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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 winning at auction, there are a few things you need to know. 📑

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

Here are some essential steps to take:

  1. Engage your solicitor: Ensure that you have a solicitor onboard as the auction house will require their details.
  2. Confirmation email: Expect to receive a “confirmation” email that outlines the terms of the purchase and purchase price.
  3. Buyers Contract: Shortly after, you will be issued a “Buyers Contract,” which is a legally binding agreement. Review it carefully.
  4. Pay attention to specifics: Thoroughly check the contract for details such as the required “deposit” and the significant “reservation fee”.
  5. Familiarise yourself with the legal pack: Before bidding, review the legal pack, which contains any special conditions that may apply so you can avoid surprises.
  6. Accurately identify the purchaser: Clearly specify whether the purchaser is yourself personally or your company. It’s advisable to minimize changes to ensure a smoother process.
  7. Prompt payment: Make the necessary payment on the same day as the auction.
  8. Verify the Notification of Sale email: Carefully examine the Notification of Sale email for any errors, particularly in contact details –  many a typo can cause erroneous delays and missing communications!
  9. Inform your solicitor: Give your solicitor the “heads up”.
  10. Insurance coverage: Contact your insurance broker and obtain insurance for the property. Remember that the type of insurance needed differs for Buy-to-Let (BTL) properties compared to Serviced Accommodation (SA) properties.
  11. Arrange for a surveyor: If you haven’t already done so, instruct a surveyor and determine the appropriate level of RICS Survey required.
  12. Document retention: Save all sales particulars, photos, and related documents for future reference.

In my case, tell my husband I have purchased us another property!

Best of luck with your future bidding endeavors! Auctions can be bonkers frustrating, but with the right knowledge and strategy, they can yield great rewards. 🤑🤑🤑

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