Lets be honest, they are not the most appealing of properties - you can't get excited about the views, character features, versatile accommodation or homeliness of a 3m x 6m box - but lock up garages are BIG business in the rental property sector.

They find their way into the auction rooms on a fairly regular basis and whilst they don't necessarily get the design juices running (and can make my job of presenting the story about them in an interesting way a bit tricky!), they are ideal property investment fodder.

Most recently I covered a story of some investors who had purchased a plot of land which had planning permission for the creation of six standard size and four large size garages. The lot sold for £38,000 with estimated build costs to be a maximum of £45,000 (the estate agent selling the plot had suggested more like £20,000), so for a total outlay of £83,000 plus purchase costs, these investors had secured 10 nice little rental units.

So what is the appeal of lock up garages to a property investor?

Well, firstly, they are probably the lowest maintenance properties that you'll come across. So, from the point of view of a landlord, they are easy pickings. There's no requirement to redecorate or modernise (apart from maybe a few cosmetic repairs and a lick of paint to the door) and you're not going to have tenants ringing you (or your managing agent) at the most inopportune times to say that the boiler has broken!!

Although it is advisable to have a formal, written Tenancy Agreement in place to cover what your tenant can and can't do with the garage, these properties will not fall under the Assured Shorthold Tenancy (AST) rules and your responsibilities as a landlord are minimal.

What is the market for lock up garages?

Aside from the obvious use of a garage to store a motor vehicle, the demand for secure garages stems from lots of different needs such as:
- Storage of classic cars or cars which aren't in everyday usage
- Storage of motorcycles (often shared with other motorcycle users)
- General storage of household goods (it can work out cheaper and less restrictive to rent a garage space for a while than to put furniture and household items into conventional storage units).
- Storage of boats and water sports equipment

If the garage is in a city centre or very close to transport links to employment centres, then:
- Daytime or nightime parking of the tenants main vehicle

What can I expect to pay to buy a lock up garage?

The asking price for garages can vary considerable across the country with sites in prime inner city areas fetching tens of thousands of pounds. At the other end of the scale, you can pick them up for just a few grand.

Since the price will be below the Stamp Duty threshold of £175,000, there will be no Stamp Duty to pay (at least until the end of 2009) and so purchase costs are also much less than with other types of property.

As with any rental investment however, it's not just the purchase price that should be considered, but the eventual yield if the property is going to be rented out. This is where things can get really interesting.

What sort of yields can I expect to see from renting lock up garages?

 Once again, the level of rent that you can charge on a garage will vary with location, with individual units commanding anything from £50 to £300 per calendar month. The desirability of the location and demand for parking or storage space like this in an area will dictate what rent can be achieved.

In the case of our contributors who had bought the plot to build their 10 garages, they were expecting to receive somewhere in the region of £60 per calendar month for each of the 6 standard garages and £80 per calendar month for the 4 larger ones - making a total of £680 per month or £8160 per year. When you divide this by the purchase and build price, it equates to a gross yield of close to 10%. Not bad for a low maintenance, hassle free investment.

That said, I've also witnessed yields over and above 20% per annum for lock up garages in sought after locations - so they really are profitable.

Where can I find garages to buy?

Because of their low value and specific nature, you won't always find garages that are for sale listed with the usual property agents, so you might have to search around to locate them. That said it is worth searching the property portal sites.

And as you might expect, many garages get sold via auction so keep an eye on the auction catalogues and lots in your area of interest.

Many garages are sold privately The internet is a good place with sites like http://www.gumtree.com/ and http://www.loot.com/. Its also worth checking out the Free-Ads newspapers and sites.

Some investors who are looking to buy lock up garages will place ?wanted' adverts and carry out marketing campaigns in there area of interest to attract people who have garages which are unused and which they could buy from them.

If you have a garage and want to rent it out.

