How To Buy UK Property from AUCTION | Inside A LIVE Auction UPDATED
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- čas přidán 19. 04. 2022
- Want to know how to buy uk property from auction?
Watch as I bid on an online auction property while filming this video to learn more about how property auctions work, as well as the pros and cons of buying and selling at auction.
Here's a step by step process on how to successfully bid a property from an auction.
I will share inside a property auction live you can see the process I went through to secure this property.
Get some property auction tips and information that will help you should you buy at auction in the future.
I deep dive into my property auction strategy and what I did before and after the auction.
Comment below any questions or thoughts.
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430 is definitely too low for a two bedroom terrace, so much so that the landlord went bust, how much would council taxes be for such a house in Doncaster?
Invaluable and insightful video. Thank you James.
🙏
Well explained, thanks James
Very insightful video, saved me diving into a property purchase with no previous knowledge, will be joining the course for sure, very transparent I wish you smash youtube!
Thanks so much.
thanks for your videos, really useful and love that you make it as straight forward as possible.
Thanks Beth glad you are getting value from the channel.
Congratulations. That was fun to watch.
Thanks so much!
Brilliant video throughly enjoyed it
Thanks so much glad you enjoyed it, I hope it helps you find an investment property in the future
Very informative and you kept the whole time interesting to watch. Thank you for the time
Thanks I had no idea how long this video would be and the auction just kept extending and extending 😂
Very good video going into the behind the scence checks and how to do this. Thanks for taking the time to do.
Thanks Mark means a lot glad you got value and hope it helps you buy in future.
Brilliant video. Thanks for sharing. Really insightful.
Glad it was helpful!
very useful and detailed and practical, thank you so much
Glad you liked it
Absolutely brilliant and useful info Thanks !
Glad you enjoyed it!
Auction house fake bids should be illegal. That’s basically scamming!
Agree
I used to go to general auctions but you had to be continually alert to the auctioneer taking imaginary bids.
Very helpful… thanks!!
Awesome glad you enjoyed it.
all the buttons smashed! thanks for the wonderful contents, keep going! x
Awesome thats what we like to hear thanks appreciate it.
Great video. Very helpful, thanks buddy.
Glad it helped
So detailed.
🙌
Thank you very much mister James.
No problem glad you found it useful.
Very useful information 👍🏽
Glad it was helpful!
Hats off for the great content- very useful👍
So nice of you
Amazing, thank you for a brilliant video.
Glad you enjoyed it!
Nice information video Thanks
Welcome
14 minutes in, and this is a really good video. looking to buy my first property in the next year or so, hopefully to flip or rent out just looking for ideas and tips. Thankyou and goodluck.
Glad it was helpful!
Thank God for Georgia! Her existence has allowed for these precious valuable lessons
Bless you 🙌
Amazing video. I knew nothing about auctioning and you explained everything so well! I will definitely be subscribing and listening to your videos when driving to and from work every day from now on. It’s an hour each way so the long video format works out perfectly for me.
Awesome! Thank you!
Very powerful video for me
Glad to hear that
Thank you a lot for this video. This is very interesting and informative. Keep posting like those amazing videos, this is awesome.
Thank you! Will do!
Great video
Thanks glad you found it useful.
Useful info. Thanks. Do you offer advice or other?
Really interesting! I have always wondered how the bidding system works. I thoroughly enjoyed your 'Shit!' at the end! Looking forward to seeing how this pans out!
Thanks we already completed the project you can see it here czcams.com/video/eh-gPZ3spDI/video.html enjoy
This video was very useful, your daily quick shoot vids are great also but these long form detailed videos are what will grow your channel to the next target
Great feedback thanks will make some longer ones
@@propertyaccelerator aucspace says its shut down who do you use now to do the quick auction pack check?
i just found your chanel and i agree with the above comment. the depth of your video is impecible. ive just subscribed. @@propertyaccelerator
Really enjoyed this video. Going to watch some more of your videos and portfolio etc. Looking in to this myself as a director of a Ltd company. Great job 🙌🏼
Awesome, thank you!
I have really enjoyed this video and have learnt a lot. Thank great work
I liked and subscribed !
Awesome thanks so much.
Thank you
You're welcome
Great Vid James
Thanks buddy 🙌
Congratulations
Thanks 🙏
That was pretty fun, semi addictive. Need to hold your nerve and stick to a budget.
Thanks it just kept extending and extending thought it would never end!
Great video really enjoy it and learned a lot. Many thanks
Glad to hear it!
Exactly what I wanted to see and very informative ! Aucspace is closed now - any alternatives ?
Hey sorry no alternative, only option is to get a solicitor to check for you.
Really good.....more of the same please...love the detail!
