If you are interested in buying property at one of Surelock Network Auction’s sales but have never attended an auction before, the following step-by-step guide should prove useful:
- Ask Surelock Network Auctions to place you on their mailing list. This will ensure you receive the catalogues of properties to be sold at their next auction, including a guide price and floor plan.
- If, after taking a good look through the sale catalogue a property or two catch your eye and fit your purchasing criteria arrange a viewing with Surelock Network Auctions and request the legal pack, which has been compiled by the seller’s solicitor and tends to contains copies of the Title Deeds, Special Conditions of Sale, Land Registry Search, Leases (if applicable), the EPC certificate and other important documents, and read through it carefully.
- At the viewing have a good look around and take detailed notes about the property, consider the details you learnt from the legal pack and also what work might need to be done. If building work is required then contact a competent builder for an estimate of the work involved.
- If you find a property or properties that you are seriously considering bidding on, take a thorough look at your finances. You must ensure you are in a position to pay the 10% deposit if you make a winning bid, and that you can have a suitable mortgage promise from your lender – if applicable. The reason for doing this now is due to the speed of a purchase made at auction and because a successful bid when the gavel falls means you have entered into a legally binding contract to purchase that property. If you require a mortgage to make the purchase it is not advisable to make bid at auction without having a mortgage promise in place.
- Arrange a survey for the property or properties you plan to bid on for your mortgage lender – if applicable – who will require a valuation or survey before the auction to verify its guide price. For properties in need of building renovation work it is advisable to book a full structural survey. Even if on a rare occasion the auctioneer pack already contains a survey, it is worth commissioning your own in order to satisfy your lender and yourself.