Preparing to buy a property at auction

When you’ve found a property you want to bid for, you’ll need to register your interest with the auctioneer. That way if the property is withdrawn from sale before the auction or information, such as the guide price, changes, you can be told. You can often register on the day, unless the auction house has a pre-registration system, but you should make sure you get to the auction room at least 45 minutes in advance so you’ve got time to do this.

You should also make sure you do plenty of research about the area in which you’re buying, so you can see how much comparable properties have sold for. This can help ensure you don’t end up over-bidding on the day.

Get your solicitor to look through the legal paperwork. You can download the legal documents from the auction company’s website (or ask for a paper copy, if you prefer). If your bid is successful you’ve entered into a formal contract so you have to do all the checks you need to in advance. If you don’t already have a solicitor read our article How to find a good conveyancer or solicitor to find out how to find a conveyancer to suit your needs. Or, you can search for a solicitor through the Law Society’s free Find a solicitor service. Make sure you check reviews for the solicitor you’re planning to use, so you can see how other people have rated their service. 

You’ll also need to get a survey done on the property you want to buy. Some people buy at auction without having a survey done but if you’re a novice it could be an expensive mistake. If you know a friendly builder it may be worth taking them with you before you spend money on a survey done to see if they can spot any obvious problems. They can point out what might need doing and how much it could cost you. Find out more about property surveys in our guide Which property survey should I get?

Author: wpadmin

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