Buying fees explained
When buying at auction, it’s important to understand the total amount payable so you can bid with confidence and avoid any surprises.
Non-Refundable Reservation Fee
You can find details of any applicable fees in the Fees & Charges Explained section of the property page.
Most auction properties require payment of a non-refundable Reservation Fee. This reserves the property exclusively for you during the reservation period and demonstrates your commitment. The fee is later used to cover the auction costs for the seller, including the listing agent and Auctioneer fees.
It is paid in addition to the purchase price and is calculated as a percentage of the sale, with a minimum amount shown on the property’s profile page. The Reservation Fee is also considered within Stamp Duty liability.
Reservation Fee (percentage)
The percentage payable varies by property, so always check the Fees & Charges section in your Buyer Information Pack, available on the property’s profile page.
If a Reservation Fee doesn’t apply, a non-refundable Reservation Deposit will be required instead.
Reservation Deposit
A Reservation Deposit applies to properties that don’t charge a Reservation Fee. These properties are clearly marked in red beneath the starting price.
This non-refundable deposit reserves the property for you, is calculated as a percentage of the purchase price, and forms part of the final amount payable on completion. Like the Reservation Fee, the percentage varies by property.
Buyer Information Pack fee
The Buyer Information Pack carries a fee of £349 (including VAT) in addition to any Reservation Fee or Reservation Deposit.
Make sure to factor this fee into your total budget before placing your bid.