Buying a property at auction
Auctions enable you to avoid the lengthy negotiations and processes that house buying normally entails. As soon as the hammer falls, the property is yours and you’re committed to buying, so you need to make sure you get it right.
In order to sign for a property bought at auction, you will need to have the right insurance for the property. Whether you’re purchasing the property to let or for re-development you will l need an insurance policy that covers the property for it’s intended use. We can also quickly note the financial interest of any bank if funds have been raised via a loan.
What types of insurance cover will I need?
The type of cover you need will depend on what you intend to do with the property, typically property bought at auction will either be used for residential, buy-to-let (landlords insurance) or for refurbishment. The type of cover you need will vary for each case.
The property immediately becomes your responsibility once you win the auction, so it’s your risk as soon as the gavel hits. If you’re thinking of buying a property at auction, speak to a member of our team who can help ensure you get the right type of insurance as soon as you win the bid. We work closely with local auction houses, so we are aware of how quick we need to act to protect your new asset.
How we can help
Our expert team can help you understand the specific policies and services you need to meet your business risks. We work with you to find the best policy for your business.