4 min read
Property auctions can be an exciting way to secure a property, but only if you know what to expect and how the process works. From fast-paced bidding to strict rules on the day, auctions are very different from private sales. Here, My Home Move Conveyancing explains what to expect at a property auction so you can decide if this approach is right for you.
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Property auctions move quickly, so knowing what to expect before auction day is essential.
Preparation happens before the auction, including research, viewings and legal checks.
Auctions aren’t right for everyone — understanding the process helps you decide if it suits you.
Knowing what to expect at a property auction can help you decide whether this approach is right for you and avoid costly surprises.
In this guide, we explain:
A property auction is a method of selling property through competitive bidding, where the highest bid secures the property once the seller’s reserve price is met. While most of us are familiar with the concept of properties being sold to the highest bidder, the intricacies may not be quite so well known.
It’s a good idea to do your research on auction houses beforehand, and look for one that specialises in the area and type of property you’re interested in. It’s worth pointing out that an auction isn’t a blind process where you simply turn up on the day and pick a property to bid on from a brochure of options.
You can see the full catalogue of properties that will fall under the hammer prior to the auction, and arrange viewings through the auctioneer. You can take builders or surveyors with you, and seek legal advice on the contract, title and searches on any property you’re interested in.
Just because the bidding process is much faster, it doesn’t mean you skip the preparation in the build-up. Carefully study the auction pack for the property or properties you like, and always keep in mind the potential you can see in a new home.
Auction day can feel fast-paced, but knowing what to expect at a property auction can help you stay calm and confident. Before bidding begins, make note of any changes to the guide price, as this can fluctuate before a property goes under the hammer. When your lot is announced, you’ll need to bid clearly so the auctioneer can register your offer.
The auctioneer’s word is final when it comes to any bidding disputes. Once the reserve price set by the seller has been met, the highest bid will usually secure the property. Auctioneers may pause or re-offer a property at their discretion, and they also reserve the right to regulate the bidding and refuse a bid if necessary.
When the hammer falls, contracts are exchanged immediately. You’ll pay a deposit (usually 10%) and will need to complete within a set timeframe, often 28 days.
Find out more about the full buying process in our guide to buying a house at auction.
A property auction may suit you if:
You have your finances in order: You’ll need access to a deposit and a clear understanding of your overall budget before the auction takes place.
You’re comfortable making quick decisions: Bidding moves fast, so there’s little time to pause or rethink once your chosen lot is up for sale.
You’re prepared to complete some minor or major renovations: Many auction properties need work, and you should be realistic about the time, cost and disruption involved.
You’ve done your research in advance: This includes viewing the property, reviewing the legal pack and understanding any potential risks before auction day.
You can stick to a firm budget under pressure: Auctions can be exciting, and it’s important not to get carried away in a competitive bidding environment.
If you’re unsure whether a property auction is right for you, attending one as an observer can be a helpful first step. Seeing how the bidding works in practice can give you a clearer sense of the pace, pressure and overall atmosphere, helping you decide whether it’s an approach you’d feel comfortable with.
Read our article to find out more about the pros and cons of property auctions to see if it could be right for you.
For more information on what happens if you choose to buy, read our guide to buying a house at auction.
If you’re looking for some more advice on how the conveyancing process works at auction, don’t miss our handy auction property guide.
No Move No Legal Fee guarantee
Unlike many high street solicitors, if the transaction falls through, through no fault of your own, you won’t have to pay us any legal fees. Also, if you have already paid for searches, we will honour searches free of charge on an alternate property.
Property Specialists
The conveyancers we work with are all specialists in this field – this is all that they do, so they are better placed to help you with specialist knowledge and without any other distractions.
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All the conveyancers we work with are based online, so you'll never need to visit your conveyancers offices. You can manage your move online through our eWay portal, meaning a lot less paperwork and delays.
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If you would like to speak to your conveyancer, please log in to your eWay account where you can find their contact details.
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If you would like to email us, please send it to the following email address:
quotations@myhomemoveconveyancing.co.ukMonday - Friday
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