Buying at auction is an exciting way to purchase a property. If you're lucky, you may even bag a bargain.

It's not as nerve-racking for first-timers as you might think – one twitch and you've bought a mansion in Mayfair – but you must do your homework. Have you visited the property? Have you conducted due diligence? How will you make your bid known?

To help you answer these, and other important questions, Savills Auctions has drawn up an essential guide to buying property at auction.

FINDING PROPERTIES FOR AUCTION

Buying at auction should be a quick, simple and stress-free process. Once you have identified the property you are interested in from the online catalogue, contact the team to arrange a viewing. No registration is necessary for this, but contact the auction team or check online beforehand to make sure the property has not been withdrawn or sold prior to auction.

THINGS TO DO BEFORE THE AUCTION

Before the auction, it is important to obtain the legal pack for the property you are interested in, which is downloadable from the Savills website. We recommend that a solicitor checks through any legal documentation and that you arrange a survey before any bids are placed. A surveyor should contact the auctioneers to arrange access.

Our online details are regularly updated with any amendments and a full list of changes will be published on our website one day prior to the auction. We recommend that you read this thoroughly before auction day as any amendments will form part of the contract.

WHAT HAPPENS DURING THE AUCTION

Savills online auctions start around 9am when bidders will be able to log on to watch the livestream and follow the day’s events. You can bid live on our website or, if you have opted for telephone bidding, we will call you when the property you are interested in comes up and submit bids on your behalf. You can also submit proxy bids in advance.

If you are uncertain about what you are buying or have doubts over the process or completing on time we would advise you not to bid at auction.

If you are successful at bidding then you will be required to pay a 10% deposit on the property and our buyers fee (£250 inc VAT below £20,000 and £1,500 inc VAT at and above £20,000).

AFTER THE AUCTION

Completion usually takes place 20 working days after the date of exchange under the supervision of your solicitor. Please note that properties being sold at auction are sold unconditionally. If you are the successful bidder, you are legally obliged to complete the sale.

Further information

You can view Savills upcoming auction dates here.

Contact the Savills Auction team for more information and guidance or visit the Savills Auctions website.