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THE TRADITIONAL METHOD OF BUYING
IN BATH

Auction properties are an excellent way to buy an investment property, or buy a property at a bargain price. FIND OUT EVERYTHING YOU NEED TO KNOW ABOUT THE TRADITIONAL METHOD OF AUCTION IN BATH.

Welcome to Lyons Bowe! We’ll be in touch soon to say hello!

We are currently reviewing the property’s title documents.

Congratulations! You’re officially the owner of your new property!

Staff Jade Doherty

1

ARRANGE A
VIEWING

2

REGISTER
ACCOUNT

3

AGREEMENT IN
PRINCIPLE

4

BUYER’S INFORMATION
PACK REVIEW

5

BID &
RESERVATION

6

GET A
MORTGAGE

7

GET
INSURANCE

8

COMPLETE
PURCHASE

ARRANGE A
VIEWING

Just like any other purchase, you will be able to go and view the property that you plan to purchase at auction. The auction will be on a fixed date, so if you are seriously looking to purchase an auction property, then we recommend leaving enough time between the viewing and the auction to review the Buyers Information Pack, have a solicitor review the auction pack, perform any additional searches that may be necessary, and have a surveyor survey the property if work will be needed on the property.

Lastly, always leave enough time to think and weigh up your options before you go to the auction.

  • ESTATE AGENT
  • YOU
  • AUCTION HOUSE

THE ANSWERS TO YOUR
AUCTION QUESTIONS

ANSWERED BY

RACHAEL AYDEMIR

HEAD OF AUCTIONS

WHAT IF I PULL OUT OF A TRADITIONAL AUCTION PURCHASE?

In the modern method, if you pull out of the purchase within the first 28 days and before you exchange contracts, you’ll lose your reservation fee and possibly any admin fees.

If you pull out after you’ve exchanged contracts, you’ll lose your reservation fee, deposit and possibly any admin fees.

If the seller pulls out of a modern auction sale, you’ll still get your reservation fee and deposit back.

HOW MUCH DOES IT COST TO BUY A TRADITIONAL METHOD AUCTION PROPERTY?

Cost of Auction Pack Review (Buying with Mortgage)
£1,250 for file review
£250.00 for completion of matter

Cost of Auction Pack Review (Buying with cash)
£1,500 for whole of matter

WHAT ARE THE PROS OF BUYING AN AUCTION PROPERTY?

  • You have full view of what other people are bidding so you are less likely to get gazumped
  • The purchase process is much quicker than a standard purchase
  • Banks and building societies are increasingly more willing to lend for an auction purchase than they used to be
  • Everyone bids at the same time, so you won’t be rushed into making an offer

WHAT ARE THE CONS OF AN AUCTION PROPERTY?

  • You can fall in love with a property, but you may not end up holding the winning bid
  • There are significant upfront costs when you purchase the property
  • It’s much harder to back out of an auction property than a standard purchase

CAN I BUY AN AUCTION PROPERTY WITH A MORTGAGE?

Yes, but this will vary from property to property. Your lender will need to confirm that they’re prepared to lend on the property.

It’s unlikely that a lender will accept a 5% mortgage/95% Loan to Value, but this will vary from lender to lender.

WHY DO I NEED TO PAY A RESERVATION FEE?

The non-refundable reservation fee is paid by the winning bidder as a way of securing the property. The reservation fee also acts as a form of collateral for the sale, meaning the chance of the sale falling through is vastly reduced.

WHAT IF I GET GAZUMPED?

In the modern method of auction, the seller is also bound by the Terms and Conditions, so they are not allowed to accept other offers during the reservation period (once the gavel falls).

If the seller wishes to pull out of the sale for any reason all of your fees, minus the admin fees, will be returned to you.

the team

ASK A QUESTION

No chat bots, just human beings here! Ask us a question and we’ll respond within 1 working day. Your question might be added to our FAQs to help anyone else with the same question. It’s nice to help others.

ASK A QUESTION

WHAT IF I PULL OUT OF A TRADITIONAL AUCTION PURCHASE?

In the modern method, if you pull out of the purchase within the first 28 days and before you exchange contracts, you’ll lose your reservation fee and possibly any admin fees.

If you pull out after you’ve exchanged contracts, you’ll lose your reservation fee, deposit and possibly any admin fees.

If the seller pulls out of a modern auction sale, you’ll still get your reservation fee and deposit back.

HOW MUCH DOES IT COST TO BUY A TRADITIONAL METHOD AUCTION PROPERTY?

Cost of Auction Pack Review (Buying with Mortgage)
£1,250 for file review
£250.00 for completion of matter

Cost of Auction Pack Review (Buying with cash)
£1,500 for whole of matter

WHAT ARE THE PROS OF BUYING AN AUCTION PROPERTY?

  • You have full view of what other people are bidding so you are less likely to get gazumped
  • The purchase process is much quicker than a standard purchase
  • Banks and building societies are increasingly more willing to lend for an auction purchase than they used to be
  • Everyone bids at the same time, so you won’t be rushed into making an offer

WHAT ARE THE CONS OF AN AUCTION PROPERTY?

  • You can fall in love with a property, but you may not end up holding the winning bid
  • There are significant upfront costs when you purchase the property
  • It’s much harder to back out of an auction property than a standard purchase

CAN I BUY AN AUCTION PROPERTY WITH A MORTGAGE?

