Prior to buying property at auction

Buying a house guide

Obtain a catalogue

For every auction, there is a catalogue that displays all of the properties that will be offered. Each catalogue is available approximately 2—3 weeks prior to the relevant auction. The catalogue is also available online normally a few days before it comes out in hard copy. 

Online catalogue

On UK Auction List, you can view the latest auction lots online about two weeks prior to the relevant auction sale.

Peruse the lots

Look through the database and identify those lots that may be of interest. Note that some properties are offered with vacant possession, some are tenanted and some may be part vacant. Also properties may be leasehold or freehold. Full tenure details are usually available from the auction house.

Guide prices

The majority of properties have a guide price that is published in the auction catalogue. The guide price is an indication of what the seller expects to achieve and is therefore subject to change. The guide price is not the price at which the property will necessarily sell and it is not uncommon for properties to sell for a considerable amount above the guide price.

Addendum (changes to the published information)

Occasionally, there will be changes to the property information published in the auctioneer's catalogue and subsequently on UK Auction List. The auctioneer will advise you of these changes prior to auction or on the auction day itself.

View the property

Viewings are arranged directly with the auctioneers or their joint agents. Where properties are tenanted, viewings are normally not arranged so interested parties are advised to contact the tenants directly to arrange a convenient time for viewing. Research the property thoroughly. Ask local estate agents and neighbours for their opinions. Check the description of the lot in the catalogue is accurate. Take a copy of our property viewing checklist to help you.

Register your interest

If you find a property which is of interest please contact the auctioneer directly so that they are able to contact you if the property is withdrawn or sold prior to the auction.

Obtain legal documentation

The vendor's solicitors prepare legal packs containing (where applicable) special conditions of sale, title deeds, leases, office copy entries, searches, replies to pre-contract enquiries which are normally available to be sent by post for a small charge. They are also sometimes available on-line. Legal packs will usually be available for inspection in the auction room. Remember that you buy subject to all documentation and terms of contract whether or not you have read them. You must obtain all this information in plenty of time to allow you to determine a) if you wish to bid for the property, b) how high you are prepared to bid and c) if you will have the finances in place.

Obtain a survey

If you are interested in the property, you should instruct a chartered surveyor to carry out the necessary survey and your solicitor to carry out the required searches on the property. Please ask your surveyor to call the auctioneer directly to make arrangements for access to the property.

Arrange your finance

If you need to arrange a mortgage it is important that you obtain an offer in principle from your lender before the auction day. Most building societies and banks will wish to instruct a surveyor to prepare a valuation report before making a mortgage offer so you will need to make your mortgage application as early as possible. You will usually need to complete your purchase up to 20 working days after the day of the auction. You should discuss this with your lenders to make sure that this will not be a problem. UK Auction List’s finance partner, John Charcol can help you to arrange finance, if required.

Remember to investigate the finance options that might be available to you. Bridging loans may be preferable if the property is to be sold soon after purchase, or refinanced with a long-term loan. Long-term finance may be more appropriate if the property is to be held on to for a number of years.

Find out whether the property is still available

We strongly advise potential purchasers to call the auctioneer the day before the auction to make sure that the lots in which they are interested are still available.

Understand all terms & conditions

Buying property at auction is different to buying property privately and we strongly advise potential purchasers to check that they have read and understood all the various legal documents and terms & conditions.

Making an offer prior to the auction

You can make an offer (which should be in writing, by fax or by e-mail to the auctioneer) for a property at any time up to the date of the auction, but if your offer is accepted you will have to be in a position to exchange contracts and pay your deposit immediately.

Telephone and proxy bidding

If you are unable to attend the auction sale, you can bid by telephone (in real time while the auction is taking place) or by proxy (where you specify your maximum bid in writing and the auctioneer bids on your behalf). In each case the auctioneer will need a completed registration form and a cheque to cover your deposit and buyer's fee prior to the date of the auction. A bidder's registration form can normally be found in the auctioneer’s printed catalogue or can be downloaded directly from their website.

Before the auction

Ensure that you know the procedure for registration, ID requirements, paying the deposit, signing the memorandum of sale and the responsibility of insurance for the property once the hammer falls and the contract is legally binding.

Read the catalogue thoroughly and ensure you are familiar with the following information:

-    Lot Number
-    Property Description
-    Guide Price
-    Important Notice to Bidders
-    Memorandum of Sale
-    General Conditions of Sale

Remember that the guide price can change at any point before the auction, so it is important to stay in touch with the auctioneer right up until the auction day itself. The guide price is purely the auctioneer's indication of what the price might reach and generally the property sells for more than the guide price. The guide price is not to be confused with the reserve price which is the lowest price the vendor will accept.