There are various websites that you can list your garage (or parking space actually) for rent - with some claiming to have a waiting list of would-be tenants lined up ready to snap up the next available garage in a particular location. A couple to check out are:

http://www.yourparkingspace.com/

http://www.parkonmydrive.net/

http://www.lockupgarages.co.uk/

 

We are all becoming increasingly aware of climate change and global warming and whether you just manage to recycle a few bottles each week, or have become a real ?eco-warrior' -  you would have had to be living on the moon for the last decade to escape the efforts of the government to reduce carbon emissions. Given that it is estimated that up to a quarter of all carbon emissions are as a direct result of us heating, lighting and living in our homes, there is a huge incentive for the Government in reaching is targets for reducing carbon emissions, to target the energy efficiency of the homes we live in.

One such initiative that came into force from 1st May 2008, was the Code For Sustainable Homes initiative. If you have bought or sold a property in the last 12 months or so, then you will have already felt the impact of this Code by the fact that the property you were buying or selling would have had to have an Energy Performance Certificate on it.

As far as new build homes are concerned, the Code for Sustainable Homes has an assessment method for rating and certifying the performance of new homes in terms of their ?environmental friendliness' with a view to encouraging ?continuous improvement in sustainable home building'.

 "The Code for Sustainable Homes provides a comprehensive measure of the sustainability of new homes, ensuring that sustainable homes deliver real improvements in key areas such as carbon dioxide emissions and water use. The Government's ambition for the Code is that it becomes the single national standard for the design and construction of sustainable homes, and that it drives improvements in home building practice."

Since its introduction just over a year ago, all new homes have to have a ?sustainability rating' indicating on a scale of 1-6 how eco-friendly they are (with 6 being the highest and representing a carbon neutral house).

At the same time as all this good stuff on sustainable development has come about, we have been in the midst of a credit crunch with lenders pulling in their horns left, right and centre and refusing mortgages to people and projects who would have previously represented a good risk. So, as anyone who has been refused credit or a mortgage in the past year will tell you, the attitude of banks to lending has become extremely cautious.

But put these 2 factors together - as did some forward thinking developers that I met in Lincolnshire recently - and you could have a formula for being granted credit AND doing the right thing for the environment.

Our contributors planned to convert an old community centre into private residential dwellings, but they were initially declined a mortgage because the bank was unwilling to back a project to develop flats given the uncertain economic situation and property market. However, when the proposals were shown to be the development of a number of eco-friendly starter homes - the bank jumped at the chance to lend and were right behind them. It seems that the fact that the properties were to be built to a Sustainability Rating of 3 -4 clinched the deal.

The Code Rating System

The Code for Sustainable Homes covers nine categories of sustainable design including:

? Energy and CO2 Emissions - With the aim to limit emissions of carbon dioxide (CO2) to the atmosphere arising from the operation of a dwelling and its services.

? Water - With the aim to reduce the consumption of potable water in the home from all sources, including borehole well water, through the use of water efficient fittings, appliances and water recycling systems.

? Materials - With the aim to encourage the use of materials with lower environmental impacts over their lifecycle.

? Surface Water Run-off - With the aim to design housing developments which avoid, reduce and delay the discharge of rainfall to public sewers and watercourses. This will protect watercourses and reduce the risk of localised flooding, pollution and other environmental damage.

? Waste - With the aim to recognise and reward the provision of adequate internal and external storage space for non-recyclable waste and recyclable household waste.

? Pollution - With the aim to reduce global warming from blowing agent emissions that arise from the manufacture, installation, use and disposal of foamed thermal and acoustic insulating materials.

? Heath and Wellbeing - With the aim to improve the quality of life in homes through good day lighting and to reduce the need for energy to light the home.

? Management - With the aim to encourage and reward provision of guidance enabling occupants to understand and operate their home efficiently and make the best use of local facilities.

? Ecology - With the aim to encourage development on land that already has a limited value to wildlife, and discourage the development of ecologically valuable sites.

