First timers, home movers and those looking for a project. Buying a property at auction is simple with First for Auctions.
Our auctions take place online each month. If you’re looking to place a bid on one of our lots, here’s what you need to do to buy a house at auction.
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.
View the property - You should always view a property before bidding. Viewings are held on set dates and times, as listed within the property details, along with a booking form. We do not assess the structural condition of the properties we sell. If you need a survey, your chosen surveyor should contact us directly and we will arrange access.
Read the legal documents - We recommend that you read the legal documents and consult with a solicitor or licensed conveyancer. You can download these by finding the lot you are interested in, then clicking “Log in to view legal documents”. 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.
Arrange your finances - If you need to arrange a mortgage, you must get a mortgage 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, visit our partners at Mortgage Scout.
Consult a solicitor - Before bidding, we advise you to make enquiries with a solicitor who can complete the purchase for you.
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. Our website indicates the auction end time for each lot. Lot 1 is scheduled to end at 12pm, and the following lots will end at 5-minute intervals.
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 in accordance with the special conditions in the legal pack. We will charge your account £6,000 as the bidder security. We’ll require the remaining balance of the 10% non-refundable deposit, and the buyer's charge of £1,650, 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.
Completion – This normally takes place 4-6 weeks after the date of the auction. This is when you have paid the remaining purchase price balance to the sellers’ solicitors, and the keys will be made available for collection. Access before completion will not be permitted unless both parties’ solicitors arrange a key undertaking.
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When buying a property, you must have your finances in order before bidding. Our partner, Mortgage Scout, will offer you straightforward, honest mortgage advice.
