Buying at auction can be fast and certain once the hammer falls — but it's also unforgiving, and it isn't the right route for every buyer or every property. If you've decided auction suits you, this is the checklist we wish every first-time bidder had.
Two to four weeks before
- Get bridging or cash lined up. Mortgages take 4–8 weeks; auction completion is 28 days. Most successful auction buyers either pay cash or use auction finance pre-approved before bidding.
- Set a hard hammer-price ceiling. Work backwards from your all-in budget using the Auction Cost Calculator. Add buyer's premium, SDLT, legals, and any bridging interest.
- Download every legal pack. Read it yourself first, then have a property solicitor review. The pack is the contract — once the hammer falls, you own whatever's in there.
- Visit the property in person. Photos hide structural issues. A 30-minute walk through with a builder pays for itself.
Try the calculator
Auction cost calculator
One week before
- Confirm finance availability date. Bridging lenders need 7–10 working days to fund. Tell them the auction date.
- Register with the auctioneer. Auctioneers require two forms of photo ID, proof of funds, and solicitor details before bidding.
- Plan a proxy or telephone bid if you can't attend. Most auctioneers allow remote bidding — register at least 48 hours ahead.
On auction day
- Arrive 30 minutes early. Confirm registration, check for last-minute legal-pack updates (specials added in the final 24 hours are common).
- Sit at the back. You can see other bidders without being watched.
- Bid only on lots you've fully diligenced. Never bid on a property you haven't seen the legal pack for.
- Stop at your ceiling. Always. The next lot is usually only 10 minutes away.
When you win
- Sign the Memorandum of Sale immediately. Have your solicitor on the phone if needed.
- Pay the 10% deposit (banker's draft, debit card if accepted, or wire) plus admin fee.
- Trigger your bridging drawdown the same afternoon.
- Diary completion 28 days from the hammer — typically the same weekday a month later.
Costs to budget for on top of hammer
| | Traditional auction | | --- | --- | | Buyer's premium | Traditional auctioneers typically charge around 3% (often with a minimum, e.g. £3,000) | | Admin / legal pack fee | Commonly £200–£300 | | SDLT / LBTT / LTT | Bands apply on hammer + premium | | Solicitor fees | £1,200–£2,500 | | Bridging interest (6mo, 0.95%/mo) | ~5.7% of loan | | Survey (optional) | £400–£900 |
After completion
- Update Land Registry within 30 days (your solicitor handles this).
- Notify your insurer the moment exchange happens — risk transfers to you immediately.
- Plan refurbishment timing if you're using BRR. Refinance valuations look better after 6 months of ownership.
Common newcomer questions
Can I withdraw if my survey is bad? No. Traditional auction is unconditional. Survey before you bid or accept the risk.
What happens if I miss the 28-day completion? You'll pay interest (typically 5% above base rate) on the unpaid balance and risk losing your deposit if the seller serves notice to complete.
Can I bid with a mortgage? Possibly via Modern Method of Auction (56-day timeline). Traditional auction effectively requires cash or bridging.