They risk losing their deposit and may face other penalties.
Once the gavel falls, the sale is usually binding, and changes of mind can have consequences.
They may be re-offered at a later auction or be sold privately.
The guide price is an indication of the seller's minimum expectation and can be adjusted.
The reserve price is the lowest price the seller is willing to accept.
For leasehold properties, a management pack provides information about the property's management.
The legal pack contains essential documents relating to the property, including title information, searches, special conditions of sale and any relevant legal details. Buyers should always review this pack carefully and seek advice from a solicitor before bidding.
Yes - it is strongly recommended that you instruct a solicitor experienced in auction transactions. They will review the legal pack, advise on risks, and ensure a smooth completion process.
In most traditional auctions, completion takes place within 28 days of the auction. However, this may vary depending on the specific terms outlined in the legal pack.
In addition to the purchase price, buyers should budget for:
- Deposit (typically 10%)
- Auctioneer fees
- Administration charges
- Legal fees
- Stamp Duty
- Survey costs (if applicable)
All costs should be clearly outlined before bidding.
Yes, but it is important to ensure your lender can meet the required completion timeframe. Some properties may not be suitable for standard mortgages, so alternative finance options may be required.
Buying at auction is a structured and transparent process, but it requires preparation. Risks can be minimised by reviewing the legal pack, arranging finance in advance, and seeking professional advice before bidding.