Buying a property at auction

Purchasers at Savills Auctions range from individuals buying a property for themselves through to investors and developers. We have put together some advice to make the process as easy as possible.

Step 1 - Searching for the right property

Buying at auction should be a quick, simple and stress-free process. Once you have identified the particular property that you are interested in from our catalogue or property search, we suggest that you view the property at one of the published open viewing times. No registration is necessary for this however, before viewing it is best to contact the auction team in order to check that the property you are interested in has not been withdrawn or sold prior to auction.

Step 2 - Conducting Due Diligence  

Check the information provided in the catalogue is correct as occasionally this information will change between the catalogue being released and the auction date. A copy of the addendum will be available on the day of the auction. It is important that this is checked as it will form part of the auction contract. It is also important to obtain the legal pack which can be downloaded from our website; we recommend that you get a solicitor to check the legal pack before you bid at auction. If you require a survey please ask your surveyor to contact us directly so that we can arrange access. If you need to arrange finance we would recommend that you contact Savills Private Finance on 020 7409 5968 in advance of the auction.

Step 3 - The Auction and After

We strongly recommend that you make every effort to attend the auction to bid personally. In the event that you are unable to attend you may be interested to note that by prior arrangement you can bid via proxy or telephone. Unless you are bidding by proxy, internet or telephone no pre-registration for our auctions is necessary.

On the auction day the auctioneer will announce each lot and invite any bids. You can make a bid by raising your hand or catalogue. The auction rooms can be full so it is important that you attract the auctioneer's attention. The auctioneer will regulate bidding increments and the property will be sold to the highest bidder. Please note that the auctioneer will not take any questions from the floor once the auction is in progress. If you have any queries please contact a member of the auction team. If you have any doubts about what you are buying we would advise you not to bid.

If you are successful in purchasing a property you will be escorted to the contract room to fill out a purchase slip and provide us with two forms of identification. You will also be required to pay a non-refundable 10% deposit of the selling price and an auction administration fee of either £700 (London) or £600 (Nottingham). We accept personal cheques, debit cards and bankers drafts.

Completion usually takes place 20 working days after the date of exchange under the supervision of your solicitor. Please note that properties being sold at auction are being sold unconditionally. If you are the succesful bidder, you are legally obliged to complete the sale.

 

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