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Congratulations!

You’ve won……..that amazing feeling when you have won a property below your planned budget, not paid over the odds and that dizzy sense of excitement hits! If it is your first time at winning, there are a few things you need to know. 📑

 

Now you’re under a time pressure until completion! Tick Tock! ⏰

  1. Make sure you have your solicitor onboard as the auction house will need these details.
  2. You will be sent a “confirmation” email outlining the terms of the purchase and purchase price.
  3. Soon after you will be issued with a “Buyers Contract”, a formally binding agreement.
  4. Check this over carefully as it will specify the “deposit” to pay and the important “reservation fee”.
  5. Remember the legal pack will contain any special conditions that may apply, as you checked this before bidding there should be no surprises.
  6. Make sure you clearly identify the purchaser – is it you personally or your company, try and keep everything as accurate with minimal changes – it helps in the long run.
  7. Pay what is needed the same day, the expectation is you will.
  8. Check the Notification of Sale email carefully for errors, especially in contact details – many a typo can cause erroneous delays and missing communications!
  9. Give your solicitor the “heads up”.
  10. Get onto your insurance broker to get the property insured – remember that the type of insurance you need is different if it is a BTL verses SA.
  11. If you have not already done so instruct your surveyor and decide on what level of RICS Survey you need done.
  12. For good measure save down all sales particulars, photos, related documents, you will want to refer back to them in the future.
 
  • In my case, tell my husband I have purchased us another property!
 

Good luck with your future bidding! Auctions can be bonkers frustrating, but great rewards can be had if you know what you are doing. 🤑🤑🤑

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