How to Buy a House at Property Auctions

Tips on bagging a Property at an Auction


While it is true that purchasing a property at an auction does come with some inherent risks, when done right, it is also a great way to secure a good bargain. If you are prepared to take on the risks involved, you will find that buying at a property auction can offer you some very incredible savings.

For those that are doing this for the first time, the prospect may be a bit intimidating to you. To help guide you on your first attempt at buying a property at an auction, below are some tips for you.

Find an auction

You need to locate auction houses that offer properties where you are interested in buying a property from. Many of the London auctions tend to offer properties that are located in London as well as in the Home Counties. For auction houses outside of London though, expect that they are likely to focus on local properties.

After finding an auction house, secure an auction catalogue by being part of their mailing list. These catalogues will be available a few weeks before an auction so this should give you enough time to find out about the pricing as well as the sale conditions.

Check the fine print

This is something that you should never skip on when joining an auction. Read through the document and make sure to send a copy to your solicitor. Be aware too that flats and houses that are sold in auctions tend to require some renovation and modernisation. Being aware of the extent of the repairs needed is helpful and a survey is often a good way to do so.

Ensure fair value

Find out more details on the local property market before you will sign up for the auction. This will help you get an idea of the actual worth of the property. This will also help you set a maximum bid. Be aware that it is a common mistake that people make during auctions to get carried away and bid more than maximum. So, always make sure to set a specified limit and stick to it.

 Bring the right stuff

Find out what kind of ID you will be asked to show. Know about the methods of payment that are being accepted as well. For a successful bidder, an exchange of contract is to be expected a deposit fee amounting to 10% of the property’s purchase price is expected to be made too, along with the auction house fee. Purchasing from an auction often requires four weeks to complete. Be aware that if you do not get it completed by the set date, the seller could sue you and you will likely lose the deposit too.

Watch Richard Butler Creagh video below.

Auctions need not be that intimidating when you know what to do. Before taking part in one, learn more about how you can get the best property deals at auctions by checking out Richard Butler Creagh website here. You can also connect with Richard Butler Creagh on Linkedin here.



Golden Rules to Keep in Mind when Buying Property at Auctions


It is becoming an increasingly popular practice for estate agents these days to partner with an auction house when selling properties. A large volume of properties is now being auctioned off with the goal of getting more members of the public to get access to them, instead of just offering them to private investors only.

If you are considering the possibility of buying a property through this method, there are things that you will need to learn first. Doing this for the very first time can be a little challenging. But when you know what are the things that you can expect from an auction process and what are the things that you should not do when you attend one, you can effectively avoid making expensive mistakes and other common pitfalls.

Research first before the biding day

You will want to know exactly how the bidding process works before you will start making one. Refer to the auction catalog to get a good idea of the flow of the process. You will feel more at ease during the actual auction when you already know what to expect. Also, make sure to visit the property that you are interested in to assess ahead of time if it is really going to be worth buying or not. It helps to take someone along when you do the visit to get another opinion and a different perspective on the property.

Learn some auction house jargon

It is easy to get overwhelmed with the bidding process when you do not understand auction speak. There is jargon specific to auction houses that you will want to familiarise yourself with to understand better what is going on. From reserve price to guide price to sale price, make sure you know exactly what each of these terms means.

Get your finances arranged ahead of time

You will be expected to pay 10% of the purchase price along with fees the moment that your bid has been finalized. In addition, you will be given a 14 to 28 day period of completion. It helps if you will be able to secure an approval in principle when it comes to financing your purchase before you will push through with the bidding.

Fees can easily add up

You will realize that the fees involved in a bidding process can easily add up. You will be charged an auctioneer or a buyer’s fee. There will be legal fees, as well as new finance fees, lender exit fees, survey fees, broker fees, and many others. It is important to do due diligence beforehand so you know exactly what you are getting into.

Dry runs are a lifesaver

It helps to know ahead of time how things are going to happen. Visit other auctions in other auction houses to observe how the bidding process unfolds. Observe at least two auctions to get a better feel for how things work.

If you want to learn more about buying properties at an auction, visit Richard Butler Creagh website. For more advice on bridging finance and property auctions, check out Richard Butler Creagh Facebook and follow Richard Butler Creagh on Twitter.


Extra Costs of Buying Investments

Richard Butler-Creagh founded Henley Finance which provides short-term bridging finance to property development sector. Find out more about the extra cost of buying investments below:

There are a lot of worries today on how expensive properties are. The truth is it is even more expensive than most buyers and investors think because of the number of costs associated when buying an investment property that many of us fail to take into consideration. Let’s take a look at the most common costs related with buying your next investment property.

Stamp duty

Stamp duty is one of the most expensive costs associated when buying an investment property. The cost of stamp duty differs depending on the state and value of your property. It can easily add 5% to the cost of your property. This is money you have to prepare since the banks won’t lend you this.