Yes, but this will vary from property to property. Your lender will need to confirm that they’re prepared to lend on the property.

It’s unlikely that a lender will accept a 5% mortgage/95% Loan to Value, but this will vary from lender to lender.

WHY DO I NEED TO PAY A RESERVATION FEE?

The non-refundable reservation fee is paid by the winning bidder as a way of securing the property. The reservation fee also acts as a form of collateral for the sale, meaning the chance of the sale falling through is vastly reduced.

WHAT IF I GET GAZUMPED?

In the modern method of auction, the seller is also bound by the Terms and Conditions, so they are not allowed to accept other offers during the reservation period (once the gavel falls).

If the seller wishes to pull out of the sale for any reason all of your fees, minus the admin fees, will be returned to you.

the team

ASK A QUESTION

No chat bots, just human beings here! Ask us a question and we’ll respond within 1 working day. Your question might be added to our FAQs to help anyone else with the same question. It’s nice to help others.

ASK A QUESTION
plus iconminus icon

WHAT IF I PULL OUT OF A TRADITIONAL AUCTION PURCHASE?

In the modern method, if you pull out of the purchase within the first 28 days and before you exchange contracts, you’ll lose your reservation fee and possibly any admin fees.

If you pull out after you’ve exchanged contracts, you’ll lose your reservation fee, deposit and possibly any admin fees.

If the seller pulls out of a modern auction sale, you’ll still get your reservation fee and deposit back.

plus iconminus icon

HOW MUCH DOES IT COST TO BUY A TRADITIONAL METHOD AUCTION PROPERTY?

plus iconminus icon

WHAT ARE THE PROS OF BUYING AN AUCTION PROPERTY?

plus iconminus icon

WHAT ARE THE CONS OF AN AUCTION PROPERTY?

plus iconminus icon

CAN I BUY AN AUCTION PROPERTY WITH A MORTGAGE?

plus iconminus icon

WHY DO I NEED TO PAY A RESERVATION FEE?

plus iconminus icon

WHAT IF I GET GAZUMPED?

GET AN AUCTION PURCHASE
QUOTE IN MINUTES NOW

Find out how much your purchase is likely to
cost in less than 3 minutes!

target symbol

GET AN AUCTION PURCHASE
QUOTE IN MINUTES NOW

Find out how much your purchase is likely to
cost in less than 3 minutes!

target symbol

GET AN AUCTION PURCHASE
QUOTE IN MINUTES NOW

Find out how much your purchase is likely to
cost in less than 3 minutes!

THE LYONS BOWE
APP

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LYONS BOWE APP

DIGITAL
FORMS

Our digital forms let you complete, sign, and return your forms from the comfort of your own phone in minutes. Whether you’re completing your contents form over coffee, or your source of funds on the sofa, buying and selling property’s never been easier.

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LYONS BOWE APP

PERSONAL
TO DO LIST

Your personal to do list helps you to keep on top of what we need you to do to keep your transaction moving forward.

From completing your documents, through to verifying your ID, it’s all written out for you.

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LYONS BOWE APP

SECURE PAYMENTS

Our secure payment portal lets you make your initial payment on account quicker and more easily than ever.

No need to read your card number over the phone, or take time out of work to come to our offices, it’s right there in the palm of your hand.

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LYONS BOWE APP

DIGITAL ID

ID Verification is a crucial step that we take toward keeping you and your transaction safe. We’ve made verifying your ID and source of funds easier than ever before. All you need is two forms of ID, your phone, and you’re ready to go!

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comment icon

LYONS BOWE APP

DIGITAL FORMS

Our digital forms let you complete, sign, and return your forms from the comfort of your own phone in minutes. Whether you’re completing your contents form over coffee, or your source of funds on the sofa, buying and selling property’s never been easier.

tick icon

LYONS BOWE APP

PERSONAL TO DO LIST

Your personal to do list helps you to keep on top of what we need you to do to keep your transaction moving forward.

From completing your documents, through to verifying your ID, it’s all written out for you.

mobile phone icon

LYONS BOWE APP

SECURE PAYMENTS

Our secure payment portal lets you make your initial payment on account quicker and more easily than ever.

No need to read your card number over the phone, or take time out of work to come to our offices, it’s right there in the palm of your hand.

fingerprint icon

LYONS BOWE APP

DIGITAL ID

ID Verification is a crucial step that we take toward keeping you and your transaction safe. We’ve made verifying your ID and source of funds easier than ever before. All you need is two forms of ID, your phone, and you’re ready to go!

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IT’S A TEAM EFFORT

WHO IS INVOLVED
IN A BATH AUCTION?

There are multiple parties involved in buying your property, and understanding the role of each party can help you to keep track of everything, and if you’re a first time buyer, can help you to understand the overall process that bit better.

GET A QUOTE

LYONS BOWE (SOLICITOR)

Assesses the Auction Pack submitted by the seller and Auction House and raises enquiries.

Orders the formal searches on the property if necessary and provides you with a detailed report on the results.

Arranges release of funds with your lender.

Submits the Stamp Duty Land Tax Form on time.

Submits the AP1 form to the Land Registry to confirm change of ownership.

YOU

SELLER

SURVEYOR

AUCTION HOUSE

SEARCH PROVIDERS

HM LAND REGISTRY

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