Property: DIY Tips

Auctions enable you to pick up property quickly and cheaply, but you have to do your research and know what you’re getting into.

The first step is finding auction houses that sell properties in the area you’re looking in. Once you’ve found an auction house, get on its mailing list, either for paper or online catalogues. The catalogue will be available a few weeks before the auction, usually with a schedule of viewing for the properties being sold. The catalogue/website will also have the guide prices and conditions of sale.

Legal documents for each lot should be available to download from the website. Read them carefully and send them to your solicitor, as they could affect your bid (if you have to contribute to seller’s legal fees, for example) or if you bid at all (if there are restrictive covenants, for example).

Searches are often included in the legal documents, but if they’re not, you may want your solicitor to do them before the auction, although this could, of course, be a waste of time and money.

As with any property you’re interested in buying, it pays to view it at least twice so you can take everything in. If you miss some cracks and they turn out to be subsidence, you could have a big and expensive problem you weren’t expecting. Having a survey done before the auction is a good idea, or ask a surveyor or builder to view the property with you.