Buying property at auction

Property auctions can be an efficient and cost-effective way to buy or sell a property. Because the contract is completed when the bidding ends, it does not involve many of the lengthy and complex procedures that usually come with transactions on the property market.

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Buying through an auction

Home auctions can be quicker and easier than going through a “high street” estate agent.

As soon as the bidding ends, the deal’s done – no long back and forth between buyer and sellers’ solicitors. But it’s key to go in with a reasonable expectation for the sale price.

To give an idea of the process:

We’ll draw up a legal pack for the sellers, which buyers can look through ahead of time (ideally with their own solicitor to spot any red flags or restrictions)
You will attend the auction online or in person
You make an offer. If it’s accepted, you will be legally obligated to go through with buying (it’s good to go to a few “practice” auctions to see how they work)
You will pay a 10% deposit there and then, and the other 90% when the sale completes (usually within 28 days)
You might choose to get a survey to check for any structural, mould, or damp issues.

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We have the largest private client team in the UK, our team of experts are here to provide discreet legal advice to support you and your family.

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What's the process for buying at auction?

If you are looking to buy a property at auction, it’s best to attend a few auctions first to get an understanding of the process. When you’re ready to go as a bidder, you need to carefully review the legal packs in advance. If you make an offer and that offer is accepted, you are contractually bound to purchase the property.

Legal packs are made available shortly before the auction. The timeframe to review may be quite short, so we recommend having legal support in place to flag any potential problems as soon as possible.

We also recommend that you get a survey done on the property, to assess any issues such as damp, rot, and structural problems. We can advise on any searches that need to be conducted, so you know about any issues in the surrounding area that may affect the value of the property. This could include:

Plans for roads or buildings nearby
Public rights of way and common land
Environmental searches, including flood risk

It may be that we need input from experts in other departments if there is a commercial or agricultural aspect of the sale. Having expert legal advice is essential, especially given the quick turnaround of the auction process. We can identify any necessary issues straightaway and advise you accordingly.

Making an enquiry

We have several ways you can contact us, either by completing our online contact form, by phone, or using our live chat. If you start your journey online, here are the first steps to working together.

Complete our online form
We need a few details to understand your situation and the kind of support you need.
We’ll contact you by phone
On the call our experts will ask you a few more questions to make sure we connect you with the right legal advice from our team.
We arrange a full appointment
Your next step is an in-depth appointment with a specialist solicitor to discuss how we could advise you.

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Frequently Asked Questions

How long will a property sale take at auction?

The bidding itself will take place on one day and may only last a matter of minutes. There will be a short window, often of about a week, prior to the auction date when the legal pack will be available for review and surveys and viewing of the property can take place.

When the hammer falls, the contract is final. The buyer is required then to pay a 10% deposit, with the full amount payable on completion of the sale.

Sales are often completed within 28 days.

What fees are involved?

Although property auctions typically entail fewer costs than more conventional methods of buying or selling property, there are still some fees to consider.

We will charge a standard fee to review or prepare any legal packs prior to the auction. Both buyers and sellers are also required to pay a fee to the auctioneer when the bidding closes on a property.

You may also need to consider costs for surveys and other conveyancing work if you are considering bidding on a property.

What legal documentation is involved?

Buying or selling a property at auction involves exactly the same legal paperwork as if you were completing a sale or purchase in another way. Legal packs for each property will be made available shortly before the auction for interested buyers to review.

These legal packs should include all the relevant details about the property, including any covenants and restrictions. We strongly recommend having the professional advice of a conveyancing solicitor when reviewing these documents – it will ensure you know exactly what you’re buying before making an offer.

Our commitment to you

Our experts always start by listening, so we understand what matters most from day one.

01
Clear legal guidance
You will always get straightforward, honest advice, with regular updates to keep you clear on the way forward.
02
Specialist knowledge
A wide-ranging team of trusted specialists who understand what it takes to protect your future, your family or your business.
03
Your needs first
Whether you’re navigating complex personal situations or business decisions, we take the time to understand your world and what’s at stake.