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! ⏰
- Make sure you have your solicitor onboard as the auction house will need these details.
- You will be sent a “confirmation” email outlining the terms of the purchase and purchase price.
- Soon after you will be issued with a “Buyers Contract”, a formally binding agreement.
- Check this over carefully as it will specify the “deposit” to pay and the important “reservation fee”.
- Remember the legal pack will contain any special conditions that may apply, as you checked this before bidding there should be no surprises.
- 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.
- Pay what is needed the same day, the expectation is you will.
- Check the Notification of Sale email carefully for errors, especially in contact details – many a typo can cause erroneous delays and missing communications!
- Give your solicitor the “heads up”.
- 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.
- If you have not already done so instruct your surveyor and decide on what level of RICS Survey you need done.
- 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. 🤑🤑🤑
