Auction Purchase Against the Clock

The situation

An existing client identified a run-down property at auction with clear potential following refurbishment, including a new bathroom and kitchen, electrical works and general redecoration.



The challenge

The auction contract required completion within 20 working days. If the purchase didn't complete, the clients risked losing their £17,000 deposit.

Then the valuation revealed that the property had been constructed using concrete, which fell outside the original lender's policy. With less than 15 working days remaining, the finance could no longer proceed.

Finding a way forward

We immediately went back to the market and identified another lender prepared to consider the property and work from a desktop-based valuation.



Within an hour, formal approval was obtained and solicitors were instructed shortly afterwards.

The outcome

The purchase completed within the auction's required 20 working days, protecting the client's deposit and allowing the refurbishment project to move forward.



Auction finance is about more than finding a lender who will offer the money. The lender needs to fit the property, the deadline and the circumstances.