Minimum Standards

There are some minimum standards which all new build homes must reach and these are set out in the Code for Sustainable Homes Technical Guide. To download the latest version updated May 2009 please click here:

http://www.planningportal.gov.uk/uploads/code_for_sustainable_homes_techguide.pdf

Each of the nine categories listed above includes a number of environmental issues. Each issue is a source of impact on the environment which can be assessed against a performance target and awarded one or more credits. Performance targets are more demanding than the minimum standard needed to satisfy Building Regulations or other legislation. They represent good or best practice, are technically feasible, and can be delivered by the building industry.

Some of the issues have mandatory minimum performance standards because they are so important. For these there is a single mandatory requirement which must be met, irrespective of what Code level rating is sought and the property must meet these requirements even if Level 1 (the lowest) rating is being granted. 

So what does a Sustainability Rating of 3 - 4 actually mean?

Since our contributors where aiming for a minimum of Code Level 3, this would mean:

The home will have to be 25% more energy efficient than one built to the 2006 Building Regulations standards. This could be achieved by:

? Improving the thermal efficiency of the walls, windows, and roof as far as is practically possible (by using more insulation or better glass for example);

? Reducing air permeability to the minimum consistent with health requirements (a certain amount of air ventilation is needed in a home for health reasons);

? Installing a high efficiency condensing boiler;

? Carefully designing the fabric of the home to reduce thermal bridging (thermal bridging allows heat to easily escape between the inner walls and the outer walls of a home);

? Possibly using district heating systems or low and zero carbon technologies such as solar thermal panels or biomass boilers to help heat the hot water.

The home will have to be designed to use no more than about 105 litres of water per person per day. This could be achieved by fitting a number of items such as:

? 6/4 Dual Flush WC;

? Flow Reducing/Aerating taps throughout;

? 6-9 litres per minute shower (note that an average electric shower is about 6/7 litres per minute);

? a smaller, shaped bath - still long enough to lie down in, but less water required to fill it to a level consistent with personal comfort;

? 18ltr maximum volume dishwasher;

? 60ltr maximum volume washing machine.

Other minimum requirements are required for:

? Surface water management - this may mean the provision of soakaways and areas of porous paving;

? Materials - this means a minimum number of materials meeting at least a ?D' grade in the Building Research Establishment's Green Guide (the scale goes from A+ to E);

? Waste management - this means having a site waste management plan in place during the home's construction, and adequate space for waste storage during its use.

To get to Level 3 the builder/developer must do other things to obtain the other points such as:

? Providing drying space (so that tumble dryers need not be used);

? Providing more energy efficient lighting (both internally and externally);

? Providing cycle storage;

? Providing a room that can be easily set up as a home office;

? Reducing the amount of water than runs off the site into the storm drains;

? Using much more environmentally friendly materials;

? Providing recycling capacity either inside or outside the home;

? Enhancing the security of the home;

? Enhancing the sound insulation used in the home.

The Future of New Homes

By 2016, all new build homes will have to have a sustainability rating of 6.

To see what would have to be done to achieve a Code Level 6 (the highest score, click here)

Clearly, the costs of meeting these requirements for a rating of 3 - 4 is greater than a bog standard construction, but the additional investment is likely to pay off - and our Lincoln developers were already assured that the finished product would be in strong demand. So, given that housebuilders and developers (both large and small) are currently having to offer large discounts or other ?sweeteners' to purchasers just to get housing inventory sold, this eco-friendly home strategy could be a shrewd move. Certainly, the fact that the bank were so keen to become involved once they understood the nature of the properties being developed is a sure sign of the possible success of this venture.

Please Note: The Code does not apply in Scotland. From 1 May 2008 a minimum of Code level 3 is required for all new housing promoted or supported by the Welsh Assembly Government or Assembly Government Sponsored Bodies. From 2nd June 2008 Code Level 3 is required for all new self-contained social housing in Northern Ireland.

A beautiful, historic or interesting view from a property has always been one of those features that is hard to put a price on. A fact highlighted by a visit to a fairly non-descript bungalow in Dorset that I visited recently, that had an outstanding view.

