Buying a Property at Auction UK (Explained)

The most important point to make about buying a property at auction, if you are a successful bidder you're legally bound to buy the property and have entered into a legally binding contract. Once you're past this point you'll be unable to withdraw, even if there is a problem with the property.

Before an auction takes place, you'll be provided with an auction pack which contains all the legal documents required. This enables you to take advice on matters such as the contract title and searches. Once your bid has been accepted you are required to make a 10% deposit payment and complete within a certain timeframe

You are not protected by the consumer legislation, where you can return goods or ask for your money back. Once you have won the bid you've now contracted to buy the property.

Please therefore do not bid unless:

* Have the deposit available that day
* Are sure your finances are in place
* Have considered a survey on the property
* Have instructed us to look at the legal pack for you

Failing to follow these points may lead to the following consequences, should you not proceed to complete:

* You could lose your deposit
* You may be sued by the seller for any foreseeable losses they suffer
* The seller may opt to get a court order, forcing you to buy the property

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