Thanks so much
Love the videos, can you buy at auction if your wanting to mortgage a property or do need to be cash only ideally
Cash or Bridging Loan czcams.com/video/iAWJrYDWjgs/video.htmlsi=pqdJheSs3L0ZmgZt
Good video thank you👍🏻
Thanks 🙏
Very helpful. Which auction website to use? Seems there's quite a lot of auction house, i'm not sure which one to focus for North West auction properties. Thanks.
I use whichever had the property I want, this video was Taylor James auctions. Most auctions are listed on rightmove prior to selling.
For someone who knows nothing about buying property at auction ,I found this very informative ,so basically what ever you pay on your winning bid you've got to add about 6 grand on top for fees ect ,is that right ,? ,and thanks for putting this up...
Fees are different for each auction, you need to check those fees before you bid.
Great video, best i've seen on yt so far. Does the completion date of 10 days depend on how quick your solicitor is willing to work on it, or would the solicitor not be required here, e.g you could just go ahead and pay for it yourself? thanks in advance.
Whatever they set in the terms as completion date has to be hit. If your solicitor is too slow you lose your money. So find a good local solicitor who can work to the deadline.
@@propertyaccelerator i see thanks James 👍
Thanks James for showing in detail how to buy through auctions. Although I currently rent out out a few properties I have bought them the traditional way using an estate agent and a BTL mortgage. I really appreciate the way you are very upfront how you do things which is a lot better than all the generic CZcams videos that you tend to get. At the moment I am not buying properties because the interest rates are too high and I need to wait to renew my mortgages in March 2027. Hoping the interest rates will come down by then otherwise my profit margin is really going to be hit. Recently got hit in Peterborough by selective licensing (cost me £3648) through a private company called Home Safe. I heard they have been operating in Doncaster. What are your thoughts about selective licensing and does it affect which areas you choose to buy through an auction? Also what impact do you think Labour are going to have on landlords when they get elected next month?
I have selective licensing in Hastings. I think its pointless, it does not make me a better landlord. Nobody checked my properties or anything about me they just took money from me thats all! If they checked landlords out it might improve rentals.
@@propertyaccelerator So you've been affected by selective licensing in Hasting. I totally agree James that selective licensing is a waste of time and just a cash cow for the Peterborough council and Home Safe. I complained to the Tory government and an MP called me, then did nothing about it.
Hi,
Great video for who want to be involved in auctions.
I never liked the online things and i have few questions for this. What happens if you put by mistake one more zero in a bid? Example for 100k you put 1 Mln.
And what's the protection on this auction account to don't be hacket?
Thanks a lot.
I dont know to be honest, I would call the auction house before you bid they are really good at answering your questions.
Nice video!!
Please, could you share the website where you bought this house?
Your image was covering the link.
Thank you so much.
www.taylorjamesauctions.co.uk/
@@propertyaccelerator Thank you so much 🙏🏾
Hi i was watching till the end, can you please tell me can i buy Tenure Not available property ? is it can be freehold ? thank you
You can buy any property, you will need a solicitor to tell you if you can buy with a mortgage. If not you will need to buy cash.
My first time tuning into your channel, from overseas. I am surprised, by how you have responded, to so many comments. I want to ask you...What is the equivalent, of U.S. real estate wholesaling, in the UK ?
Thanks we call it deal sourcing.
Awesome actions towards the end well done on the purchase James. How do I find auctions that were previously repossessed by the bank? I am a first-time buyer with a deposit of 10%+ if I decide to go for an auction and I win one is there any other way to pay for the property if I don't have all of the money to cash in? Can I go through the process of the mortgage loan and if the bank is late with the issue of the load then what happens to the action in this case? Do I lose it, or there are options to wait for the bank to do their due diligence?
I would not buy from auction as a first time buyer. You need to be able to buy with cash as you only have 30 days to complete and that wont happen on a mortgage.
Well done
Thanks so much you can see a video tour of the house here - czcams.com/video/lVHJTQGzpl8/video.htmlsi=JVpUfFQmpfORypTO
Great video very informative
Glad it was helpful!
Great video! Aucspace has closed down, unfortunately. Are there any good alternatives?
Sadly not, it was a good product but I guess not enough people used it. Only other option is to pay a local solicitor.
thank you
@@propertyaccelerator
Hi James, how do you join your academy? I have tried to get more information through your website, but the links aren't working. Do you do sourcing? and help other people get properties for a fee?
I have a training launching next week please look out for that.
Thanks for this. I am looking to buy myself a property at auction. I was looking into proxy bidding. Do you have any thoughts on this, whether it's a good idea or not? Otherwise I will be bidding online, but I imagine it will be a bit nerve racking.
Most of the auctions are online now, watch a few to see how it works.
