GuidesBuying at auction, explained
What to read, what to check and what to pay before you bid on a London auction lot.
Buying property at auction in London: a step-by-step guide
How London property auctions work, from guide prices and legal packs to SDLT, bridging finance and your maximum bid.
- How a London property auction works
- Guide price, reserve and where the hammer usually lands
- Reading the legal pack
- Leases, tenure and occupancy
- Floor area: why size decides the numbers
- Working out your maximum bid
- Costs on top of the hammer price
- Financing an auction purchase
- Surveys, viewings and building risk
- Bidding on the day
- Conditional auctions and buying before the sale
- After the gavel: completion and what can go wrong