What happens prior to the property auction?

Once you’ve found a property you are interested in via the Savills Auction catalogue we recommend that you attend a viewing. A list of viewing times can be found in our online catalogue. There is no need to register, simply visit the property at the allotted time.

All legal documentation for each property can be found on our website prior to the auction. We recommend that you ask a solicitor to check through the legal documentation before you place a bid at auction.

Our online details are regularly updated with any amendments and a full list of changes will be published as an addendum on our website one day prior to the auction. We recommend that you read this thoroughly before auction day as any amendments will form part of the contract.
 

How do I register and what ways can I bid at a property auction?

Savills offer three methods of bidding:

• Telephone: a member of the auctions team will call you live in the auction room and you instruct us to bid for you
• Internet: this allows you to view the auction live and bid online in real time
• Proxy: you can authorise the Auctioneer to bid on your behalf to a specified amount

Read our ‘Bidding Process’ for further information on how to register to bid at one of our property auctions.

Bidders are required to register in advance which involves adding details of all bidders, buyers and deposit payers together with relevant ID being uploaded for each person. Read more about required documentation.

What are the advantages of buying at auction?

There are a number of advantages, ranging from the adrenaline rush and thrill of bidding to the existence of a level playing field when it comes securing a property of choice. Auctions are also done in a day, giving buyers and owners the chance to purchase or sell quickly and without hassle. It also rules out any chance of counter offers, gazumping or long chains holding up the process.

What types of property are available at auction?

It’s not just houses that are available – an auction also offers an opportunity to buy something quirky or unique. Garages, water towers, former public lavatories, alleyways and plots of land of varying shape and size all go under the hammer, alongside more conventional flats, houses and offices.

What are the advantages of selling at an online property auction?

Advantages of selling at auction start with transparency. The open competition of the auction room provides a transparency of sale not available through private treaty methods, ensuring that your property is sold to the person willing to pay the most on the day.

There is also the certainty of an auction contract which is unconditional. Once the hammer falls in the room the buyer immediately puts down a 10% non-refundable deposit and contracts are exchanged.

An property auction offers more competition. With more than one person bidding on your property, the competitive environment has the potential to push up the final sale price of your property substantially.

Auction contracts also work to specific timeframes, meaning the completion date where you will receive the full amount from the sale is fixed, which is unlike a traditional sale.

Can you get a mortgage on an auction property?

In short, yes you can, but if you are buying a property at auction with a mortgage the key is being organised. Once the hammer falls you exchange contracts so you must have your mortgage in place and to hand before bidding on a property in order to adhere to the strict timescales and ensure you are able to complete on the purchase within the given time limit.#

Do I need a valuation and insurance when I buy at auction?

If you are purchasing the property with a mortgage then the lender will have to undertake a valuation as normal in order to ensure the property is worth what you are planning to pay for it.

You will also be required to insure the property between exchange and completion.

How do I access a property's legal documents?

A property’s legal documents can be viewed once you have registered on the Savills auction website. We recommend that a solicitor checks through any legal documentation before any bids are placed at auction. If a survey is required, a surveyor should contact the auctioneers to arrange access.

If your house is sold at auction how long do you have to move?

It is important to have arranged alternative housing prior to putting your home up for auction. Although the usual time between selling a property at auction and having to move is 30 to 45 days, the new owner can excercise his rights as the new owner to remove you from the property if you have not already done so.

A three-day notice could be issued which gives you three days to vacate the property after which you could be served with an unlawful detainer lawsuit.