The UK auction process, explained for newcomers

Auctioneers run on a fixed timetable. Once you understand the rhythm, the rest is just logistics.

The seller's timeline

1. Instruction. Seller picks an auctioneer. Marketing photos taken, property valued, legal pack ordered.
2. Listing. Lot appears on the auctioneer's website and catalogue with a guide price.
3. Marketing window. Typically 3–4 weeks. Viewings, legal-pack updates, reserve discussions.
4. Auction day. Hammer falls, memorandum signed, deposit paid.
5. Completion. 28 days later for traditional, 56 for MMA.

The buyer's timeline

1. Browse catalogues. Identify two or three lots that fit.
2. Diligence. Read legal packs, visit properties, get a builder's eye on condition.
3. Finance. Lock in cash or bridging before the auction.
4. Register. ID, proof of funds, solicitor details to the auctioneer.
5. Bid. In-person, telephone, online, or proxy.
6. Win → memorandum → 28-day completion.

The auction room itself

Most auctions are streamed online — bidders join in-room, on the phone, or via the live web feed. Each lot follows the same beat:

• Auctioneer reads the lot description and any amendments to the legal pack
• Opening bid invited (often at the lower guide)
• Bidding in standard increments (£1,000–£5,000 depending on lot)
• Once the reserve is met, the next bid wins if no one tops it
• Final call: "Going once... going twice..." — and the hammer falls

A skilled auctioneer manages tempo to encourage competitive bidding without confusing the room. Most lots sell within 90 seconds.

What happens immediately after the hammer

• The successful bidder is announced and approaches the contracts desk.
• A Memorandum of Sale is signed by both parties. Buyer's solicitor's details are recorded.
• 10% deposit is paid by the buyer (5% min in some MMA auctions).
• £250 admin fee + buyer's premium (3% of hammer) added.
• The auctioneer notifies the buyer's solicitor with the legal pack reference.

From that moment, the 28-day clock runs.

What can go wrong

• Buyer withdraws. Deposit forfeit, damages potentially due.
• Buyer can't complete on time. Interest charged daily; seller can serve notice to complete and ultimately retain deposit and resell.
• Title defect discovered after hammer. Limited recourse — should have been spotted in the legal pack.
• Property condition worse than expected. No recourse. Auction is "buyer beware."

This is why the legal pack and a physical viewing matter so much. Everything is "as is" — a real risk that buyers should weigh before choosing this route.

Why first-timers should attend a viewing day

Auctioneers typically hold 1–2 open viewings per lot. Walk through with the auctioneer present and ask:

• "What's the realistic sale range?" (auctioneers will be candid)
• "Any specials added to the legal pack?"
• "How many people have downloaded the pack so far?" (proxy for interest)

The honest summary

The auction process rewards preparation and punishes improvisation. Spend two weeks doing your homework, and the day itself is straightforward.