Registering and bidding

Whilst the Traditional Auction is usually not suitable for those buying with a mortgage, the Modern Method of Auction allows a longer period of time to exchange and complete to enable buyers requiring finance, the time to secure their mortgage. As mortgages are subject to lending criteria, affordability and survey and it is recommended that you discuss your requirements with your lender/financial advisor prior to bidding. Ideally, having a mortgage valuation conducted prior to bidding makes the process a lot quicker and gives you a guide as to your affordability before placing your bids.

A non-refundable Reservation Fee is required from the winning bidder as a way of securing a property to them for the reservation period. It also provides the seller with added reassurance that the sale is likely to proceed smoothly as it reduces the chance of a fall-through. The Reservation Fee also provides the buyer with the same reassurance, as the seller is bound by the same terms of the auction, which means they cannot accept an offer from another party during the reservation period.

As a business we pride ourselves on best practice and Compliance which is especially important in the property industry with financial transactions regularly taking place. We like to ensure that we always know who we are speaking to and dealing with during any business transaction. To do this we need to take contact details and verify ID as part of our registration process to reduce the risk for everyone in the process.

Automatic Bidding is offered in case a bidder is unable to watch an auction end and place further bids for themselves. Automatic Bidding requires you to place an initial bid and identify a level that you would be willing to bid up to. Should you be outbid then the system will automatically place a further bid on your behalf in increments (usually £500), above the previous bid. This continues until either bidding stops underneath your maximum bid or another bid exceeds your maximum level. You should be aware, placing a maximum bid level does not guarantee that you will be the bidder at that level as the system only adds an incremental bid of £500 to the previous bid received. Therefore, there is a chance that your bid could be just below your suggested “maximum” bid in the sequence. For example, your starting bid is £200,000 and your maximum is £220,000 – the increment of £500 in The Automatic Bidding tool will not outbid your own bid or increase the level of increment to reach the suggested maximum level. We would suggest that, if possible, you actively watch the live auction to have full control over your bidding levels.