Legal fees

It is imperative to have a solicitor on your side to help you when you want to buy a property. Solicitors can charge anywhere from £600 to £1000 for your property purchase. A solicitor will help you with the signing of contracts, making sure the settlement processes will run smoothly, ensure all activities and processes are conducted legally and save you from anything that could affect you in the future by doing all the necessary due diligence.

Building and pest inspection

When you are planning to buy a stand-alone property rather than an apartment, it is crucial to organize a building and pest inspection. Older properties usually have a number of hidden issues that you may not have noticed on your initial inspection. So, don’t be too surprised if they turn up on the report. The expenses of a building and pest inspection may differ, but these are a good form of insurance. Remember if buying at an auction, this needs to be done well before the auction day because auction sales are unconditional.


A suitable accountant will pay for themselves many times over by understanding the investor’s personal situations and help them arrange your investments properly and as well as making sure you will take the advantage of the myriad of legal tax loopholes available to investors.

Property manager

It is vital to engage with an expert property manager to look after your assets. While property management costs differ from agency to agency, this is not an area to try and cut back on costs. There is a huge difference between professional property managers and your rents being collected by the local estate agency.

Visit Richard Butler-Creagh website here, Connect with Richard Butler-Creagh through Linkedin here and watch Richard Butler-Creagh video here.




Top Facts about London’s Property Market

gI_66742_hf logoAt Henley Finance we bring you the latest news from the world of bridging finance and specialist property lending. Leading property agent “Portico” has recently launched out a fun quiz to find out what Londoners actually know about the capital’s property market.
“How many days, on average, does it take for a London property to go under offer?” is the question from the quiz that has the most incorrect answers. 67% of the quiz takers has thought the average time it takes for a property in London to go under offer was 32 days or fewer. But based on actual fact, because of subdued market conditions, the correct answer was almost double to what the people know, it is 60 days and only 27% of the quiz takers answered correctly. Despite of the fact that the Bank of England has recently voted to keep interest rates unchanged, there were a lot of uncertainties surrounding the rate. Only 25% of the respondents were not able to correctly recall the UK’s present base rate of .25%
The respondents were also asked “How many active London rentals are currently on Airbnb?”. An enormous amount of 66% of quiz takers were not aware of the number of Londoners using the short-term let site, instead choosing for much lower figures.
The findings were indeed surprising. The quiz showed that Londoners know their house prices, it has 80% able to identify which property among the four choices was currently on the market for £300,000 or less. Londoners are also clearly clued up on buying properties. 52% were able to answer how much “Stamp Duty” would be due on a £500,000 additional property and only 77% was aware of the minimum deposit needed for a London Help to Buy equity loans.
London is one of the best cities in the world to work, whether it is in the financial institutions or a trendy design company. London office space has some of the most expensive in the world at 250 dollars per square foot. This is twice as expensive as the 5th most expensive place which is Shanghai at 136 dollars per square foot.
Specialist lenders have witnessed the total value of their lending increase to £17bn per year in 2016 – more than a three-fold increase from the low base of £5bn recorded in 2009.
Specialist lenders are now in a position of strength following the market’s turbulent past and are effectively catering for the growing number of ‘non-standard’ borrowers in the UK who fall outside mainstream lenders’ criteria.
If you are interested on London’s property market, visit the official page of Henley Finance and Richard Butler Creagh here. Know more about Richard Butler Creagh and read more industry updates on his Twitter page. Watch this video to find out more:


Benefits of the Credit Card


Are you planning to get a credit card?

Being able to handle credit responsibly is one way to know you are mastering your finances. It’s like learning to start a fire and not let it burn you or get out of control. For someone that is committed to that growth process, it’s not a trap to be avoided at all cost. It’s an excellent sign that they have the personal control to reach their own financial success and accomplishments. Seek out a financial expert like Richard Butler-Creagh to help you manage your financial status. Richard Butler-Creagh is a professional property developer based in London, UK. He is a consultant and a major shareholder at Mainstream Commercial Finance Ltd., which has been in business since 2006.

Fire can be one of the most devastating forces in the world, and yet some say civilization began when we figured out how to control its power. Credit cards are the same. Ask anyone you know if credit cards are good for anything, and you might get a response like: “They’re to be ripped up and burned!”

There was good reason to hold that opinion back then. In the days leading up to the Great Recession, a lot of consumers were getting burned by the trap of easy credit and perceptible consumption.

We can line up two crowds of people right now, one for each side of the argument. In both crowds, you will find people successful in their money matters and people who are not successful. It is not just people with debt who mess up their money. It is a valid criticism based on the facts. Most people are aware of the dangers of debt and have arranged their lives in a way which minimizes those dangers.