In this instance, the property sold at a premium of approx £60,000 because of its views but in many parts of the country a spectacular view costs a lot more. It seems that the ?mark up' for a view can vary quite dramatically depending on the location of the property and in some cases houses with a river frontage or sea view can fetch 50%  more than a house that doesn't enjoy such a sought-after location.

So, how much can you expect to pay for a property with a desirable view?

It seems that data on this variable is quite hard to come by and until County Homesearch carried out a national survey on the level of premium that buyers will pay for the privilege of overlooking a village green or having a sea view it was difficult to gauge what effect a view may have on the asking price of a property.
 
Jonathan Haward, Managing Director of the County Homesearch Company, says, "The survey shows that houses with 'something extra' such as being adjacent to a common or park, overlooking a river or perched above a city can add a great deal of money to the price of a property."

But this uplift can vary, for example, it seems that  there's the comparatively low seven per cent increase in the price tag of a Central London house overlooking a park or garden square compared with one facing other property compared to a 600 per cent hike on a terraced property overlooking the 18th Green of St Andrews Old Course where the British Open Golf championship is played.

Sea Views

Our property in Dorset benefited from a wonderful sea view - and of course it's hardly surprising that the view made the property more valuable. But even amongst sea view properties, there can still be quite a differance on just how much extra pounds on the purchase price will be attributed to the view - and it all depends on whereabouts the property is located.

For example in Dorset and Devon (as in our case), a property benefiting from a 180 degree sea view could fetch up to 40% more than a similar one without.

This is borne out by research from the Halifax/Bank of Scotland, which has analysed the 10-year appreciation of properties in waterside locations. The biggest increase was in Falmouth in Cornwall, where prices rose by 311 per cent in the 10 years to 2006, compared with an average for all UK homes of just 186 per cent in the same period. Four other West Country ports, Penzance, Bideford, Mevagissey and Brixham, were also in the top 10, as were favourites further along the South Coast like Brighton, Whitstable and Hythe.

Devon and Cornwall have a holiday home tradition, so it is natural that prices rise more there as a result, but clearly wherever you have proximity to the water, especially direct views, it will boost prices further.

What about Countryside Views?

Countryside views are also important but, to some extent, are under threat. Government targets to have 10 per cent of the UK's electricity from renewable sources by 2010 make the siting of wind turbines especially critical to a property's view in the future. A few of the 500 turbines in Britain are off-shore but most are in the countryside, and 1,800 more are required in the next three years.

An estate agent in the North Yorkshire moors area, summed up the demand for countryside views; "The classic request is a property with the patchwork of fields and the odd isolated barn in view, but no homes visible, and there are plenty of such views available." This is typical of other rural areas around the country.
And if you are fortunate enough to have property in one of the country's National Parks, then clearly, the strict planning regimes help to preserve views so you are less threatened by other development than other countryside area. Interesting, the biggest protection of views comes from the countryside itself. If you think about it, whilst a property that is nestled into a hillside, miles from anywhere and with no other properties in sight might seem appealing to some, the fact is that lanes are narrow, the nearest motorway might be over an hour's drive away and local facilities and infrastructure are difficult to reach. This tends to deter development.

Urban Views?

Whilst coastal and country views produce high prices based mainly on emotion, the pricing structure for city centre apartments is a little more scientific. Here you can expect to pay a higher price for the same apartment as you move upwards in a block. This is justified by the fact that often the lower floors' views are obstructed by other properties nearby.

Apartment towers have been a popular choice for developers in cities because it satisfies local and central government guidelines for high-density development but, until recently also gives builders and estate agents the scope to push up prices of the higher located units. Penthouses are often large, sometimes over two storeys, and obviously enjoy great views. In today's market where there is a glut of city centre apartments in tower blocks available to sell by developers, it is the lower storey ones that are being offered at seemingly ridiculous discounts. The penthouses have faired better.

How Safe Is Your View?

It's vital to do your homework when buying a house with a view. Unless you've also bought the land you overlook, can you be sure it won't be built over?

