Buying property or land at auction can be thrilling. The gavel comes down, your heart races, and suddenly you own land or a building you’ve never actually lived in. What could possibly go wrong?
Quite a bit, actually but with the right preparation, auctions can be a fantastic way to secure a great purchase.
With offices across Kent, expert advice is never far away.
Here are our five top legal and practical tips to help you bid with confidence.
- Read the Legal Pack (Yes, All of It) - Auction legal packs are not light bedtime reading, but they are essential. They contain title documents, searches, special conditions and sometimes surprises that may affect value, future use, or costs. Once the hammer falls, you are legally bound, there’s no cooling-off period. A solicitor reviewing the pack before auction day can spot red flags that might otherwise cost you dearly.
- Know Your Budget and Your Deadline - At auction, you usually exchange contracts immediately and complete within 20–28 days. That means you’ll need your finances lined up in advance. Mortgage not guaranteed? Cash not quite ready? That’s a risky place to be. Also factor in additional costs such as Stamp Duty Land Tax, auction fees, and legal costs as the winning bid is rarely the final figure.
- Inspect the Property (and What’s Around It) - If possible, view the property in person. Auction properties are often sold “as seen”, and surveys are rarely available. For land purchases, check access rights, boundaries, and services. That “peaceful plot” may come with a right of way for half the village.
- Understand the Special Conditions - Auction contracts often include special conditions that shift costs or risks onto the buyer. For example, paying the seller’s legal fees or agreeing to unusual completion terms. These can make a “bargain” less of one. This is another area where early legal advice pays for itself.
- Keep Your Head on Auction Day - It’s easy to get caught up in the excitement. Set a maximum bid and stick to it. Remember: there will always be another property, but there won’t always be another bank balance!
Thinking of buying at auction? Our experienced property team would be delighted to help.