Buyer FAQs

Q: What is the duration of an auction?

A: Sellers have the autonomy to set the duration of their auctions. Each listing features a countdown timer, providing visibility on the remaining time. Should a bid be received within the final 5 minutes, the timer will reset to 5 minutes to ensure all interested parties have the opportunity to bid. The auction concludes once the timer reaches zero.

Q: Am I able to place another bid if mine is outbid?

A: Absolutely, you may place additional bids as you deem fit. Remember to follow the necessary steps for each bid to ensure it is submitted promptly.

Q: Could you explain the concept of a maximum bid?

A: To enhance your auction experience, we offer an automatic maximum bid feature. By specifying the highest amount you're willing to bid for a property, we will manage your bids incrementally to maintain your position as the top bidder, up to your specified limit. Setting a maximum bid means your bids are automatically managed, allowing you peace of mind in case of internet issues or unforeseen engagements during the auction's final moments.

Q: What if another bidder and I submit the same maximum bid?

A: Should this occur, the first person to have placed the maximum bid will be recognized as the leading bidder.

Q: Why was my maximum bid outbid instantly?

A: This indicates that there is an existing higher maximum bid from another participant. To potentially secure the auction item, consider increasing your maximum bid.

Q: Is there a set minimum for bid increments?

A: Indeed, bids are automatically adjusted to the next set minimum increment. It's important to note that the auctioneer may adjust this increment based on the property in question, so increments can vary. Additionally, any bids made in the last five minutes extend the auction by five minutes to ensure fairness for all bidders.

Q: Can legal documents be downloaded and printed?

A: Absolutely, you may download and print the legal documents at your convenience. While it's not mandatory, we advise consulting a solicitor or conveyancer to review these documents.

Q: How can I verify the seller's ownership of the property?

A: The legal pack will include a Land Registry official copy, detailing the current owner and any outstanding charges or mortgages. For detailed verification, a solicitor's assistance is recommended.

Q: What is the process for scheduling a property viewing?

A: Scheduling a viewing is straightforward. Pre-arranged viewing times are listed on the property's page. Simply select a suitable date, submit your choice, and visit the property at the scheduled time. If you need to arrange a viewing outside these times, please inquire if it's possible.

Q: What happens when I win?

A: Congratulations on winning the auction! Here's what you need to do next, depending on the auction type:

For a Traditional Online Auction:

• A buyer's fee and a deposit will be charged, which serves as a holding deposit in a secure account on behalf of the seller (detailed fee information is available in the "Buyer Information - Fees" document).
• By 12 pm the following business day, ensure to:
  1. Complete the payment of the remaining 10% of the purchase price.
  2. Provide all the signed sale documents.
• It's crucial to inform your solicitor immediately after your win; we will also notify you and your solicitor.
• Failure to complete these steps by the deadline may result in the loss of all amounts paid.

For a Conditional Online Auction:

• The minimum required fee will be automatically charged using your provided payment details (refer to the "FEES" section for the amount).
• The listing agent will then immediately collect any remaining fees.
• If applicable, any remaining reservation fee amounts must be paid at the auction's conclusion if your bid wins.
• Review the Reservation Contract in the legal documents for each property. A reservation agreement is created at the auction's end, with the auctioneer signing on behalf of both the buyer and seller, indicating an exclusivity agreement.
• You will have 20 working days to exchange contracts on the property.

Regarding fees:

All fees are listed on the individual property listing and are due at the auction's end. To view applicable fees, please select the "Fees Apply" option located below the countdown timer. Further fee details will be displayed in a pop-up window when you initiate a bid. Should you have any questions regarding fees, we encourage you to reach out to us prior to placing a bid.

Q Are additional fees applicable?

A. It may be necessary for you to cover the cost of the seller's legal pack. The seller is obligated to compile this legal pack in advance, which includes various searches and details typically conducted by the buyer during a standard property transaction. It is a regular practice in auction sales for the buyer to reimburse the seller for these legal expenses.

We highly recommend reviewing the legal pack and the auction terms thoroughly before bidding.

Please note that for certain properties, VAT may be added to the final purchase price, often in the case of commercial properties. This will be indicated in the legal pack or the sale memorandum.

How to Register

To begin bidding, you must register and verify your account using only your email address. Registration is a simple process accessible via the link at the top right corner of our Online Property Auctions page. Once registered, you can access legal documents, arrange viewings, and consult with auctioneers and solicitors regarding any property inquiries. When authorised, you're set to bid. Our bidding process is designed for ease of use, ensuring a smooth experience for all participants.