And if it could be, how would this affect your enjoyment of the property and the value of your investment? Even if a sprawling estate is unlikely to come between you and your view, is there a possibility that you could end up living in the shadows of, for example, a windfarm?

So it seems there is no exact calculation that you can put on the value of a view from a property - it all depends on the initial location, how protected it might be and of course, the emotional drive of the potential purchaser.

Homes with a view are not only expensive, they also tend to be rare, and may be sold before they make it to the open market.

If there's a view you just can't live without, make yourself known to the estate agents in the area and be ready to move when your perfect riverside / coastal / countryside property comes up - just don't expect it to be cheap..

Empty properties are abit of a sore point for most councils and local authorities. Aside from the fact that they are often the cause of complaint to the council by neighbours and local residents because of their unsightly appearance, they can also attract other anti-social issues such as squatters and criminals.

Councils across the country are keen to put empty properties back into use, especially since in most cities there is a shortage of housing,  and if you check with your local council, you'll probably find that they have an ?Empty Property Strategy' which will outline their initiatives to work with owners to get empty properties habited again.

As property investors / developers, empty properties are good fodder and you may be able to register your interest in receiving details of empty properties that the owners would like to sell, with the local council. They can then ?match make' owners of empty properties who want to offload them, with developers and renovators who would be interested in buying.

According to The Empty Homes Agency, there are an estimated 785,708 empty homes in the UK and enough empty commercial property to create 420,000 new homes so there is a strong incentive to get these dwellings back into circulation.

What is defined as an ?empty property'?

Empty properties are defined as those that have been empty for more than 6 months. This includes dwellings that are:
- empty between changing occupants
- undergoing modernisation, repair or conversion
- awaiting demolition
- repossessed
- waiting probate
- newly completed but not occupied
- owned by a charity
- unoccupied annexes

Any group of bedsits, counted as one dwelling, only count as vacant when all are vacant.

Empty properties considered exempt from this definition are:-

- Second homes, holiday lets, and flats and houses normally occupied by students;
- Properties where the owner is in prison, receiving or giving care,
- Properties where the owner is in the armed or visiting forces;
- Properties that are flood damaged.

However, for you to benefit from the VAT exemptions below, no part of the property must have been lived in during the past 2 years (reduced rate) or 10 years (zero rate).

What are the advantage of buying an empty property to restore?

VAT Exemptions

There are VAT exemptions available on empty properties to encourage restoration and re-use of them. If you renovate or carry out work on a ?normal' building, you will normally be liable to VAT at the standard rate. This applies to materials used and labour costs. However, this can be significantly reduced or eliminated if the property has been empty for over 2 years. The 2 main exemptions are:

- If the property has been empty for 2 years or more - VAT is reduced to 5% on most costs associated with renovating single house dwellings.
- If the property has been empty for 10 years or more - VAT is reduced to zero on the costs of raw materials (either purchased by the owner himself or handed to the builder for use) and the builder can reduce his rate of VAT to 5% for refurbishment work.

Local Authority Grants

Many local authorities will provide grants to owners of empty property to assist them in getting them restored and back into use. The eligibility will vary between different councils but you could find that up to half of the cost of your renovation bill is funded by the council. There will, of course, be a maximum grant and any funding provided will come with terms and conditions - so you should check with the local authority that covers where the property is located for their own rules.

Energy Efficiency Grants

You may also find that you can get a grant for home insulation etc. Contact the Energy Saving Trust on 0800 512012 or visit www.energysavingtrust.org.uk for information on what grants might be available

Interested in buying an empty property to restore?