Good video, are your properties all cash flowing ? How much money do you put in yourself ? You mention you have 1mill is portfolio - to clarify is that the value of all the current properties, not rent ? Finally you mentioned limited struture company - why not just do a trust based will and it will go to your d/o ?
I have now got a million in equity. Yes sadly not a million in rent. I will look at trust structure in future for now Ltd company is working fine.
Hi James
Thanks for the video. Do you know other company like Aucspace? This morning I checked their website and they shut down :(
Hey Kornel I am James not Nick 😊 I dont know another yet but you can use a solicitor although it will cost a bit more.
@@propertyaccelerator sorry James, it was early morning 🙈
Thank you for the quick reply:)
Hi, would you pls tell me what are the conditions to fullfill in order to buy a property in auction being a EU citizen? Also do i get a residency in the UK having bought a property in your country?
Thanks a lot for your kind prompt replies💐✌️
Hey awesome that you want to buy, I don't believe there are any issues with you buying being an EU citizen. You must be able to complete within the timeframe set by the auction. To even bid you have to register with the auction house. I would find a property you are interested in and call the auction house they can tell you exactly what the laws are. Make sure you check before you place a bid. Not sure about residence you would need to speak to a solicitor on that.
Is there an alternative to Aucspace because they are no longer around
Hey David Ive not found one yet, really gutted as it was great just dont think enough people used them. The only other option is to speak to a solicitor.
Very informative video, thanks to your daughter for making you buy the purchase.
Would you consider a 50k investment with profit 50 percent profit split?
I might in future feel free to connect on Insta with me.
Hi is there an alternative to aucspace as they no longer trade?
Yeah I saw that what a pain they were very useful. Sorry I dont know of one yet best to speak with a solicitor if you are concerned prior to auction.
It looks like the company Aucspace is shut. Can you suggest a different one?
Yeah its a shame it was decent, best option is to find a solicitor to run over it now.
Auspice are no longer trading. Do you recommend any other solicitor/ company?
Use a local solicitor to you always better in case you need to meet up at some point.
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Aucspace is now closed for business. Do you have any other suggestions
, please?
Hey sadly not, it was a great service its a shame its gone. Only suggestion currently is to get a solicitor to look over the auction pack for you.
Why don't they remove the fire places? you could increase the utilizable space considerably
On a 60k house it’s not worth it, same house down south would be 400k then it would be worth it
What happens if a property isn’t sold and pops back up as reduced? I’m in Scotland and we are seeing more auctions now
If the property does not sell, you can call the auction house and make an offer. They will present that to seller and sometimes they take it.
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Hi, can you recommend a good solicitor that gets the job done quickly for the auction purposes? The one I currently use is at snail pace!
Hey Paul I am using chirag.ackroydlegal.com currently. However whoever you use its vital to build a relationship with them. Talk about future deals with them if they do a good job etc so they feel there is a reason to exceed your expectations. Whoever you use you will always have to chase but it gets easier with time.
@@propertyaccelerator
This solicitor link doesn't work??
63k!
Worth over 100k now. Check out the other videos on the channel you can see us doing it up.
@@propertyaccelerator I'm all over them now. We've got some decent equity in our flat, we're now looking for a semi doer-upper to move into and renovate (can't be too run down as we have 2 young children).
I need to further understand bridging to see if we can get works too be paid for before we in?
Apsalutly amazing 🎉
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Why did you choose those properties in the first place? Is it just because you know the area or are you just choosing affordable ones that can be fixed easily despite the location? I am thinking to look in Grimsby because it has those prices 😅 but I don’t know the area at all and no one on checkatrade wants to waste time quoting on pics of properties I don’t even have
Great question, I went with Doncaster because I already know people there. I had an estate agent friend who could help me. Also I had heard Doncaster was due to become a city in the Jubilee which I felt would help a bit with house prices and investment in the area. Grimsby is a bit slower on house price rises, but if you can find a great deal there go for it.
Did you actually make your deposits just by doing property rentals and remortgaging OR do you make money doing other businesses?
I have multiple streams of income, I coach business owners. I make money with affiliate marketing. However property is the easiest and most secure of those
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How from guide price 10000 went to 40000, is there no reserve price? 10%?
The reserve has to be within 10% of the guide price.
I see Aucspace has closed down, is there an alternatice?
Sadly I’ve not found an alternative, the only option is to get a solicitor to check it over
Still watching after 2 years lol
Thanks so much Donald
Aucspace is now closed. What is the other website you use?
Sadly nobody made a competitor if I find one I will make a video. In the meantime I would pay a solicitor to check any legal pack.
AucSpace has recently gone down :( - Have you managed to find an alternative service which checks the Legal Auction Pack?
