.

5. Consult a solicitor - prior to bidding we advise you make enquiries with a solicitor who can complete the purchase for you. 

6. Auction day - bidding normally opens at 10am on the day of the auction and you can place bids on any of the lots for sale. The time the auction ends is indicated on each lot individually. Lot 1 is timed to end at 12pm and the following lots are then timed to end at 5-minute intervals.

7. Sold! - if you are the highest bidder when the auction ends, contracts are exchanged between you and the seller. Both parties are legally bound to complete the transaction as per the special conditions in the legal pack. Your card will be automatically debited for the bidder security amount of £5,000 and we’ll require the remaining balance for a 10% non-refundable deposit and the buyers charge of £1,200 including VAT, to be transferred within two working days of the auction. We will contact you after the auction has finished to make these arrangements.

8. Completion – this normally takes place 20-30 working days after the date of the auction. This is when the remaining balance of the purchase price is paid to the sellers’ solicitors and the keys will be made available for your collection. Access prior to completion will not be permitted unless a key undertaking is arranged via both parties’ solicitors.