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With an Auction sale or purchase, when the gavel falls, you have exchanged contracts

This creates a legally binding agreement between both parties. There is then a limited period of time to formerly 'complete' transferring what is more commonly a significant asset, for a large sum of money.

The auction conveyancing process is therefore condensed into a matter of days rather than months. For both buyer and seller, this speed can prove to be extremely advantageous; however, it should not diminish the significance of the transaction – there are many considerations for both parties.

Auction Quick Tips

  1. Before bidding at an auction, initially visit as a passive guest. Soak up the atmosphere, gain a real understanding as to how auctions work and maybe bid in your head on some dummy Lots.
  2. When you get your first catalogue, carefully read the auction terms and conditions.  Then read them again.
  3. Having selected your potential property or properties, visit them. How many times would you view a property through the normal purchase procedure?
  4. Check that the description of each Lot in the catalogue is accurate.
  5. Research the property and location thoroughly. What is the neighbourhood like?
  6. Consider employing a surveyor to provide a ‘health check’ on the property.
  7. If you want to proceed with bidding for the property, employ a legal professional to undertake the pre auction due diligence.
  8. If you’re buying, don’t forget to check if, and how much, Stamp Duty Land Tax is payable.
  9. Make financial arrangements to ensure you have a 10% deposit ready for payment on the auction day, and that you have access to the remaining 90% by the completion date.  You could lose your 10% deposit if you fail to complete within the given time.
  10. In the fast-paced auction environment it is easy to get carried away; set a realistic maximum bid for yourself and do not exceed it.
  11. Take a friend or family member that you trust with you, so they can make sure you do  not up the bid when you shouldn’t.
  12. If you’re successful, ensure your solicitor or lawyer understands auction transactions  and can complete within the 20 working days or less