Author: numan
Where to Buy an Auction Property
Buying a property at auction is an exciting alternative to the traditional property market — offering speed, transparency, and the chance to secure a great deal. Whether you are an investor, first-time buyer, or looking for a renovation project, understanding where to buy an auction property is key to making a confident purchase.
In this guide, we’ll cover:
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What an auction property is
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Why properties are sold at auction
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The process of buying at auction
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The main auction houses in the UK
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How to get a free, no-obligation quote from our solicitors
What is an Auction Property?
An auction property is any residential, commercial, or mixed-use building that is sold through a public bidding process rather than private treaty (estate agent sale). Property auctions are held in-person, online, or as a hybrid event and are typically run by professional auction houses.
Auction properties can include:
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Residential homes – houses, flats, and bungalows
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Commercial premises – shops, offices, and warehouses
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Land – with or without planning permission
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Unique opportunities – repossessions, probate sales, or development sites
The key feature is transparency: all bids are public, and once the hammer falls, the sale is legally binding.
Why Do Properties Go to Auction?
There are several reasons why a property might end up in an auction catalogue:
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Speed of Sale – Vendors may need a quick, guaranteed sale.
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Repossession or Probate – Lenders or executors often sell this way.
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Problem Properties – Homes that are hard to mortgage (short leases, structural issues) are attractive to cash buyers.
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Investment Opportunities – Developers sell land or refurbishment projects at auction to reach a wide pool of buyers.
For buyers, this creates opportunities to purchase properties below market value, provided they do their research and due diligence in advance.
The Process of Buying at Auction
Buying at auction is straightforward but fast-paced. Here’s the typical process:
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Find a Property
Browse auction catalogues online or through major auction houses. Look for lots that fit your budget and requirements. -
Do Your Due Diligence
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Order and review the legal pack (title documents, searches, lease info).
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Arrange a survey or valuation if needed.
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Speak to a solicitor experienced in property auctions to check for any legal risks.
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Arrange Finance
Have your funds ready or a mortgage in principle. You’ll usually pay a 10% deposit on the day and complete within 28 days. -
Attend the Auction
Bid confidently, whether in the room, online, or by proxy. If successful, you exchange contracts immediately. -
Complete the Purchase
Pay the remaining balance by the completion deadline. Your solicitor handles the transfer of funds, SDLT submission, and registration.
Main UK Property Auction Houses
Here are some of the leading property auction houses where you can find opportunities across England and Wales:
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Savills Auctions – Leading national auctioneer with both residential and commercial property lots.
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Allsop – Known for large catalogues and a mix of investment and development opportunities.
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Barnard Marcus Auctions – Strong London and South East coverage with online bidding options.
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SDL Property Auctions – Hosts regular live-streamed auctions, ideal for remote buyers.
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Clive Emson Auctioneers – Well-regarded regional auction house with local expertise.
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Auction House UK – Covers over 40 regional areas, perfect for finding properties outside major cities.
Each auction house publishes its catalogue several weeks in advance — giving you time to do your research and instruct a solicitor before bidding day.
Get a Free Auction Conveyancing Quote
If you are considering buying at auction, our experienced solicitors can help you review the legal pack and complete the transaction quickly and efficiently.
✅ Fast turnaround – we understand auction deadlines
✅ Clear, competitive pricing – no hidden fees
✅ National coverage – we act for clients across England and Wales
Get your free quote today and buy with confidence.
What is solicitors role as your conveyancer in an auction purchase?
Buying a property at auction can be an exciting yet complex process. Unlike traditional property purchases, auction purchases are legally binding the moment the hammer falls, leaving no room for delays or second thoughts. At Versus Law Solicitors, our expert conveyancing team ensures your transaction runs smoothly, protecting you from legal pitfalls and meeting tight deadlines.
In this guide, we explain how our conveyancers support you before, during, and after an auction purchase, why speed is critical, and how we help you complete on time.
Why Do You Need a Solicitor for an Auction Purchase?
