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.
Also if you are not a seasoned Auction Buyer, then we would always advise that you speak with your legal representative for their opinion of what’s in the Legal Pack etc.
If you don’t have a lawyer presently and would like some help then this is something Brighton & Beck can provide. Simply click here and you will be able to see the panelled solicitor partners we recommend.
Each firm has been specifically selected due to the speed they can complete, costs and reliability. Once you have completed the further information request you will be called by our panel conveyancing provider and you can discuss options with them.
You will need to complete our online money laundering application and will require to have one of the following forms of identification:
You are now ready to offer.
Once you have successfully won at auction.
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.
Once this is done 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.
At this point your appointed solicitor will asked to be placed in funds for the additional 90% of you purchase, which he will in turn send to the selling solicitor within the 24 hours prior to the sale completion.
Once completion has taken place, you solicitor will advise you and you are then legally allowed to make the arrangements to collect the keys to you NEW purchase!**
Congratulations, it’s all yours!!
* The Auction company will take a non-refundable buyers fee. Please view our T&C’s for further information.
** Please confirm with you lawyer prior to settlement where the purchase keys are being held. These can sometimes be with either the sellers lawyers or with Brighton & Beck. If the keys are at Brighton & Becks offices, please call to make arrangements to collect on 0800 130 3341.