Buying Property at Auction in the UK: Things you need to know
- Millie Tyler
- Nov 15, 2022
- 1 min read
One of the key mediums by which we have found many clients find some of the best deals for #property in the #UK is buying at #auction. However buying at auction comes with some very specific requirements even for a seasoned #investor.
Here are some of the key elements you need to consider if you are an investor looking to move into the UK property market through buying at auction.
Cash Is King
Typically the time between winning a bid at #auction and completion is usually #28days, however you should always check in advance as the period may be shorter or longer depending on the lot and the auction house. It may also be the case that other charges become payable on completion which you should check. In many cases you will need to have the full offer amount in cash to make your purchase in advance of your bidding process or be able to get a quick turn-around on a mortgage offer and agreement (28 days is typically, an impossible window to accomplish this).
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