The simple fact is that you don’t have to get into debt if you own a credit card, but to handle credit appropriately you need to exercise financial control. It’s a natural part of financial growth, which comes with certain benefits if you learn how to manage your finances well.

These are some benefits to credit cards that debit cards do not offer:

Credit history:
Because a credit card is regarded as a credit instrument, you build a credit history even if you pay off the entire bill every month. Using a debit card offers no credit-rating advantage. Chances are you will buy a house and car on credit, which makes a good credit rating imperative in this day and age.

When you buy something with a debit card, that money is taken out of your account instantly. If you get home and discover a defect, you are dependent on the vendor’s conscience to get your money back. With a credit card, you have a fallback position. If you are unable to resolve the dispute, you can get the credit card company to refuse payment to the vendor and you are never charged.

Affinity credit cards offer rewards not available to debit card holders. Although a few debit card issuers offer points or rewards, they are not nearly as common as for credit cards, even those that aren’t part of an affinity program.

Read more Richard Butler Creagh news here, learn more about Richard Butler Creagh here and watch Richard Butler Creagh video here



Ways to Avoid Being Surprised by Taxes

images (5)


Richard Butler-Creagh is the founder of Henley Finance which is a short- term bridging finance company. Here is Henley Finance advice about getting your taxes right:

Being an entrepreneur and establishing your own business provides tremendous freedom that you just can’t get working for someone else. When tax time arrives, entrepreneurs must take a totally different approach to taxes than the average worker. For example, when you work for someone else, your employer takes care of withholding taxes from your checks. But when you’re self-employed, that tax requirement falls only on your shoulders.

Know and calculate your self-employment tax obligations.

As mentioned above, you have to pay self-employment tax if you work for yourself. Part of this tax goes to Social Security and part to government medical insurances. This is in addition to individual income tax. If this is the first year that you’re in business for yourself, you’ll need to estimate how much money you expect to earn by December 31st. Otherwise, you can use online worksheet programs to help you figure out your tax obligation based on your prior year’s tax return.

 Seek advice from your accountant

Once per quarter, see to it that you sit down with your accountant, and review several items. First, check to make sure you are setting aside the right percentage of funds in your accounts.

Also take a look at the changes in your business since your last meeting with your accountant. Looks at trends, and discuss the company’s status. Finally, know of any changes in tax laws that might affect the way you are currently operating. This meeting doesn’t take a lot of time, but make sure you are doing the right things and heading in the right direction. This gives you time to make course corrections before you stray too far.

 Know Your Tax Laws

Your accountant is your best, most consistent source of information about important changes to the tax code. But you can’t get lazy and expect a third party to do everything for you. If you’re an active partner in making sure you’re up to date on the tax laws that affect you, you can be better positioned to take advantage of opportunities to reduce your liability and ensure you’re not caught short when it’s time to write the government a check.

Know Your Tax Deductions

This is another area where it pays to use an accounting service, so talk with certified tax accountants as necessary. While you certainly want to pay all the taxes you owe, there’s no sense in paying more than you’re legally obligated to. Consult with your accountant to make sure you’re positioned to take advantage of the tax breaks you’re entitled to. Just make sure you’re claiming all of your available deductions; many entrepreneurs don’t. While none of us particularly enjoys paying taxes, it’s far less painful when you have the funds to cover your obligation. Careful planning and regular checkups can help ensure you’re never surprised to see your taxes again.

.Learn more about Richard Butler-Creagh here, Visit Richard Butler-Creagh CrunchBase page here, connect with Richard Butler-Creagh on his Linkedin page here and visit Richard Butler- Creagh website here. 


Le Mans 2017 – The Results


Henley Finance recently announced sponsorship of the Beechdean Aston Martin team at Le Mans race. Henley Finance are very pleased with the Beechdean Aston Martin team who came in 4th position at gt3 amateurs race and only came 76 seconds behind 3rd position.

Olly Bryant said of the race:

We made it! P4 , only 76 seconds behind P3, fantastic result for the team, and Aston won the Pro-class too after a fantastic battle with Corvette. 

Here’s a guide of the different classes in the race:

  • LMP1: These are the top level of endurance racing prototypes in the world and the fastest class at Le Mans.
  • LMP2: These are slightly slower, cost-controlled prototype class open to amateur drivers. No manufacturers are allowed in this class anymore. The cars are a bit faster this year, and it still attracts some amazing drivers, so there was 24 hours of ruthless racing in this class.
  • LM GTE Pro: This is the class where the manufacturers bring their latest, best production-based race cars.
  • LM GTE Am: This is the GTE class which is open to amateur drivers and the machinery has to be at least one year old to be used here. This year showed Ydiverse field of cars in this class.

Follow Richard Butler Creagh Twitter page here, Connect with Richard Butler Creagh on his Linkedin page here and learn more about Richard Butler-Creagh here.