Buying property at Auction has never been easier
Buying property at auction is not just for the experienced investor looking for their next renovation project. We are now seeing first time and family buyers coming to this market place due to the accessibility and benefits that the process offers, namely the speed and security. Below are just some of the advantages of using our service that specifically benefit buyers looking for that additional peace of mind.
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A fixed date to buy & move
Realistic and fixed timescales set out from the start ensure the process runs as smoothly as possible at a speed to suit all.
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You can buy with a mortgage
Due to our exchange and completion time frames, the auction route is accessible to all buyers who need the time to organise their finances and arrange a mortgage on the property, meaning we don't just cater to cash-ready investors.
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Bid online 24/7
The unique online platform allows you to bid remotely on a property of interest. We hold public events and online auctions, allowing you to bid in person or by phone - whichever is best for you ensuring you don't miss out on the property you want.
Did you know?
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35% of the properties we sold at auction in 2019 were purchased with a mortgage
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98% of our properties are sold via the Modern Method of Auction
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87% of our properties are sold via online auctions
Buyer FAQ's
How Long Does The Auction Last?
Most auction properties on the site are live for 28 days and at any point during this time you can place a bid on a property.
What Is A Starting Bid?
With every auction there will be a starting bid. This is the price published for each property and confirms the level at which the bidding will commence. Starting Bids are for guidance only, they are not the price that the property is being sold for. The starting bid may occasionally change during the marketing period. Each Starting Bid has a corresponding Reserve Price.
What Is A Reserve Price?
This is the minimum price that is acceptable to the seller for their property. We do not publish reserve prices; this figure is a private agreement between the seller and the auctioneer, however as a guide the reserve is generally no more than 10% in excess of the Starting Bid. Both the Starting Bid and Reserve Price can be subject to change.
How Do I Place A Bid?
Firstly you will need to register your interest. Once you have completed the registration form, you will be sent a welcome email confirming that you are registered to bid and able to place bids online.
Can I Place Bids Outside The Auction Process?
If you would like to place a bid on a property before the auction has finished it will be dealt with on an individual basis. By law we will put any offer that is made forward to the seller. It is then up to the seller to decide if they want to consider the offer and take the property out of the auction early. In this scenario the reservation fee is still payable and the terms and conditions of the auction still apply.
Is The Bid Binding?
In the modern method of auction, the Buyer pays a non-refundable Buyer Reservation Fee of 4.50% including VAT of the purchase price. This is subject to a minimum amount of £6,600.00 including VAT. The Buyer will consider the Reservation Fee within the total amount they wish to pay for the property. It does not bind you to buy the property but reserves you the right to exchange contracts and complete on the property at an agreed price within 56 days of the bid being accepted.
With traditional method of auction, once you place your bid you are required to pay a 10% deposit, the Reservation Fee and exchange contracts.
How Quickly Do I Have To Complete The Purchase?
With the modern method of auction, when the auction closes the winning bidder has 56 days to complete the purchase from when their solicitor receives the Draft Contract from the sellers solicitor.
With traditional method of auction you are required to exchange contracts immediately and complete the transaction 28 days.
Why Do I Need To Complete An Identification Process?
All Estate Agents and Property Auctioneers are obligated under the Money Laundering and Terrorist Financing Regulations 2019 to make enquiries of you in order establish your identity. We will also require proof of funding for the purchase if you are the winning bidder. Our dedicated compliance team are there to help our clients through the process.