Auction properties often come with unique risks—unseen legal defects, restrictive covenants, or unexpected costs. Without proper legal checks, you could face:
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Forfeited deposits (usually 10% non-refundable)
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Enforced completion within 14-28 days (or risk penalties)
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Hidden charges (unpaid ground rent, service charges, or legal disputes)
Our role is to minimise risks and ensure a seamless transaction.
Our Role as Your Conveyancer in Auction Purchases
1. Pre-Auction Review: Assessing the Legal Pack
Before bidding, we:
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Analyse the legal pack (title deeds, searches, special conditions)
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Identify red flags (restrictive covenants, short leases, planning issues)
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Advise on risks (e.g., unregistered land, tenant occupiers)
Why this matters: Many auction properties are sold “as seen”, meaning you inherit all existing problems. Our review helps you bid with confidence.
2. Post-Auction: Speeding Up the Process
Once you win, the clock starts ticking—completion is typically due within 28 days. We:
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Immediately request contracts from the auctioneer
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Conduct urgent searches (local authority, drainage, environmental)
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Liaise with lenders (if using a mortgage or bridging finance)
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Handle ID checks & anti-money laundering (AML) compliance
Key Tip: Instruct us as soon as you win—delays can risk missing the deadline.
3. Exchange & Completion: Meeting Strict Deadlines
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Exchange of contracts happens immediately at auction (unlike private sales).
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Completion must occur within 14-28 days—we ensure funds are ready, paperwork is signed, and ownership transfers smoothly.
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Final checks (transfer deeds, stamp duty, key release).
Warning: If you fail to complete on time, the seller can keep your deposit and sue for losses.
4. Post-Completion: Protecting Your Investment
Even after completion, we:
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Register your ownership with the Land Registry
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Handle stamp duty (SDLT) filings
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Advise on lease extensions (if leasehold)
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Resolve title defects (if discovered later)
Why Choose Versus Law for Your Auction Purchase?
At Versus Law Solicitors, we specialise in fast, efficient conveyancing for auction purchases in Manchester and across the UK. Our benefits include:
✅ 24/7 Case Tracking – Monitor progress in real-time
✅ Auction-Specialist Solicitors – No delays, no surprises and reccomended by all major auction houses
✅ Mortgage & Bridging Finance Support – Liaising with lenders quickly
✅ Fixed Fees & No Hidden Costs – Transparent pricing
Act Fast—Auction Purchases Wait for No One!
With completion deadlines as short as 14 days, you cannot afford delays. The sooner you instruct us, the smoother your purchase will be.
Get Your Free Conveyancing Quote Today!
Contact Versus Law Solicitors now for expert legal support on your auction purchase:
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Call: 0161 249 5087
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Email: info@versuslaw.co.uk
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Online Form: Get a free auction quote
Don’t risk penalties—let us handle the legal work while you focus on your investment!
What if I’m buying with other people – how is the property held?
When two or more people buy a property together, you must decide how your ownership will be structured. This is not just a formality — it affects your legal rights, inheritance, and what happens if one party wants to sell, separate, or passes away. As your solicitors, we will ask you to confirm whether you wish to own the property as:
- Joint Tenants, or
- Tenants in Common
This choice must be made before completion and will be recorded with HM Land Registry.
JOINT TENANTS
You both own the whole property equally — there are no separate shares.
If one of you dies, the property automatically passes to the other (known as the right of survivorship).
You cannot leave your share to anyone else in a will.
This is common for married couples or those who want everything to pass between them automatically.
NOTE: If you don’t want the other person to inherit your share automatically, this option may not be suitable.
TENANTS IN COMMON
- You each own a defined share in the property — e.g. 50/50, 60/40, or any agreed ratio.
- You can leave your share to whoever you wish in your will.
- You may want to document this with a Declaration of Trust, confirming each party’s contributions and entitlements.
- This is commonly used where:
- One party is contributing more towards the purchase price
- Buyers are not related or are investing jointly
- You want your share to go to children or other heirs on death
Note: If you don’t have a will in place, your share may still be distributed under intestacy rules — so we recommend preparing one.
WHAT ABOUT COMPANY PURCHASES?
