Buying a property can feel like a rollercoaster at the best of times – but whether you’re bidding in a packed auction room (or online in your pyjamas) or nervously refreshing Rightmove waiting for your offer to be accepted, the experience can be wildly different.
Let’s break it down.
Buying at Auction:
Picture the scene. The auctioneer stands at the front. Your heart is racing.
“Do I hear £200,000?”
You nod. Someone else nods. You panic nod.
And just like that – SOLD.
What makes auctions different?
1. It’s legally binding immediately
When the hammer falls, you’re committed. There’s no cooling-off period. You exchange contracts on the spot and usually have to pay a deposit straight away.
2. Speed is everything
Completion is typically required within 20–28 days. This is not the time to start organising your mortgage application.
3. You do your homework first
All due diligence must be done before auction day. That means:
- Having a Conveyancer review and advise you on the contents of the auction legal pack
- Having a survey carried out if possible
- Having your finance lined up
Once you’ve won, there’s no renegotiating because you’ve spotted damp in the cellar.
4. You might bag a bargain… or a headache
Auction properties are often:
- Repossessions
- Unmortgageable properties
- Unusual titles
Buying on the Open Market
Now let’s switch scenes.
You view a property. You fall in love. You make an offer. It’s rejected. You increase it. It’s accepted. You celebrate prematurely.
Welcome to the open market.
What makes it different?
1. It’s not binding until exchange of contracts
Your accepted offer is not legally binding. Either party can walk away before exchange. Gazumping is a very real word in the property world.
2. There’s time for negotiation
Survey reveals a serious issue? You can renegotiate.
Searches reveal a planning problem? You can walk away.
3. The timeline is longer
Typically around 12-16 weeks (sometimes longer if there’s a chain). There’s more breathing room, but also more opportunity for things to wobble.
So, Which Is Better?
It depends on your personality (and your appetite for risk).
You might prefer auction if you:
- Like certainty and speed
- Are an investor or experienced buyer
- Have cash or pre-approved finance ready
- Enjoy a bit of adrenaline
You might prefer the open market if you:
- Are a first-time buyer
- Need a mortgage with standard timelines
- Want the opportunity to negotiate
The Legal Takeaway
At auction you should ideally have a Conveyancer review through an auction pack and provide you with pre-auction advise before the date of the auction. This means that your Conveyancer does the heavy lifting before you bid.
On the open market:
Your Conveyancer gets started after your offer is accepted.
Either way, good legal advice is critical — just at very different stages of the process.
Final Thoughts
Buying at auction is like speed dating — intense, decisive, and potentially life-changing in under five minutes.
Buying on the open market is more like a long courtship — surveys, searches, negotiations, and the occasional emotional wobble.
Both routes can get you the keys. The question is:
Do you want the hammer… or the handshake?
Considering your next move?
Whether you are preparing for auction day or negotiating an open market purchase, early legal advice can save time, stress and unexpected costs. Speak to a conveyancer who can guide you through the process with confidence. Contact us.
