It's 2^nd January and we are all counting the pennies and calories after having spent up and over indulged at Christmas and New Year, so it may not seem the best time to consider buying a property at auction. However, the new year is often the best time to buy at auction when the auctioneers are busy with mortgage repossessions and bargains can be had.

Buying at auction for the first time can be fraught with stress and uncertainty. However, this doesn’t need to be the case if you are organised and have everything in place before the auction.

Before the auction you should obtain a copy of the auction pack from the auctioneers. This will usually contain a copy of the title register, title plan, any documents referred to in the title, a copy of the lease (if leasehold), auctioneers conditions of sale, any special conditions of sale and the energy performance certificate. It may also include a local authority and drainage search. Usually properties sold at auction are sold as seen, so there is unlikely to be a fittings and contents form.

You should instruct a solicitor as soon as possible to consider the title papers and raise enquiries with the Seller's solicitors. You should also make an application for a mortgage to be agreed in principle (if you are not a cash buyer) and consider having a survey undertaken prior to the auction to ensure there are no structural problems.

You will need to have a 10% deposit ready and available, as you will need to pay this to the auctioneers at the auction if you are successful.

If you are successful at auction, you will usually have 28 days from the date of the auction until you will be required to complete the purchase. In this time your solicitor will finalise the legal matters and you should finalise your mortgage and organise any further monies that will be required on completion.

Osbornes is experienced in acting for both buyers and sellers at auction.

Osbornes underwent a rigorous application and assessment by the national Law Society to become part of CQS initiative, which recognises high quality in residential conveyancing. CQS has the support of the Council of Mortgage Lenders, the Building Societies Association, Legal Ombudsman and the Association of British Insurers.

If you have any questions regarding the above or would like advice on any other property issue please contact Justine by:

• E-mailing either Justine Simms 
• Calling on 020 7485 8811
• Filling in our online enquiry form.