Buying a property at auction is a totally different from conventional purchasing. It offers a new way to buy a house or office space which is not only quick but easy as well. There is lot of attraction and excitement involved when the hammer falls, and London property auctions is no exception to that.
This way, you avoid the long-drawn and tedious procedure which is seen in traditional property ‘shopping’. London property auctions offer a unique experience as the months-long procedure shrinks into a procedure of few minutes. So, once the hammer falls, the property is yours – as simple as that!
Go through the following before you actually visit an auction:
Begin with catalogue. Catalogues are readily available with auction houses and all you need to do is to contact the relevant auction house and request their catalogue. Most auction houses hold regular auction sales, with catalogue printed some weeks in advance. So getting hold of a catalogue is not difficult. You also have the option of subscribing to catalogue mailing lists for receiving information into your inbox.
Go through the catalogue carefully. Read the details thoroughly, analyse and identify the properties which match your requirements.
Arranging visits to shortlist properties is vital. The viewing arrangements will be listed in the catalogue.
Thorough research on the property is essential. Contact local estate agents and neighbours for their opinions.
Be sure that the description of the property in the catalogue is accurate.
Read the conditions printed in the catalogue carefully. Never hesitate to seek legal or professional advice and contact solicitor or a chartered surveyor.
As you will be required to pay 10% deposit on the auction day (when contract is signed) if the deal is finalized and the remaining 90% in 28 days, have finances ready.
If you plan mortgage assistance, be prepared by arranging a mortgage in principal with a bank or building society because, otherwise, your 10% deposit will be forfeited. It is necessary that you deposit the required sum of money in the given time frame, which is 20 working days generally.
Remember that buying at auction is binding commitment. It carries the same legal implications as a signed contract by private treaty. In most cases, auction offices have copies of legal documentation provided by the seller’s solicitors which can be sent to you.