Buying a property at auction can be an exciting and rewarding way to secure your next home or investment project. With competitive pricing and a faster transaction process, auctions are becoming an increasingly popular route for buyers. However, they also require preparation, confidence, and a clear understanding of the process.
In this guide, we’ll explain everything you need to know about buying a property at auction so you can bid with confidence.
Timing is key when buying a property at auction so make sure you are registered with us to receive marketing details at the earliest opportunity. Auction properties are generally released 4-5 weeks before the auction date, spotting them early will enable you to carry out your due diligence and get your finances in place.
Here’s what you should do prior to the auction:
1. Research the property
- Check guide prices and marketing details
- Arrange to view the property
- Arrange a survey or mortgage valuation, if required
2. Review the Legal Pack
Each property includes a legal pack with key documents such as:
- Title deeds
- Special Conditions of Sale
- Searches
We recommend having a solicitor review this on your behalf.
3. Get Your Finances Ready
To buy at auction you’ll need:
- A 10% deposit payable immediately
- Full payment within the fixed completion period (usually 8 weeks)
- A pre-approved mortgage, cash or bridging finance (subject to the property and individual circumstances)
4. Choose your Method of Bidding
There are 3 options to choose from:
- Online Bidding – Submit bids via your computer, tablet or smartphone with ease
- Telephone Bidding – Relay your bids on the phone to a member of the auction team
- Proxy Bidding – Set yourself a maximum bid and one of our representatives will bid on your behalf
5. Register for the Auction
To take part:
- Complete the Bidder Registration Form on our website
- Provide your ID, Proof of Address and Source of Funds information
- Provide your £5,000 Preliminary Deposit (refundable if unsuccessful
- Bid with confidence on the day
If you win, contracts are exchanged immediately and the purchase is legally binding.
Final Thoughts
Buying a property at auction in the UK can be a great opportunity for buyers and investors looking for speed and value. With proper research, legal checks, and financial preparation, you can minimise risk and maximise your chances of success.
Looking to buy at auction?
Maggs & Allen can guide you through every step and help you find the right opportunity, contact the team today on 0117 973 4940.
