In this comprehensive guide, we'll walk you through the entire auction process, from finding the perfect property to placing your winning bid. Whether you're a seasoned investor or a first-time buyer, this step-by-step approach will equip you with the knowledge and confidence you need to succeed.
Ready for something new?
If the house hunt isn't quite matching up to your property goals, give Foxtons hybrid auctions a go. Veering away from the traditional auction house style, this is a unique way to find your new home or investment property in London. With a remarkable range of options, competitive pricing and our expert guidance, you're just a few clicks away from discovering the perfect place to call home.
Step-by-step guide:
Prepare your finances
First, it's crucial to understand your budget. If you're paying with cash, that's simple enough.
However, you can also participate in Foxtons auctions with a mortgage. Learn more about it here: Using a mortgage to buy an auction property
Proof of funds
Foxtons hybrid auctions are designed for transparency. This means you will need proof of funds to participate.
Mortgage buyers need an agreement in principle from a lender. This confirms their willingness to provide the loan if your bid is successful.
Get Mortgage-ready with Alexander Hall
We recommend Alexander Hall, our partner mortgage broker. They can help you secure an agreement in principle so you can participate in property auctions in London.
Get your solicitor onboard early
Buying a home at auction requires quick action, so it's important to involve your solicitor from the start. Our auction packs are the full legal packs containing all the necessary information. With this, your solicitor to start their work early in the process.
The Auction pack includes:
• Searches (including Local Authority)
• Leases
• Management information
• Energy Performance Certificate
• Title register and title plan
• Fittings and fixtures form
• Auction terms and conditions
• A property information form for things like disputes, work undertaken, general questions etc.
• …among other things
To make things easier, we recommend using Conveyan, a panel of conveyancing firms with a proven track record in Foxtons auctions. They can match you with the perfect solicitor to guide you through your purchase.
Book a viewing
Find your perfect property fast through Foxtons auctions. From total renovation projects to move-in ready homes, we have something for everyone. Start by browsing our auction property.
See something you like? Click the 'Register your interest' button on the page, or call our auction team on 020 7893 6060. We’ll send you an information pack and arrange a viewing. You can place a bid at the viewing or on auction day.
Looking for something specific? Let us know what you're searching for, and we'll tell you the moment we have it.
Placing an early bid
If you love the property, the next step is to make a prior auction bid. If accepted by the vendor, you'll proceed like a normal deal, have your solicitor raise enquiries from the auction pack for you and apply for the mortgage as soon as possible.
Register on our partner platform
When you're ready to exchange, our experienced team will guide you through an easy registration process using the BidX1 platform.
Once registered, you will need to send a buyer's fee and a percentage of the property deposit, so everyone involved can be assured all bids are genuine. If you do not place the winning bid, your deposit will be returned.
Placing your bid
You may be the only buyer, in which case, you place your bid and we'll proceed to exchange. If there's more than one buyer, the auction will begin and you can see who is bidding, how much they bid and when they bid, so you won't be competing against anonymous phone bids.
In that circumstance, you will have every opportunity to place your bid. If someone puts in a bid at the very last second, the auction will remain open a minute longer to give you a chance to respond. This will continue until all bids are in.
Your new home
If you win, your fee and the rest of the 10% deposit is taken. (The fee will be refunded in the rare occasion of a fault from the seller.) The contracts are quickly sent, and you have 20 days to complete your purchase.
We get it done fast
If you’re looking for auction property – either to move in sooner or to find hidden gems in some of London’s best locations – browse our current Auction Properties.
First auction? Foxtons Auction team will walk you through the process, every step of the way.
Source: This article was sourced from and edited by the Foxtons Auction team, drawing on their extensive day-to-day experience helping homeowners navigate auctions. Our team have genuine expertise and practical insight to offer, so if you have any further questions or want guidance on property auctions, get in touch with the Foxtons Auction team.