There are certainly plenty of compelling reasons as to why to seek out empty property to invest in, but before you start, your should first consider these points:

1.  Make sure you are allowed to do what you want to the property. It's all very well having imaginative plans to redesign the property into the house of your dreams but if there are legal restrictions, or if it's a listed property, you may not be allowed to.
2. Work out a proper budget before you start. As with any restoration work, running out of money half way through meaning you have to abandon or postpone the project, somewhat defeats the point!
3. Build the right team of people to help you. Choose architects, builders and legal eagles who you can work with and will help you, not take you for a ride.
4. When commissioning a builder to carry out any renovation work its worth whilemconsidering the following points:
   ? Paying extra for a detailed survey report as this will show you exactly what work is required to bring the property up to standard.
   ? Aim to get at least 3 quotes in writing.
   ? If possible get recommendations from friends or colleagues. This is always preferable as if they have had a good experience with a builder then the chances are you will!
   ? Ask for addresses of properties that the builder has carried out work at; this way you can ?drive-by' these properties to view their workmanship.
   ? Make sure that you make it clear to the builder exactly what work is required, and at what stage they can expect to get interim payments and for how much. Drafting a schedule of works helps to detail exactly what work is required and to what standard.
5. Choose the right building materials for the job. There's a range of alternatives for every eventuality. Some choices are good for your pocket, some are good for the environment and some are just less hassle for your builder.
6. Don't bank on a grant, but do see what's available. Rescuing an empty property meets the objectives of lots of organisations some of them may be prepared to subsidize your costs.
7. Mortgages can be tricky to find if you want to rescue an empty property. The problem is that old wrecks aren't worth much until they are renovated. Many people want to borrow more money for the combined costs of purchase and renovation, than the property is actually worth in its wrecked state. From a lenders point of view this is high risk, because if you default on your payments the property isn't worth enough for them to recover the loan if they repossess the property. Happily, the situation is improving fast.

These are some of the lenders offering mortgage products particularly suited to rescuing empty properties: The Ecology Building Society, Buildstore, The Co-operative Bank and the Norwich and Peterborough Building Society. However, do search on the internet for other recommendations.

Finding empty properties to buy

Aside from registering your interest with the local council as above there are other ways that you can find Empty Properties:

? Local council - Your local council will probably have a list of all the empty properties in their area. Some councils will be happy to let you see the information, but beware that others may not be so open. If they won't disclose the information you could make a written request - you've got a legal right to request it.
? Estate agents - Their shop windows don't want to be cluttered with pictures of wrecks, but that doesn't mean to say that they haven't got some houses in need of rescuing in the back of the filing cabinet. So, make sure you ask to see what's available.
? Online auctions - Auction catalogues are a good place to find empty properties that are for sale. On the web look out for specialist websites that specialise in empty properties.
? Land for sale - More often than not building land for sale has already got a house on it that the seller is inviting you to buy to demolish. Often the house is beyond saving but sometimes it's salvageable.
Of course,  you may personally know of empty properties that you would like to buy and restore. The biggest difficulty is usually finding the owner to negotiate a deal!

A couple of ways that you can trace the owner of an empty property are:

- Ask around. It may be as simple as asking the people who live near by. If you explain to them why you want to know, they will probably be happy to tell you.
- Many properties are registered at the Land Registry. For a small fee you can look at the register and see who the owner is. The HM Land Registry website for England and Wales is: www.landregisteronline.gov.uk, the Registers of Scotland Executive Agency is: www.ros.gov.uk and the Land Registry of Northern Ireland is: www.lrni.gov.uk.

What action may the Council consider if owners of empty properties are not cooperative?

Most local authorities employ an empty property officer whose job it is to get empty properties back in use. The officers work by persuading owners that it's more valuable to have a lived-in property than to have it vacant. They often have good contacts and can help to match up property owners with ready-made schemes and local housing providers. If this is unsuccessful, many have powers to compel owners to do something about the property, these include:

• Compulsory purchase - As a last resort, the local authority has the power to buy a empty property with or without the owner's permission. A CPO is one where the Council takes over the ownership of the property and then, if necessary, undertakes renovation of the property making it suitable for rent. All money paid for renovation work is reclaimed from the rent income and the property can be re-sold.
• Empty Dwelling Management Orders (EDMO's) - An EDMO would enable the local Authority to secure occupation and proper management of privately owned properties that have been unoccupied for at least 6 months, but the Local Authority would itself not need to take over ownership of the property.
  Enforced sale - If the owner has debts to the council secured on the property, the council can require the owner to pay them back. If they don't, the council can force the property's sale in order to get its money.
• Publicly owned empty property - A little known power lurks on our statute books called PRODS - a Public Request to Order Disposal, which can require public authorities to sell buildings they are leaving empty.