If you are buying through a limited company or SPV, the company is the legal owner. The shareholders of the company hold the interest indirectly, so you may still need to think about:
- Shareholder agreements
- Director and voting rights
- What happens if one shareholder wants to exit or transfer their interest
SUMMARY
How you hold the property when buying with others has lasting legal and financial consequences. Whether you’re buying with a partner, family member, or co-investor, it’s vital to agree on the ownership structure before you commit. At Versus Law, we’ll explain the options clearly and prepare any supporting agreements needed to protect your interests.
Do I need to update my will or set up a trust after buying?
Purchasing a property — especially at auction where decisions are made quickly — is a significant financial commitment. It’s also a good time to think about how your property fits into your wider estate planning. In some cases, it may be wise to update your will or consider holding the property in a trust or other legal structure.
WHY SHOULD I UPDATE MY WILL?
If you die without a valid will (intestate), your property will pass according to the rules of intestacy, which may not reflect your wishes.
You should update your will if:
- The property is your main residence and you want to specify who inherits it
- You own it with other people and want to clarify what happens to your share
- You want to leave the property to a partner you’re not married to, or
- You have children from a previous relationship and want to protect their inheritance
Even if you already have a will, it’s important to update it after buying any significant asset.
SHOULD I HOLD THE PROPERTY IN TRUST?
Trusts are legal arrangements where property is held by one person (the trustee) for the benefit of another (the beneficiary). You might consider using a trust if:
- You want to ringfence the property for children or vulnerable beneficiaries
- You’re buying as part of tax planning (e.g. for inheritance tax mitigation)
- You want to avoid probate delays or shelter the property from third-party claims
- You’re buying as a group and want clear control arrangements
These can be useful for investment properties, family homes, or assets held for future generations — but specialist legal and tax advice is essential.
WHAT ABOUT JOINT OWNERSHIP?
If you’re buying with someone else, we’ll ask you to choose between:
- Joint tenants — both owners have equal rights and the property passes automatically to the survivor
- Tenants in common — you each own a defined share, which can be passed on under your will
We’ll explain the differences and help you make the right choice — but if your family or financial circumstances are complex, a will or trust may be necessary to support your wishes.
SUMMARY
Buying a property — especially at auction — is a major milestone and an ideal time to review your will or estate planning. At Versus Law, we can refer you to trusted will and trust specialists if needed. Making sure your assets are protected, structured properly, and left to the right people gives you peace of mind beyond the transaction.
Can I sell the property immediately after buying it?
Yes — you are legally entitled to resell the property immediately after completion. However, some auction contracts contain clauses that limit this or make it harder in practice.
“BACK-TO-BACK” OR QUICK RESALES
This refers to reselling a property within a short time of buying it — sometimes even before the Land Registry has updated the ownership record in your name.
You may be doing this to:
- Flip the property for a quick profit
- Avoid refurbishment costs by selling as-is
- Transfer it to another party in a pre-agreed transaction
LEGAL AND PRACTICAL ISSUES
To protect your funds:
LAND REGISTRY DELAY
- After completion, the property may still be shown as registered to the previous owner.
- Until registration is updated, buyers or lenders may hesitate or require extra indemnity insurance.
LENDER RESTRICTIONS
- Some mortgage lenders will not lend if the current seller has owned the property for less than 6 months.
- This can limit your resale market — particularly to buyers using mortgages.
CONTRACT RESTRICTIONS
- Check the auction Special Conditions of Sale — some contracts prohibit resale or assignment within a certain period.
- Other conditions may restrict your ability to sell on nominated terms, especially if you attempt a resale before completing registration.
CAPITAL GAINS TAX (CGT)
- Quick sales may result in a taxable capital gain, depending on your circumstances and whether the property was used personally or held in a company.
- Specialist tax advice may be needed.
SELLING BEFORE REGISTRATION — IS IT POSSIBLE?
