If you’re planning to bid, here is your essential roadmap: 1. Secure an Agreement in Principle (AIP)
Lenders won't mortgage properties they deem "uninhabitable" (e.g., no working kitchen or bathroom). If you’re looking at a fixer-upper, a standard mortgage might be rejected, and you may need instead. 💡 Pro Tips for Auction Buyers: buying at auction with mortgage
This is an extra fee paid to the auctioneer on top of the purchase price. If you’re planning to bid, here is your
Check for hidden fees or sitting tenants. 💡 Pro Tips for Auction Buyers: This is
Do not step into the auction room without an AIP. Because of the tight 28-day completion window, you need to know exactly what a lender is willing to give you before you raise your hand. 2. Consult a "Lending-Specific" Solicitor
Standard conveyancing can take months. You need a solicitor experienced in auctions who can review the before the auction and move at lightning speed once you win. 3. The Valuation Hurdle
Buying with a mortgage is doable, but preparation is everything. If the bank stalls, you lose your deposit and the house.