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
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
Check for hidden fees or sitting tenants. Standard conveyancing can take months
This is the biggest risk. Your lender will require a valuation after you’ve won. If the surveyor values the property lower than your winning bid (a "down-valuation"), you must bridge that financial gap yourself or risk losing your . 4. Property Condition Matters The Valuation Hurdle Lenders won't mortgage properties they
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
You’ll need to pay 10% immediately on the day.
This is an extra fee paid to the auctioneer on top of the purchase price.