I recently visited a property in Bradford that had been purchased at auction but unfortunately when the ?lucky' buyer returned to the property some time after the event, he found that the property had been broken into and various things stolen. This was really unfortunate and made worse by the fact that our contributor was unaware that it had been his responsibility to insure the property from the day of the auction.

So this prompted me to write about your responsibilities as a successful bidder once the gavel falls.

As you might expect me to say, buying property at auction is an exciting and rewarding way of securing your wanted home or investment opportunity. The thrill of actually being in the auction room, bidding against other interested parties until the end gives such a buzz - and even regular auction buyers will say that no matter how many times you do it, there is always that certain exciting feeling.

However, once the dust settles on the auctioneers block, there are some serious things to deal with and anyone contemplating buying a property at auction should make sure that they are 100% prepared in the event of being the highest bidder.

Firstly, prior to the auction, you should:

1. Request the legal / auction pack compiled by the auctioneer on the property. This should be available about 4 weeks before the auction.

The pack will have details of the property, the memorandum of agreement (which is equivalent to the contract), the title documentation, the searches, information about any outstanding planning or environment issues and replies to general enquiries.

2. Make sure that your solicitor studies this pack and advices you accordingly. Have him also look out also for any special conditions, for example, it may say the buyer has to pay the vendor's legal fees.

3.  View the property! I am still amazed at the number of buyers who bid ?blind' and only get to see the property internally once they have become the successful bidder. In some cases, properties can only be seen at block viewings, so you'll get to see possible fellow bidders. If you still like the property recheck with your solicitor that there aren't any legal problems.

4. Get a full survey done. Many properties sold at auction have structural problems, and sometimes these aren't always obvious to the untrained eye.  If it needs work, get a some detailed quotes showing a proper specification of the works to be done and what materials will be used so you can budget for these in the case that you end up buying the property.

5. This is also a good time to get quotes for buildings insurance cover. Be aware that  many insurers will charge more or won't insure at all where there is subsidence or if it going to be unoccupied for a long period after purchase.

6. Get your finance in place if you are going to be taking a mortgage on the property. You will normally have 28 days from the date of the auction to complete, so its no good starting to try and organise your mortgage once you have successfully bid. Mortgage companies, on average, will require 6-8 weeks to get to a point where they can make you a formal mortgage offer.

7. Get your deposit in place. If you are the winning bidder, you will be asked to pay the 10% deposit on the day. Due to Money Laundering regulations, Auctioneers will not accept cash so you will need to check with them (often this is stated in the Auction Catalogue) what methods of payment are acceptable.

Once the gavel falls:

Firstly, you will need to identify yourself to the auctioneer so they know who you are.

You will need to take two forms of identification with you, such as a Driving License or passport and a bank statement or utility bill as proof of address.

You will also need:
o  your cheque book or debit card to pay the 10% deposit (unless the auctioneer has stated otherwise)
o details of your solicitor
o all your banking details.

Remember, if your bid is successful you are legally bound to buy the property and will need to put a down payment deposit there and then of 10% of the property's price.

You will also be required to sign the purchase contract in the sale room so you should feel comfortable that your solicitor has done all the legal checks necessary prior to you bidding.

Completion will take place 28 days later, so on leaving the auction room, you should:

1. Contact your solicitor to inform them that you have been successful and give him/her the date of completion.
2. Contact your mortgage broker or lender to inform them that you have been successful and the date of completion - since you will need to drawn down the loan on this day. They will need details of your solicitor also.
3. Contact your insurance company or broker and activate buildings  and contents insurance (if necessary) so that you are covered straight away
4. Crack open the champagne and enjoy the glory of your purchase!