Buying property at auction can be an exciting experience and is often a great way to get a good deal. However, it can also be a step into the unknown - particularly if it’s your first time. By talking to a legal expert before buying at auction you can approach the process with confidence and avoid costly mistakes.
Buying at Auction
In short
Buying a property at auction can mean a genuine bargain, but the timescales are much tighter than a normal purchase — once the hammer falls, you’re legally committed, usually with completion just 20 to 28 days later. Getting your legal and financial groundwork done before auction day, not after, is essential. Call 08082747557 to speak to a property solicitor before you bid.
Why auction purchases move differently
Unlike a normal house purchase, where you can pull out any time before contracts are exchanged, buying at auction means you’re legally bound to buy the moment the hammer falls — effectively, the fall of the hammer acts as exchange of contracts. That’s what makes auctions attractive to buyers looking for speed and certainty, but it also means all your legal checks need to happen before the auction, not after.
Before you bid: what to check
We recommend three things before you register to bid on any property:
- Have a solicitor review the legal pack — including the title, any legal restrictions on the property, and any debts secured against it, such as an outstanding mortgage or charge
- Arrange a survey and, where relevant, a builder’s inspection, so you know exactly what condition the property is in before you commit
- Work out your full costs in advance — not just the purchase price, but survey fees, your solicitor’s fees, and the auctioneer’s buyer’s premium, which is typically charged on top of the hammer price
Thinking of bidding at auction? Call 08082747557 to have a solicitor review the legal pack before you commit.
What happens after the hammer falls
Successful bidders are usually required to pay a deposit on the day — typically around 10% of the purchase price, plus the auctioneer’s commission — with the balance due on completion, usually within 20 to 28 days. Because that timeline is so tight, having your mortgage offer (if you need one) and your solicitor already in place before auction day makes all the difference to whether you can complete on time.
Once you’ve secured the property, we’ll handle the legal work through to completion in the same way as any other purchase — see our full guide to conveyancing for what that involves, including Stamp Duty Land Tax and registering your ownership with the Land Registry.
Related Services
- Get help with the full legal process of your purchase Conveyancing
- Get a conveyancing quote Conveyancing Quote
- Formally transfer ownership of a property Transfer of Title
- Buy a property to let or invest in Investment and Buy to Let Properties
- Resolve a dispute over a property contract Contract Disputes