When you attend a property auction in London and elsewhere you will find properties there which are for residential and commercial purposes. Property auctions provide opportunities to purchasers who are interested in buying either for investment or other purposes.
Property auctions are usually conducted to achieve a quick sale and so more often that not a way to be able to provide quick finance is need. a bridging loans is often used to secure the purchase of a property at auction
If you are purchasing a property at an auction you need to make a decision on where you want to buy a property and how much money you wish to spend. When you have this information you are then ready to attend the auction.
However, you should always remember that, you are given only 28 days to complete the purchase process after the hammer goes down
Before bidding for a property it is essential for you to check the following
you are registered with auctioneers and get a catalog from them for their forthcoming property auctions.
Check the auctions guide prices provided in the catalogs.
If possible always check out the property beforehand before you put a bid in.
Hire a solicitor so that you receive proper legal guidance from the very beginning and don’t face any problems later on.
Be aware about all the special conditions of sale at.
Try to attain a surveyor’s report before bidding.
most importantly find a bridging loan company to assist with the necessary finance
If you do not wish to attend the auction personally then you have three options in which to bid:
Appoint someone to attend for you maybe your friend or solicitor, they can then bid on your behalf, but make sure you inform the Property Auctioneer in writing about this beforehand.
Bids can be made over the phone, but for this option you need to make arrangements with the Auctioneer in advance.
The last option you have is to bid by proxy. If you choose to do this you will have to register your highest bid with the Auctioneer. You will usually have to put down a deposit of 10% to do this.
Buying a property at an auction can be expensive; this is where bridging loans can also come in handy
If you require Bridging finance to purchase a property at auction it is advisable to get the loan amount approved in advance and not wait until the day of the auction. This will allow property investors to bid with the confidence that their finance is secure. Principal lenders will provide fast bridging loans within a day or two after your application for the loan. For the fast approval of the loans, you need to provide all the necessary documents along with the application.
London Bridging loans are loans which are secured against a property, and are normally a short term fix, and therefore the repayment time is usually between one – twelve months.
At the London finance center, we will guide you through our easy and quick paperwork in order for you to complete your purchase.