Buying at Auction

What We Do

Full width image

Auctions are becoming a popular way of buying and selling good value property.

The following are some useful tips if you are thinking of purchasing a property at an auction:

  • It is very important that you contact your Solicitor well in advance of you attending the auction so that he can check the legal title to the property and the conditions of the contract which you will sign. Do not attend the auction unless you have been fully advised by your Solicitor.
  • Make sure you go and physically see the property and don’t just look at the auction website for details and photographs of the property.
  • Research the area in which you are intending to buy if you are not already familiar with it.
  • You should arrange a survey of the property before the Auction to ensure that it is structurally sound. You should instruct a qualified Engineer/Architect or Surveyor to do this on your behalf.
  • If you need a loan to purchase the property, be sure that you get approved for this loan first. You will not be allowed out of the contract if your loan does not come through and you need to be very careful in this regard.
  • Consult a number of local auctioneers to try and gauge the true value of the property.
  • Be decided as to the maximum amount you are willing to pay for the property. You should bear in mind the legal costs involved in purchasing a property which include Solicitor fees, stamp duty (currently 1% of the purchase of the property for residential property) and registration fees. If the property requires improvements, make sure you take the cost of this into consideration.
  • It is important to note that you will need to pay a 10% deposit at the auction and the remaining 90% generally within 28 days.
  • You will be required to bring to the auction two forms of identification and your cheque book.

Elaine was incredibly prompt in her response to our queries and readily available at all times. The last few days of closing were tense due to a delay on our behalf but Elaine continued to keep in constant touch even over the weekend via email. Elaine was very personable from our first interaction. We had gotten quotes from other solicitors but the minute we spoke to Elaine we knew we were going to get excellent service. She shared her wealth of experience and all the insights she has gained over the years, everything from letting the broker arrange the mortgage protection for at least the first year to carrying out a pre-closing check of the house. She made buying our first house so much easier.

G. MacM., Conveyancing Client

G. MacM., Conveyancing Client

Join our newsletter

Signup

message