Buy your London property at auction in St Johns Wood
If you want to buy a property in London, and am trying to bag yourself a bargain by buying at an auction, consider attending auction’s held in St Johns Wood, currently selling properties located all over the London area. Not only does buying at an auction often save you a lot of money, it also speeds up the process of ownership cutting out most of the typical home buying delays. Before you rush into St Johns Wood to buy yourself a property, you should familiarise yourself with auctions, the way they work and what you need to do prior to auction day. Here is some information you might find useful: • Go to a few auctions with the intention of buying nothing, start to understand the process and the jargon that they use, speak to as many people as possible, preferably people who have bought at an auction before. • Once you have a better feel of auctions, decide which one you are going to attend and obtain a catalogue that will detail all of the properties for sale, it will show you photographs of the property and list information about it, furthermore it will offer you a price guide. If there are any properties in the catalogue that you like do some further research into the properties and arrange some viewings. • If you decide to bid on one of the properties you find, there are some things to need to get in place for the day of the auction. o Your solicitor needs to have had chance to look over the auctioneers catalogue and read the terms and conditions, furthermore they will need to read through the legal pack they will have received from the sellers solicitor which includes the title deed’s, and conduct their own searches and enquiries into the property. o You will need to ensure that you have a deposit ready on the day of the auction. This is usually either 10% or a specific minimum payment set in place by the auction house. o You will also need to have a mortgage in place as the balance (minus the deposit) of the property should be paid within 28 days of the auction date. To obtain a mortgage you will need to have the property professionally valued. o Set yourself a budget, give yourself a figure that you are willing to go up to when bidding, but not go over. Keep in mind any other expenses linked to buying the house when you make this decision, for example, solicitors fees, valuation or survey fees etc. • Properties listed as ‘unless previously sold’ are properties that the seller may agree to sell before the auction date. If the property you like is listed as this, it makes sense to make a direct offer before the auction date, otherwise someone else might beat you too it. • It is advisable to call the auction house on the day of the auction, to ensure that the property you are interested in is still up for sale. If you are not able to make it to the auction house, call in the morning to see if you can bid over the telephone or internet. • When you get to the auction house you will need to register some information, yours and your solicitors details, once this has been completed you will have a bidding number given to you. • When it is time for your property to be auctioned, make sure that you can be seen easily.• Within 28 days the paperwork will be finalised and the property is yours.