Yes, but you must:
- Fully disclose that the registration is pending
- Provide a certified copy of the TR1 and evidence of completion
- Offer indemnity or additional undertakings if required by the buyer’s solicitor or lender
We can assist with this, but it must be carefully structured and disclosed
SUMMARY
Selling soon after an auction purchase is possible, but not always straightforward. It can raise red flags with lenders and create complications around title, tax, and contract obligations. At Versus Law, we regularly assist clients with post-auction disposals and can advise you on how to do it properly — without putting your sale at risk.
Will the property definitely be empty when I buy it?
Not necessarily. Unless the auction contract states clearly that the property will be sold with vacant possession, it may be sold subject to a tenancy or other form of occupation.
WHAT DOES “VACANT POSSESSION” MEAN?
It means:
- The property must be completely empty of people and possessions by the completion date.
- No one has a legal or informal right to remain in the property.
If the contract includes “vacant possession on completion,” the seller is legally obliged to ensure the property is cleared and unoccupied by the time you take ownership.
RISKS IF IT’S NOT VACANT
If the auction pack is silent or unclear, you may end up buying a property that:
- Is tenanted (with or without a formal lease).
- Is occupied by squatters or licensees.
- Has belongings, rubbish, or furniture left inside.
Removing occupiers or clearing the property can be costly and timeconsuming, and it becomes your responsibility once contracts are exchanged.
SUMMARY
Always check the special conditions of sale to see whether the property is being sold with vacant possession. Never assume it will be empty — unless it is clearly stated in writing, it may
not be.
Will I automatically get keys to the property?
No — getting the keys is not automatic, and it may not happen at all on the day of completion unless the seller has made prior arrangements.
HOW DOES IT WORK IN AUCTION SALES?
In traditional sales, it’s common for keys to be handed over via the estate agent. But in auction sales:
- There is often no estate agent involved.
- The seller is usually not present to meet you.
- The auction contract may be silent on key collection arrangements.
You may need to collect the keys from:
- The seller’s solicitor.
- A keyholding agent or site contact.
- A third party such as a property manager or auction house.
IF NO KEYS ARE AVAILABLE
You may need to instruct a locksmith to gain access — at your own cost.
This is especially likely if the property is boarded up, repossessed, or part of a portfolio sale.
SUMMARY
There is no guarantee that keys will be available or handed over on the day of completion. Always check with the seller’s solicitor and be prepared to make your own access arrangements — especially for vacant or unoccupied properties.
What is a transfer deed (TR1) and why do I sign it?
The transfer deed, also known as the TR1 form, is the legal document that transfers ownership of a property from the seller to the buyer. It is an official Land Registry form and must be signed by the buyer (and sometimes the seller) in order to complete the purchase and register you as the new legal owner.
Why is the TR1 important?
The TR1:
- Acts as the formal instruction to the Land Registry to register the new owner.
- Confirms the price paid and the identity of the parties.
- May include specific terms or declarations, such as joint ownership shares or trusts.
- Must be signed by the buyer in the correct legal capacity (individual, company, trustee, etc.).
It is one of the key documents your solicitor will submit to the Land Registry after completion, along with the Stamp Duty Land Tax return and proof of identity.
What does the TR1 include?
- The full property address and title number
- The buyer’s and seller’s names
- The purchase price
- Any declarations of trust or restrictions (if two or more people are buying)
- A statement that the buyer accepts the property “subject to matters set out in the contract”
In leasehold cases, it may also refer to landlord’s consent or compliance obligations
When and how do I sign it?
Your solicitor will usually prepare the TR1 in advance of completion and ask you to sign it:
- With a witness if required (for individuals)
- Using an authorised signatory if buying through a company
- Along with proof of ID, which may also be needed for registration.
Once signed, it is held by your solicitor and then sent to the seller’s solicitor on completion day. After completion, it is submitted to HM Land Registry along with supporting documents.
Summary
The TR1 is the legal instrument that transfers ownership of the property into your name. Signing it correctly and in good time is essential for ensuring that your purchase is legally recognised and properly registered. At Versus Law, we handle all aspects of this process for you, ensuring your ownership is registered without delay.
How is Stamp Duty Land Tax (SDLT) calculated?
