The Auction Buyer's Checklist

Every box to tick before you raise your paddle at a UK property auction — legal pack, finance, guide-price traps, auction day, and completion. Built from the same data we use to track 6,500+ live lots across 16+ auction houses every week.

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AuctionRadar

Property Auction Buyer's Checklist

Tick each item before you bid. One mistake at auction costs more than years of data.

1. Before the auction — research & legal pack

  • Download the legal pack from the auctioneer and read the special conditions of sale.
  • Check tenure (freehold / leasehold) and, for leasehold, the remaining years and ground rent.
  • Order the official searches if not already in the pack — Local Authority, Environmental, Water & Drainage.
  • Identify any uplift clauses, overage, or restrictive covenants on the title.
  • Walk the street and view the property externally — internal access is rarely guaranteed.
  • Check the EPC and any licensing (HMO, selective licensing) that affects rental use.

2. Finance — have your money ready before you bid

  • Confirm your maximum bid in writing, including the buyer's premium, VAT and stamp duty.
  • If cash, have proof of funds ready — auctioneers often ask on the day.
  • If using bridging or auction finance, get an agreement in principle and confirm completion timelines.
  • Standard mortgages rarely complete inside the 20-day auction completion window — do not rely on one.
  • Budget for the 10% deposit payable on the fall of the hammer, plus buyer's premium.

3. Guide-price traps

  • Treat the guide price as a marketing figure, not a valuation — it is set to attract bidders.
  • Compare the guide to recent sold prices for similar properties, not to the asking price.
  • Check whether the lot has been to auction before — a re-listed lot often signals it didn't sell last time.
  • Watch for 'subject to' lots, provisional lots, and lots sold with sitting tenants — these price very differently.
  • Use the auction cost calculator to work out your true all-in cost before deciding your cap.

4. Auction day

  • Register to bid in advance and bring two forms of ID and your deposit method.
  • Set a hard ceiling and stop bidding the moment you hit it — auction fever is real.
  • Bid in confident increments; hesitation invites counter-bids.
  • If you win, you are legally bound immediately — there is no cooling-off period.
  • Pay the 10% deposit and buyer's premium before you leave the room (or log off).

5. After winning — completion

  • Instruct your conveyancer the same day; the clock to completion (usually 20 working days) starts now.
  • Order buildings insurance from exchange — the risk passes to you on the fall of the hammer.
  • Arrange utilities transfer and, if let, serve any required notices.
  • Diary the completion date and have the balance of funds ready 3 days early.
  • Late completion triggers punitive interest at ~4% above base — don't be late.
Track every UK property auction lot weekly at auctionradar.co.uk

Why a checklist matters

Buying at auction is faster and often cheaper than the open market — but the trade-off is risk. Contracts exchange on the fall of the hammer, there is no cooling-off period, and completion usually has to happen within 20 working days. The buyers who do well are the ones who arrive prepared: legal pack read, finance arranged, and a hard ceiling set before bidding begins.

The guide price is the single biggest trap. It is a figure set by the auctioneer to generate interest, not an appraisal. Lots guided at £60,000 routinely sell for £110,000; lots guided at £200,000 sometimes fail to meet reserve. The only honest benchmark is recent sold prices for comparable property — which is exactly what our weekly report and results archive track across every major UK auction house.

If you are new to auctions, start with the free weekly newsletter: new lots, price drops and the investor angles on every catalogue, in your inbox every Monday. When you are ready to go lot-by-lot, the Radar report gives you the full filterable data behind this checklist.

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