Buying at auction
At a traditional auction the hammer means exchange: you're committed, pay about 10% that day and usually complete within 28 days.
Read the legal pack before bidding and ask a solicitor to review it. Look for buyer's fees, unusual special conditions and searches.
You need finance ready (often bridging) because 28 days is too short for most mortgages.
Modern-method (conditional) auctions give longer to complete but add a reservation fee.
What to check
- Legal pack reviewed
- All buyer's fees added to your maximum bid
- Finance agreed before the day
Who can help
A solicitor to read the legal pack; a bridging broker if needed.
Official sources
Checked 5 November 2026. General information for England and Wales, not legal advice.