There is no quicker way to buy a property, but with the fixed timescales involved means that you will need to pay close attention to what you need to do and when.
Familiarise yourself with the process!
Once you have found a property you are interested in, read the full description including any additional fees applicable.
Register for the legal pack, and once this is available, seek legal advice to review the content. If you are the winning bidder on the day, there is no backing out or changing your mind, so it is always advisable to have your solicitor look over the documents.
Attend an open day – generally all auction properties will have open house viewings organised on the run up to auction day to allow for all interested parties to look around.
Arrange a survey, especially if you are relying on any funding from a third party (such as a mortgage), or if you are concerned about the condition of the property.
Ensure your finances are in place. If you are the winning bidder, you will need to have a 10% deposit (subject to a minimum amount), as well as any additional fees as outlined in the property details. The remainder of the purchase price will be required for completion, usually 28 days later.
Plan ahead – decide what your maximum bid is going to be and stick to it. You need to take into consideration all applicable fees, including conveyancing costs, stamp duty as well as the auction fees. This ensures you do not get carried away and bid beyond your means.
Auction Day! Ensure you check the addendum list when you arrive. This lists any last-minute changes or updates, as well as properties that have been postponed or withdrawn. The room may be very busy, so if you are wishing to bid, make sure you can be seen by the auctioneer, and make it clear that you are bidding by raising your hand, catalogue or a paddle if provided. The auctions team will be on hand if you have any questions.
So now you are the winning bidder. You will be taken to a member of the team to pay your deposit and fees, provide copies of your ID (one photographic e.g. driving licence or passport, and well as one proof of address e.g. utility bill or bank statement within the past 3 months), and sign the memorandum of sale. You will need to pass on all relevant paperwork to your solicitors after the auction so that they can then begin the process of completing the sale.
Once legal completion has occurred (usually 28 days later), you will be able to collect keys from the auctions team and move into your new property.