Oh thats not good just seen its down you are correct. You can use any solicitor to check it for you it will just be a bit more expensive. If I find another service like Aucspace I will post it here.
@@propertyaccelerator Great! Also do you send around a structural engineer to the property prior to bidding to double check the property to ensure it hasn't got any major issues that could prevent it from being un mortgageable ? (Got a modern method auction property I wanna purchase)
Hi James
To start with auction property in uk do you need to get company registered ? Or can it be personal ?
Please advice
You can buy in company or personal, I bought in a company as it is the best way to buy now.
@@propertyaccelerator Thank you for your very informative videos, can I ask, why is it better to buy in a company, what that means and how it works?
SO 60 K PLUS 6K BUYING FEES PLUS A REFURB COST DOES IT OWE 75 K? SO RENT 450 A MONTH JUST OVER 7 PERCENT YIELD?
£500 rent Im happy with that as I will have all my money back out. £300 a month with zero money left in, this project is more about teaching my eldest daughter how it works on a low risk deal.
Correct been buying in Yorkshire for 15 years and it is low risk fix in and worst case you always have the houseing benifit to fall back on
Hi James
Can I ask how much different between the cost if you ask a solicitor to run through on the legal pack vs the website that you used?
Do solicitors do a full search or just going through on those papers?
Thank you in advance.
Keep up the good work👍👋
The website I used was only about £50 since then they have closed up shop. I think they might have been too cheap they couldn't make a profit. Solicitors can be around £250 for £300.
@@propertyaccelerator Hi James, is there any other good website which offers legal pack check like the one you used in this video? Thanks a lot!
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how much do you spend on solicitor fees on properties you are looking to buy on Auction?
About £1000, I have tried £500 and they were terrible. I use Cunningham Eves in Leatherhead
@@propertyaccelerator Thanks for your prompt response and for the very useful video. Do you do any one-on-one mentorships?
Aucspace doesnt work anymore… is there a alternative
Sadly not no idea why it closed, if one does come out I’ll make an update video
Hi James seem that the website is no longer up and running…. Is there any others at all?
Thank you :)
Yeah it’s a pain as it was a good service, I’ve not found anyone doing a similar service yet.
Thank you for taking the time to reply.
Would you advise taking the legal pack to a local solicitor to double check?
Im seriously considering bidding (auction ends in the morning). It's on at £145k but has had 2 bids and now at £150k . Are these real bids? I didn't get time to have a survey or proper viewing. Any help appreciated. Thanks, helen
Only bid if you can afford to complete in 30 days, you cannot get a mortgage on that it wont be quick enough. So you will need a bridging loan or cash, if so and you are comfortable worth a look.
@@propertyaccelerator I got outbid in the end but I'm learning lots thanks
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How are you getting a new bathroom for £2000? You would struggle to get a new budget suite plus tiles and other materials for less than £800. Who is fitting a whole bathroom tiling floor and walls for £1200? Same goes for the kitchen. You would need at least double for each and know an amazingly cheap and good installer to even do it for so little. I wouldn't get a shower cubicle replaced for less than 2k nevermind a whole bathroom!
You can get even cheaper this suite is £299 welove.co.uk/products/alpha-aria-1500-complete-bathroom-suite?variant=39574709010601 Labour for this whole project was £6000 including plaster, kitchen, bathroom and decorating. Materials I paid for directly.
Can I take a mortgage out and buy the house from auction with it 😅
If you own a house you could release equity and put it in your bank ready to buy. To buy from auction with a mortgage is very hard as you only have 4 weeks to complete. You will lose your money if you dont complete in 4 weeks.
Could you kindly provide me with the name of the website? Additionally, would you be able to assist me in compiling a list of online auction bidding sites?
www.taylorjamesauctions.co.uk/ you would be better to get a solicitor to help you.
I reserved a property online auction the reservation fee 6000 pounds I only had 2000 thousand The auctioneers will have 4000 when I sell mine . I love the property which is a park home.
But I feel the Auctioneers are charging me way over . Infact I think its extortionate to charge that much.
I suffer with depression and anxiety and didn't read all the documents. But signed. I only have my phone .
What does anyone else think 🤔?
Hey Rachel I am so sorry to see this, if you buy from auction it is a binding contract once the auction finishes. I think you need to speak to a solicitor fast and get their advice as I don't know what you could do to get out of the contract. Please do act on it immediately don't wait as Auctions need to complete within 28 days.
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Amazing job.. Thank you for sharing your experiences.. you are the best on CZcams showing the real process from beginning to end.👏
You are so welcome!
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Hi James I hope you will reply to my post below and I'd like to ask have I been ripped off ? Thank-you
Hey Rachel just replied I hope you get it sorted.
£63k
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