The online property bidding process explained
Before you bid – Registration and due diligence
First, you must register to bid by clicking Customer Login at the top of the page and filling in your details. You must be signed in to bid on any of our properties.
When you register we may need to obtain some information including proof of ID, address, funding and any mortgage offers.
Before placing a bid, we strongly advise that you carry out due diligence by reviewing any legal documents, visually inspect the property and read the full terms and conditions.
You are then ready to place your bid. The starting bid is published for each property and is for guidance only; it is not the price the property is being sold for. The reserve price for a property is not published, but as a rule it is usually no more or less than 10% in excess of the starting bid. Both are subject to change.
During the bidding process
Once you have placed your bid, you will be notified via email. When counter-bidding on a property you must increase by a minimum of £500 on the previous bid.
All properties will be offered until the end of the auction period unless instructed by the seller to accept an offer prior to this.
After bidding has ended
Once an online auction has ended, if your bid is successful, you will be required to pay the reservation fee 2.5% of the purchase price (minimum £4000) and sign an acknowledgement form.
Once this has been signed and the payment has been confirmed, Memorandums of Sale will be issued to the buyer, the buyer’s solicitor, the vendor and the vendor’s solicitor. The seller’s solicitor will then issue a draft contract to the buyer’s solicitor. When this is received, the 42 days in which to complete the purchase begins.