Further reading
How to buy a property in 28 days
You can by a property at auction, exchange and have the keys in 28 days.
View the property
It is so important to view the property before you bid, like David Sandeman explained in his own story, he turned up to a property he’d bought without viewing it, to soon find out it had no tenant and no front door! (Read more on previous blog post)
There are many factors you could miss which may not be shown in agent photos or mentioned in any legal documents so it’s always best to view the property to make sure you are happy with what you see!
Guide Price
A guide price is an indication of where the reserve is. It is NOT what the auctioneer necessarily expects to sell the property for, by researching the sale price of similar properties on our site it will give you a good idea as to what a lot might sell for.
Read the legal pack
As we always mention it is crucial you read the legal documentation. There are 'special conditions' which the vendor can draft and over which the auctioneer has no control, and they may not of seen, so it is very important to read through all documentation thoroughly. You may miss a hidden cost or issue which even the auctioneer was unaware of. Most importantly a document that may be missing deliberately could be the most important. For example, if buying a leasehold property, you should expect to see 3 years of service charge records, if they are missing you should ask for them.
Instruct a solicitor
We always recommend you instruct a solicitor, the additional cost to do so could save you much more. Their expertise could spot something you have missed, they know what to look out for. Its always preferential to have full confidence before you bid at auction.
Arrange finances
Buying a property at auction is very different to traditional purchases. Exchanges happen much faster usually at the fall of the hammer and completions are usually within 28 days, so it often pays to arrange your finance before the auction. Remember you are the legal owner the moment the hammer goes down!
Plan for the auction
Its always good to have decided a maximum amount that you are willing to go to, and to stick to it. If you succeed, you must pay a 10% deposit and some auction costs immediately so ensure you have everything ready.
Essential Information Group - News and Information
Keep up to date with our latest news, case studies and what's going on in the property auction industry on our blog.
Buying at auction
20/03/2025
Why the Property Auction Market is Booming Due to Stamp Duty Changes
The UK property auction market is experiencing a surge in activity in March 2025, driven primarily by impending changes to stamp duty regulations
Buying at auction
27/02/2025
Who Can Benefit from Buying a Property at a UK Property Auction?
Buying a property at a UK property auction can be advantageous for various buyers depending on their financial situation and goals. Auctions often offer unique opportunities, discounted properties, and a fast purchase process. Here’s who can benefit the most.
Buying at auction
24/02/2025
Bridging Loans Explained: A Guide for Property Auction Buyers
A bridging loan is a short-term financing solution, typically lasting up to 12 months. It provides immediate funds to bridge the gap between purchasing a property and securing long-term financing.