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There’s only one rule to buying at auction and that’s due diligence, due diligence and more due diligence. If you follow this rule and you will not go wrong when buying. Different deals suit different buyers, but if you take the time to look over the legal pack, home report (where applicable) and look at comparable sales for the area then you will know your own purchase margins. Unless you are comfortable with the location then we would recommend an open viewing to know the general condition of the property and the locale it is in.
You will need to complete our online money laundering application and will require to have one of the following forms of identification:
Photographic ID (Passport, Driving Licence)
If you are the winning bidder, we will notify you with instructions to pay the Buyers Premium*. Then you and both solicitors will receive an email to confirm that you have successfully secured the property. You will be required to pay a 10% deposit of your winning bid, this will be held by Brighton & Beck and released to your solicitor 24 hours prior to settlement.
You are now ready to offer. Happy Bidding!
* The Auction company will take a non-refundable buyers fee. Please view our Purchase Conditions for further information.
When Buying at auction you will have between 9-28 days to complete the transaction depending on what the terms requested in the legal pack states. In order to get the deal settled within this timescale your funding method will either be CASH or BRIDGING LOAN, our finance partners are here to assist you with your purchase.
It is essential you choose the right solicitor to act for your sale/purchase. Our panel of solicitors have been specifically chosen due to the fact that they can work to strict timescales, multiple property chains and will always put your interests first at all times.