I'm making the assumption that the example auction that I had been talking previously about in last month's edition (April), took place after normal working hours, 6pm to 8pm, because if it finished before 5pm, you still have time to sort out and finalise some matters that otherwise will have to wait until the following day.

Before the banks re-open the next day you need to make certain that there are sufficient funds in your account to settle the deposit and auctioneers premium cheque. If not, then make the necessary transfers because your cheque will be presented the day after the auction for same day clearance.

Your next action is to visit the property and make sure that it is secure both for your piece of mind and your insurance purposes. You can buy a wide range of properties at auctions, from properties which can be immediately occupied through to those which are completely derelict, and you will need to choose the right insurance and sum insured from a variety of options. It is also important to remember that, for insurance purposes, there is a difference between unoccupied and empty properties.

If you bought a property which could be occupied immediately, then there will doubtless be contents that you need to insure because your property is an invitation to anyone wanting copper pipe and electric wire through to the lead or even slates off the roof plus possibly internal doors, bathroom suites, kitchen units, the list is endless and in some locations empty properties are a regular target.