MG Legal Solicitors 
Longridge: 01772 783314 Garstang: 01995 602129 Lancaster: 01524 581306 Lytham: 01253 202452  
An open laptop, on which a person can now buy auction property; our Auction Conveyancing Solicitors discuss traditional open market sales v auctions in our recent blog.
When looking for a new home or investment property, one route you might consider is purchasing through an auction. Auction properties can offer unique opportunities but come with their own set of rules and processes, distinct from buying a house on the open market. In this blog, our Auction Conveyancing Solicitors in Lytham explore what auction properties are and how the buying process differs from traditional property buying transactions. 

Fixed-fee Conveyancing Solicitors

MG Legal's leading Auction Conveyancing Solicitors offer all of our Conveyancing services on a clear, fixed-fee rate.  
Our team put your first, and work with care to ensure that your wishes are met. Call us today on a free, no-obligation basis at: 01253 202452. 
Get in touch today to speak to our Auction Conveyancing Solicitors in Lytham. 

What is an Auction Property? 

An auction property is a home or commercial space sold through a public bidding process. These properties often come from banks looking to sell foreclosed homes, government agencies selling seized properties, or private sellers seeking a quick sale, such as Probate property sales. Auctions can be held in-person or online, providing a transparent and competitive environment for purchasing property. 

Reasons Properties End Up at Auction 

Mortgage Lender Repossession: When a homeowner fails to pay their mortgage, the lender may repossess the property and sell it at auction to recoup the loan amount. 
Estate Sales: Executors of estates might choose to auction properties as a way to settle the estate of a deceased person quicker and in a way that is almost more guaranteed. 
Distressed Sales: Sellers in urgent need of cash might opt for the speed of an auction. 

Buying Process: Auction vs. Open Market 

The process of buying an auction property differs significantly from traditional property purchase and sale transactions. Here’s how: 



Buyers need to do extensive research before the auction, including understanding the property’s condition, title status, and any charges or encumbrances. It’s also essential to secure financing ahead of time since auction purchases often require payment in full within a short period after the sale. 

Open Market: 

Buyers typically have more time to research properties, arrange viewings, and secure a mortgage. Offers can be contingent on financing, surveys, and the sale of another property. 

Bidding and Pricing 


The purchase price is determined through competitive bidding. This can result in properties selling for below market value, though popular properties might fetch higher prices due to competition. Buyers also need to be aware of any additional fees, such as the fees payable to the auction house, and other fees that may be available. 

Open Market: 

The price is negotiated between the buyer and seller, often with the assistance of estate agents. The negotiation can include price adjustments based on inspection findings or market conditions. 

Why choose MG Legal Solicitors? 

No hidden fees.

Transparent fees. 

Our solicitors offer their services on a clear fixed-fee or hourly rate, and accept personal injury claims on a no win no fee basis. 
We are the experts

We are the experts. 

Here at MG Legal, our team of friendly solicitors are fully-qualified and have over thirty years' experience in helping clients just like you. 
Regular Communication

Regular communication. 

When you work with MG Legal, your solicitor will be in regular contact so you have step-by-step updates. 
Multiple Office locations.

Multiple office locations. 

If you are looking to instruct our solicitors, we have offices in Garstang, Longridge, Lancaster and Lytham for your convenience. 

Payment and Closing 


Winners are typically required to make a non-refundable deposit immediately after the auction and pay the remaining balance within a short timeframe. The closing process is swift, and there’s little room for negotiation after the auction. 

Open Market: 

The closing process can take several weeks or months, allowing time for inspections, appraisals, and securing a mortgage. Buyers can negotiate repairs or price adjustments before finalising the sale. 

Risks and Rewards 


There’s potential to snag a great deal, especially on properties that attract less attention. However, the risk is higher due to the as-is nature of auction sales, limited ability to inspect properties thoroughly, and the need for immediate payment. 

Open Market: 

Buyers can fully vet properties and negotiate terms, reducing the risk of unforeseen issues. The process is more controlled and provides more protections for buyers, but this might also mean paying closer to market value. 
Purchasing an auction property can be an exciting opportunity to find a unique property at a potentially lower price. However, it requires thorough preparation, quick decision-making, and a willingness to navigate the uncertainties of the auction process. In contrast, buying on the open market offers a more traditional, less risky route to homeownership or property investment. Both methods have their advantages and challenges, and the best choice depends on your financial situation, risk tolerance, and property goals. 
If you are selling or buying a property at auction, contact our Auction Conveyancing Solicitors in Lytham for a fixed fee quote, on 01253 202 452 or via email to Read our blog on how to choose an Auction Conveyancing solicitor that’s right for you, here

Why choose MG Legal, Auction Conveyancing Solicitors? 

Clear, fixed-fees 

Fully-Qualified Conveyancing Solicitors 

Tailored Service 

Multiple Office Locations 

Decades of Experience 

Home Visits 

Share this post:

Leave a comment: 


Our site uses cookies. For more information, see our cookie policy. Accept cookies and close
Reject cookies Manage settings