Stamp Duty Land Tax (SDLT) is a tax payable when purchasing property or land in England and Northern Ireland. As of 1 April 2025, several key changes have been implemented, affecting both first-time buyers and those purchasing additional properties. It’s crucial to understand these rates to accurately calculate your tax liability.
Residential property rates (effective from 1 April 2025)
- Up to £125,000: 0%
- £125,001 – £250,000: 2%
- £250,001 – £925,000: 5%
- £925,001 – £1.5 million: 10%
- Above £1.5 million: 12%
These rates apply to the portion of the property price within each band.
First-time buyer relief
First-time buyers benefit from reduced rates:
- Up to £300,000: 0%
- £300,001 – £500,000: 5% (on the amount above £300,000)
IMPORTANT: If the purchase price exceeds £500,000, standard residential rates apply to the entire amount.
HIGHER RATES FOR ADDITIONAL PROPERTIES
If purchasing an additional residential property (e.g., buy-to-let or second home), a 3% surcharge applies on top of the standard rates:
- Up to £125,000: 3%
- £125,001 – £250,000: 5%
- £250,001 – £925,000: 8%
- £925,001 – £1.5 million: 13%
- Above £1.5 million: 15%
This surcharge applies if you own another property anywhere in the world.
NON-UK RESIDENT SURCHARGE
Non-UK residents are subject to an additional 2% surcharge on residential property purchases. This is in addition to the standard rates and any applicable surcharges for additional properties.
NON-RESIDENTIAL AND MIXED-USE PROPERTIES
For non-residential or mixed-use properties:
- Up to £150,000: 0%
- £150,001 – £250,000: 2%
- Above £250,000: 5%
Note: Mixed-use properties combine residential and non-residential elements, such as a shop with a flat above.
CALCULATING AND PAYING SDLT
- SDLT must be paid within 14 days of completion.
- Your solicitor will typically handle the calculation and submission of the SDLT return to HM Revenue & Customs (HMRC).
- Delays in payment can result in penalties and interest charges.
SUMMARY
Understanding the current SDLT rates is essential for budgeting your property purchase. The recent changes, effective from 1 April 2025, have lowered the thresholds, potentially increasing the tax liability for many buyers. At Versus Law, we provide expert guidance to ensure accurate SDLT calculations and timely submissions, helping you navigate these complexities with confidence.
What happens on completion day?
Completion day is the final stage of the property transaction — the moment when ownership of the property officially transfers from the seller to the buyer. For auction purchases, completion usually takes place 14 or 28 days after the auction, depending on the contract. It’s a legally significant day that comes with strict obligations, especially if you’re the buyer.
WHAT HAPPENS BEHIND THE SCENES?
On the day of completion, your solicitor will:
- Send the balance of the purchase money to the seller’s solicitor by bank transfer — usually by CHAPS payment.
- Confirm receipt of signed documents, including the TR1 transfer deed.
- Ensure that any undertakings (e.g. mortgage redemption) are in place from the seller’s side.
- Once funds are received, the seller’s solicitor will confirm legal completion.
- You will now legally own the property — even if keys haven’t been handed over yet.
WHAT YOU NEED TO DO AS THE BUYER
- Ensure your funds are with your solicitor in advance — ideally the day before.
Be available to sign final documents (if not already done). - Arrange insurance (if not already in place).
- Confirm key collection arrangements — this may not be automatic.
- Be prepared to deal with utilities, security, or cleaning if the property is vacant.
WHAT IF THERE’S A PROBLEM?
If completion is delayed due to late funds or missing paperwork:
- You may be charged daily interest (as set out in the contract).
- After a certain point, the seller may serve a Notice to Complete, giving you 10 working days to remedy the breach.
- If you still don’t complete, the seller may terminate the contract, keep your deposit, and sue for losses.
These are standard risks in any property purchase, but in auctions, they are strictly enforced due to the short deadlines.
SUMMARY
Completion day is when you become the legal owner of the property. Make sure your solicitor is fully instructed and your funds are in place well in advance. At Versus Law, we carefully manage the completion process to ensure funds are sent securely, deadlines are met, and legal ownership is transferred without delays.