Auctions are binding
Unlike a normal sale, a winning auction bid is binding on the fall of the hammer. You typically pay a deposit immediately and complete within a short, fixed period, with no cooling-off. There is no room to renegotiate if you later discover a problem.
Do your due diligence first
- Read the legal pack: title, searches and, crucially, the special conditions of sale, which can shift costs and risks onto the buyer.
- Inspect the property and, where possible, get a survey so you understand its condition and likely repair costs.
- Check the lease if leasehold, a short lease can be expensive to extend.
- Budget fully: repairs, fees, and any conditions in the pack.
Why properties reach auction
Auction lots are often sold “as seen” and may have condition, structural, legal or tenure complications. That is not a reason to avoid them, but it is a strong reason to know exactly what you are bidding on.
How a surveyor helps
A pre-auction inspection tells you the property’s condition and the likely cost of putting it right, so you can set a sensible maximum bid and avoid an expensive surprise after the hammer falls.