Buying at Auction

Buying at auction is not as scary as many believe and the steps below should help get you ready to bid.

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View the Property

Once you have found a property you are interested in, we recommend you always inspect it prior to bidding. Please contact a Strakers office to arrange a viewing, there are usually 6-8 open days in the build-up to the auction.

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If you decide to have a survey, we will try to arrange access for this purpose. If you require recommendations for surveyors, please don’t hesitate to ask the auction team.

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Legal Documents

Please ensure you register and download the legal documents prepared by the sellers’ solicitor. We recommend that you always seek professional advice as Strakers cannot advise on the contents of the legal pack, please always check the special conditions for any additional costs payable in addition to the purchase price. You can register for the legal documents via the link on the Lot webpage. Any addendums added by the auctioneers will be listed here too.

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Arrange Finance

If you need to raise finance or arrange a mortgage it is recommended that you obtain an offer in principle from your lender prior to the auction. Please ensure your financial advisor is aware of the auction date and completion date (usually 20 working days after the auction). If you require financial advice, please speak with the auction team and we will put you in contact with an independent financial advisor.

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You can register to bid through the lot page, the auction team will endeavour to help you through the process. You will need to comply with all anti Money Laundering Regulations and from 6 days prior the auction you will need to enter your Payment Details for your £1,000 Bidder Security (only taken if you are the successful bidder), you will not be able to bid until you have completed all of your registration. On auction day the bidding window opens at 8am and Lot 01 of the auction will close at 5pm with each subsequent Lot ending 5 minutes later. A more comprehensive guide to bidding can be found here.

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Winning Bidder

If you are the winning bidder on the fall of the virtual gavel, this will be a legally binding exchange of contracts. Your Bidding Security will automatically be taken and a member of the auction team will contact you to confirm the contract details and arrange the payment of the remainder of the 10% deposit and the buyer’s fee.

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Completion is generally 20 working days after the auction and once we have had confirmation of completion, the keys will be available from the relevant Strakers office.

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Welcome to Strakers Auction team! Whether you’re here for the first time or you’re a seasoned auction seller our wonderful team will be there to lead you every step of the way and answer any questions you may have. Get in touch today, we very much look forward to hearing from you.

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